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Annual report 2022

Your retirement savings are secure. Your future is strong. Because the true measure of our success is ensuring that your pension plan is sustainable over the long-term, a period measured in decades rather than years.

Letter from the CEO

I am pleased to report that your pension plan outperformed the broader market, exceeded its benchmark, and entered 2023 well positioned for the long-term.


Letter from the CEO

I am pleased to report that your pension plan outperformed the broader market, exceeded its benchmark, and entered 2023 well positioned for the long-term.

While this is a great achievement in and of itself, it is especially noteworthy in the context of 2022, which will be remembered for challenging market conditions, persistent inflation, high interest rates, and geopolitical uncertainty in Europe.

I am proud of the results the Provident10 team delivered last year. We managed well through a period of short-term volatility. But the true measure of our success is ensuring that your pension plan is sustainable over the long-term, a period measured in decades rather than years.

That was the driving force behind our Five-Year Strategic Plan, Now to Next: Our Path to 2026. The plan launched last March to deliver stable, long-term growth while advancing service excellence, increasing transparency and engagement, developing talent and a purpose-driven culture, and leading with strong governance. Twelve months into its execution, I am very pleased with the progress we are making on every front, all while continuing to meet our current pension promises to our members. This work is foundational, ensuring your Plan has a rock-solid base to grow from, one that is built to stand the test of time.

In the two core areas of Provident10 – investment management and pension administration – we took disciplined action in 2022 that supports this long-term view. Following the departure of our Chief Investment Officer, in early 2022, we re-evaluated the structure of our investment team, ensuring it reflects the special characteristics and growth trajectory of Newfoundland and Labrador’s PSPP. At the conclusion of this process, I was pleased to elevate Mark Strangemore to lead our investment management team. As the Vice President – Investments, Mark brings a depth of local and international investment management experience to the role and is exceptionally well equipped to lead the continued evolution of the Plan.

On the administration side of our operations, we continued to advance our ability to serve our members in 2022, striving to ensure our operational service standards are always met, if not exceeded, and pensions are paid. We also focused on new ways to assist our members throughout the different stages of their career journey to ensure they have access to the right information about Provident10, the long-term benefits of a defined benefit pension plan and their individual pension. We exist to serve our members, and we will continue to look for ways to improve our service offerings.

In 2022, the Provident10 Board and leadership team also focused on our approach to sustainable investing, an important component of our five-year plan. While sustainable investing can take many forms, we will look at it through the lens of risk and return; investment decisions that take a prudent approach to considering environmental, social and governance (ESG) factors tend to better manage risk and can deliver superior longer-term returns.

At Provident10, we see sustainable investing as an area for us to break new ground for a plan of our size, operating environment, and governance. To this end, we will be looking to add and develop specific expertise in this area, to ensure we are best positioned to seize opportunities as we continue to focus on building a sustainable plan that will bring value to future generations.

I am grateful for the Board’s engagement as we evolve our strategy in support of sustainable investing and for their continued support of our broader strategic plan. We are making great progress in establishing Provident10 as an industry leader in pension and investment services, a trusted brand across Newfoundland and Labrador, a leader in member satisfaction, and an employer of choice for top talent on a provincial and national scale.

Lastly, I would like to acknowledge the hard work and dedication of the full Provident10 leadership team and all our employees. Their commitment to performance excellence has helped us create lasting value for our members in 2022 and achieve significant progress in the first year of our Five-Year Plan.

On behalf of everyone at Provident10, thank you for the trust you have placed in us to deliver you security and predictability, even during challenging and uncertain times. While 2023 may still bring more headwinds, we believe Provident10 is well positioned to weather these challenges and deliver for you over the long term.

Chuck Bruce,
Chief Executive Officer

Letter from the Board of Directors

With new growth and opportunity on the horizon, 2022 was a critical year in establishing an assured path to achieving Provident10’s long-term goals.


Letter from the Board of Directors

With new growth and opportunity on the horizon, 2022 was a critical year in establishing an assured path to achieving Provident10’s long-term goals.

This past year marked the development and launch of a Five-Year Strategic Plan, Now to Next: Our Path to 2026, as well as the execution of its first year – a process the Board was diligently involved in.

The strategic plan provides a solid framework for sustained growth and effective management of the Plan, ensuring Provident10 is well positioned to deliver on its pension promise of providing members with a secure retirement income.

