What living longer means for your PSPP pension
Around the world, people are now living longer, healthier lives, helped by advances in healthcare and changing attitudes toward wellness. Extended life expectancy, and the number of years people can expect to live well, is a positive step for individuals and communities – and has important considerations for retirement income and pensions.
Living longer means more time drawing retirement income, and retirement is increasingly a substantial and active phase of life that may last 30 years or more. Ensuring your pension remains secure and sustainable is central to OPB.
How the PSPP prepares for longer retirements
Longer, healthier lives require ongoing preparation to ensure we are well set up to deliver your lifetime pension. At OPB, we regularly review data and work closely with our actuaries to ensure assumptions reflect how members live and retire today.
For example, a 62-year-old member who retired in 2002 would be expected to receive their pension for 21.4 years. By December 2024, a member retiring at the same age would be expected to receive their pension for 26.7 years – an increase of over five years.
As longevity and retirement patterns change, actuarial assumptions are updated as part of an ongoing process that supports the Plan’s long-term sustainability and helps ensure the PSPP can continue to provide secure, predictable income for life.
Your pension through life stages
Many members remain engaged with the Plan through multiple life stages, from early career to retirement and beyond. OPB is focused on supporting members throughout this journey by providing clear information, practical tools, and services that meet members where they are. We recognize that retirement is not a single moment but a transition, with your PSPP pension serving as a stable and dependable part of those years.
Our commitment is to administer the PSPP responsibly today while continuing to provide confidence, stability, and peace of mind throughout members’ lives – no matter how long their retirement.