Despite another year of navigating a complex and challenging economic environment, the Provident10 team demonstrated continued resilience. The Public Service Pension Plan (PSPP) maintained strong performance relative to market benchmarks with significant long-term value added. The Plan exceeded the -7.1% policy benchmark in 2022, earning a rate of return of -5.3%, ending the year with a funded ratio of 99.8% and net assets of $10.9 billion.

As a Board that is deeply committed to leading with well-informed governance and to stewarding the management of the PSPP, we are pleased with this year’s successes and advancements. Not only did we see a year of stable investments, but significant advancements were also made across operations.

In 2022, Fund101 launched as the first video in a series of digital resources aimed at providing members with clear and concise educational information about the Fund. This is an important step in the mobilization of information to deepen member knowledge and enhance the member service experience.

The past year also saw considerable progress on Provident10’s Enterprise Risk Management Framework (ERM). This framework informs the risk exposure and risk assessment of the organization, ensuring effective management of the risks related to the stewardship of the Plan. 2022 was the first cycle of reporting under this framework, which will further the Board’s ability to provide valuable and timely oversight and play a pivotal role in ensuring alignment on strategic priorities.

In 2022, the Board welcomed new Director Debbie Forward, Allan Hawkins, and Lori Anne Companion. They each bring immense knowledge and expertise to Provident10 and we are thrilled to have them join us.

We also send our thanks and best wishes to our departing Directors, John Vivian, Mary Galway, and Theresa Heffernan, and thank them for their significant contributions.

As we set our sights on securing a strong future, we are very pleased to reflect on Provident10’s significant achievements of 2022. This important work sets the foundation that the Plan will grow from in the coming years and enforces our commitment to building for the long term.

The Board looks forward to continuing to work closely with management to ensure Provident10 delivers on its promise to provide a secure income to members in retirement.

Loyola Sullivan
Bert Blundon
Vice Chair

“The Plan is designed to achieve long term results for members well into the future. The markets experienced significant volatility throughout 2022. We remained resilient and our portfolio of investments collectively delivered strong results in a challenging environment.”

– Chuck Bruce, Chief Executive Officer

2022 in Review

No matter what stage of life our members are at, we’re with them. Whether a member’s retirement is today, or two decades away, our Plan is built to ensure a stable, secure future for the Newfoundlanders and Labradorians we serve.


total net
investment return

The Plan’s investment performance was strong in 2022, despite turbulence in the broader markets. The Plan exceeded the -7.1% policy benchmark for the year, earning a rate of return of -5.3%. In 2022, the S&P/TSX Composite Index was down 5.8%, and the MSCI All Country World Index was down 12.4%. The resilience of the Plan in these challenging conditions supports the long-term goals of the Fund and a stable retirement income for our members.


funded ratio

Over time, it is not unusual for the funded ratio to rise above or dip below 100% based on market conditions and the performance of the Plan in any given year. In 2022, the overall health of the Plan was strong despite challenging market conditions, and we remain firmly on track to deliver on our long-term goal of ensuring your retirement is secure.


NLers impacted by the Plan

We are committed to the financial security of Newfoundlanders and Labradorians. Members and pensioners across the province are our top priority.


member satisfaction rate

When you call us, we are committed to giving you the answers that you need. We’re here to support our members at every stage.


new pensioners

When the time comes, you’ll be supported through the transition process, and enjoy a secure, stable income through retirement.

Delivering on our Promise

Built for the long term

In 2022, the Plan, our members and the broader economy weathered a challenging market. Headlines were dominated by unprecedented rates of inflation, rising interest rates, geopolitical uncertainty and the continued impacts of the pandemic. We’re proud that we navigated that unpredictability, outperforming our broader market benchmark to deliver strong results for our members. The Plan returned -5.3% exceeding our policy benchmark of -7.1%.

We don’t just measure one year, though. Our true measure of success is the sustainability of the Plan over time. Members depend on us on to be there throughout their journey, from the new graduate setting out on their career path to the retiree enjoying the benefits of a stable income.

Since 2015 the Plan has experienced steady growth, delivering stable returns and a progressively stronger funded position. Securing the financial future of our members is our promise and our priority. That’s why our investment strategy is built for long-term results – sustainable performance that goes beyond today and focuses on the years and decades ahead.

Investing for the long term

Our Chief Executive Officer, Chuck Bruce, explains why Provident10 takes a long-term approach to investing, and how that approach supports Plan members over time.

2022 performance

Our portfolio performance is measured using two key metrics:

  • Long-term returns on invested assets in excess of the Funding Policy’s discount rate.
  • The Plan’s ability to exceed the return of the policy benchmark on a 4-year annualized basisAn investment time horizon is the period of time one expects to hold an investment until they expect money back. Time horizons vary according to the investment goal – Provident10 takes a medium-term view of four years..

In 2022, we met these performance goals. Our four-year net annualized return of 8.1% is well ahead of the benchmark policy return of 6.1%.


In 2022, significant sources of value add were contributed by Private Equity and Infrastructure. Private Equity contributed a net return of 11.3% compared to a benchmark return of -10.4% representing value-added of 21.7%. Infrastructure provided an additional return of 12.2% over its benchmark. Overall, public and private asset classes have substantially contributed to the Plan’s four-year value-added objectives with a stronger impact from Private investments.

FIGURE 1: Funded Ratio Over Time


4-Year total net
investment return

$10.9 billion

net assets available
for benefits



Delivering results

Despite the economic challenges of 2022, our team continued to deliver strong results for our members. The health of the Plan, measured by our funded ratio, remains strong, and strong returns demonstrate the durability of our investment strategy.

As of December 31, 2022, the Fund’s net assets available for benefits was $10.9 billion, enabling us to fund the benefits that our members expect and continue to deliver significant added value.

FIGURE 2: total fund performance net

Key Figures 2022

Learn More About the Discount Rate

What is a
discount rate?

The discount rate is the rate we use to value the current cost of future pension obligations of the Plan.


What is a
discount rate?

The discount rate is the rate we use to value the current cost of future pension obligations of the Plan.

We derive the discount rate from the expected rate of return on our investment portfolio, while also considering the general and administrative costs of the Plan as well as macro-events that could affect the Plan, such as rising inflation and increasing interest rates, as well as the global pandemic.

Why does the discount rate matter?

The discount rate is a key assumption in calculating the funded ratio.


Why does the discount rate matter?

The discount rate is a key assumption in calculating the funded ratio.

It helps us measure our ability to fund the Plan. For example, if our investment portfolio earned less than the discount rate, the Plan risks not being fully funded. Alternatively, if our investments outperform the discount rate, this may result in a temporary surplus in the Plan.

What is our discount rate?

The discount rate can be calculated on an annual basis or a three-year Actuarial Assumption Basis and Valuation which is set out in the Plan’s funding policy.


What is our discount rate?

The discount rate can be calculated on an annual basis or a three-year Actuarial Assumption Basis and Valuation which is set out in the Plan’s funding policy.

The three-year valuation evens out the variations in annual returns. Assessing the discount rate in this way takes a more stable, long-term view of investment performance when setting contribution rates and benefits. The annual assessment uses year end values based on best estimates and can vary year over year.

This year’s funded ratio has been calculated using the three-year valuation discount rate of 6%.

Our team closely monitors financial markets, policy changes and other factors that could impact the Plan. This information is used by management to formulate their best estimate of the future rates of return on our investments. And it’s also used by our actuaries to determine the value of the Plan’s liabilities (or the current cost of our future obligations to members).

“Since our inception, the goal of our investment team has remained the same: deliver the best risk-adjusted returns for our members.”

– Mark Strangemore, VP, Investments

Innovation for the future

Over the past six years, we’ve experienced the kind of disruptions that you simply cannot plan for – a global pandemic, conflict in Europe and persistent inflation – and have outperformed expectations. We’re building value and security for our members by focusing on a sustainable long-term strategy and the team and tools that we need to succeed.


In 2022, we embraced changes to our investment team and tools that will make us stronger as we continue our evolution. Our team leverages the local and global expertise of our VP, Investments and supports our growth with investment managers who have the skills and perspective to deliver results for the next generation of Provident10 members.

Throughout last year, the investment team spent significant time building new reporting concepts,. With increased utilization of our analytics platforms, research and implementation will continue into 2023 as the team begins delivery of enhanced manager monitoring reports.

Finally, we made great progress in documenting and substantiating the Actuarial Assumption Basis and Valuation, to further support our financial stewardship of our organization and the Plan. As a result, modifications to the discount rate, mortality and termination assumptions were approved for both financial statements reporting and the funding valuation. These activities further informed and enabled communications to the Sponsor Body around significant Plan funding risks resulting from the existing commuted value provisions of the Plan text.

Building long-term results

Our members deserve a plan that puts their minds at ease. We know that some may still be decades away from retirement, and as the economy fluctuates, it’s easy to worry about the future.

When we talk about the long-term, we don’t just mean this year, or even the next five. Success for our members means delivering on our promise to the new graduate who just entered public service, decades down the road.

Our role is to ensure the Plan withstands the ups and downs of the global market. And our strongest tool to achieve this is our investment strategy and the continued evolution and diversification of our strategic asset mix.

Our strategic asset mix

Our investment strategy is set out in the Statement of Investment Policies and Procedures (SIP&P) and our team oversees that strategy with the goal of producing a well-diversified portfolio of investments, which will ultimately deliver the best risk-adjusted returns to support our members.


The most important aspect of Provident10’s investment portfolio is strategically selecting the appropriate mix of assets to invest in. The current mix includes four key areas: equities (stocks), fixed income (bonds), absolute return (hedge funds), and real assets (real estate and infrastructure). This mix is reassessed every three to five years to ensure it remains aligned with the Plan’s funding policy and investment goals.

The diversification of our asset mix into several new asset classes over the past three years, including further additions to private and alternative asset classes, allowed us to weather the volatility that dominated headlines in 2022.

In 2022, we continued to evolve our strategic asset mix by:

  1. Implementing small cap equity during Q2 (5% of Plan assets), which added an opportunity to further diversify the Plan’s overall equity portfolio.
  2. Implementing our remaining low-volatility equity allocation during Q3 (3% of Plan assets), completing a total allocation of 5%, adding increased defensive elements to the Plan’s strategic asset mix. This allocation served us particularly well during 2022’s volatile market drawdown.
  3. Completing our absolute return hedge fund portfolio (5% of Plan assets). This allocation has added a risk diversifying low correlational opportunity set to the portfolio achieving high single digit returns during a year where markets experienced double digit declines.

FIGURE 3: Strategic asset ratio

FIGURE 4: Current Asset ratio

Fund 101

We want to ensure that our members have the information they need about the Plan and our investment strategy. That’s why we created Fund 101 – check it out on our website!

Why is the strategic asset mix important?

Our Vice President, Investments, Mark Strangemore explains Provident10’s strategic asset mix how it impacts the Plan’s performance over time.

Who Are Our Members?


active members


new members




new pensioners


participating employers


ratio of active members to pensioners


pensioners over 100

Members First Mentality

Our members are at the heart of Provident10.

They are our friends, neighbours and families and we take our commitment to each one seriously.

We are dedicated to delivering the best possible service to each of our 55,000+ members, throughout their journey. In 2022, we reached out to learn more about the information, education and supports that our members are looking for, and we’re putting those findings into action with events, feedback channels and a refreshed web presence to meet the need.

Welcoming new members

We want to meet members where they are in their retirement planning journey and provide helpful resources and educational tools from day one.

It can be a lot to take in as you’re starting a new job, so we continued to welcome them with support resources that introduced them to Provident10 and the most important aspects of the Plan. Our welcome package includes a letter from our CEO, with an invitation to our popular New Member Information Sessions and a copy of Plan at a Glance, a summary of the Top 10 things to know as a new member of the PSPP.

Putting members first 

As the administrator of your Public Service Pension Plan, we work every day to meet the needs of our members. CEO Chuck Bruce talks about our obligation to our members and how we’re putting them first.

Supporting members at every stage

Throughout 2022, our Member Services team delivered numerous virtual information sessions to support Plan members at all stages of their journey – from navigating life events to enhancing your pension benefits to planning for retirement.

In total, these webinars impacted 1,858 individual members, and many more who attended in groups with colleagues and/or family members.


In addition to our presentation schedule, we offered new and improved resources, like a new Fund 101 video, which we launched in late June to help explain the Plan and how we’re building long-term sustainability. We also used our Annual Pension Statements as a vehicle to reach members, and included a copy of Take 10, which profiled our 2021 Investment Performance, promoted the new Fund 101 video and announced the launch of the Five-Year Strategic Plan. The insert also included QR codes to allow members to seamlessly link to the related information on the website from their mobile devices.

And we’re committed to meeting our members where they are in the community, by partnering with trusted local organizations and groups to educate and inform members and stakeholders about the PSPP, pensions, and other topics like financial literacy, cybersecurity and mental health. Our team members participated in events – both online and in-person – including:

  • Moderating a session on employee mental health and the National Association of Canadian Pension Management Conference here in St. John’s
  • Participating in the Government of Canada’s Cyber Security Awareness Month, by sharing cyber security tips through LinkedIn and with our team via email, and
  • Celebrating Financial Literacy Month by sharing information about the Plan and financial literacy resources from the federal government and the Chartered Professional Accountants of Canada on our channels.

We also kicked off an exciting project to improve our website, with a focus on user experience and member-friendly content. Scheduled to launch mid-2023, the site is a significant step forward in connecting members and other stakeholders with the information they need and sets the stage for further growth of our digital footprint.

Supporting you in retirement

After a long pandemic-related hiatus, we were thrilled to welcome members to our first in-person Retirement Ready seminar since 2019! This seminar is designed to connect members approaching retirement with our pension plan experts to ensure their personal retirement questions are answered.


Income continuance is essential for our members as they transition to retirement. It’s a responsibility we take seriously. After completing a smooth transition at the end of 2021, this was our first full year leading pensioner payments. This is an important step forward in serving our members as a modern, independent pension administrator.

We were honoured to be invited to present at the Annual General Meeting of the Newfoundland and Labrador Public Sector Pensioners Association. We’ll continue to find opportunities to meet with our retired members to ensure that they have confidence in the Fund’s performance, and to ensure their needs are met.

Making Connections

Our members are not voices on the phone – with 1-in-9 people in the province benefitting from the Plan, we know that they are our friends, family and neighbours. That’s why we’re dedicated to being there for our members when they need us.

Over the course of 2022, we pushed ourselves to continue improving and have added additional resources to support members. Our team fielded 14,829 calls from members in 2022 and met or exceeded our service goals in several key areas, including supporting first retirement pensions and survivors.

Through it all, though, our team was applauded by members for their exceptional service. Of the nearly 15,000 callers who reached out to us, 2,084 completed member satisfaction surveys at the end of their call. 99% of members who participated reported that they were treated with courtesy and professionalism by our team, and 97% said their inquiry was addressed to their satisfaction.

Understanding your needs

Our members are the heartbeat of our organization. To better understand their needs (and the needs of other internal and external partners throughout the province), we launched a Stakeholder Perception Study.

We wanted to learn more about the awareness, understanding, and attitudes towards pensions and Provident10 among our members, so we launched a voluntary online survey. More than 2,500 members from across the province participated in our survey, far surpassing our initial goal of 1,500.


In addition, we welcomed six groups of members and pensioners in for focus groups, to learn more about how we can better serve them. We also conducted 1:1 interviews with a number of our participating employers.

The findings of the Stakeholder Perception Study will be a cornerstone of our continued communications, member relations and corporate strategy efforts moving forward.

Working With Employers

Our participating employers play a critical role in supporting members throughout their pension journey.

In 2022, we invited all 41 of our employers from across the province to tell us how we can support them – and their employees – and we’ll continue to work together to provide the best service possible to members.

Welcoming new employers

As we continue our evolution, we’re connecting with employers from around the province who have expressed an interest in participating in the Public Service Pension Plan. In 2022, we were thrilled to welcomed Willow House as a new participating employer to the Plan.

We’re continuing our path of growth and expansion, including building connections with employers across Newfoundland and Labrador.

Working together to support employees and members

Provident10 CEO Chuck Bruce talks about the significant role our participating employers play in supporting Plan members.

Improving Employer Communications

We were proud to attend the 28th Biennial Convention of the Registered Nurses’ Union Newfoundland and Labrador (RNUNL) to present to over 200 nurses on our performance and other key activities happening within the organization. This was a great opportunity to connect directly with members and potential members, in partnership with a strong ally in RNUNL and we look forward to collaborating on future events and finding similar opportunities with other participating union partners.


We also prioritized employer participation in events we hosted throughout the year. Our employer Asked and Answered series continued to be a success, with a total of six sessions hosted for employers to come together and discuss aspects of their role in pension plan administration. Our overall employer participation rate for the year was 84%, translating into more than 98% of the total active plan membership being represented at these sessions.

And in 2022, the Stakeholder Relations and Member Services teams partnered to improve the year-end email sent to our participating employers. The priority was to enhance the employers’ experience and ease of use, with a new layout and design.. The email was reimagined as an easy-to-read checklist that gave employers clear direction on their next steps, and we were able to reduce the number of attachments by more than 50% by transitioning resources into our website. The end result was easier to use, easier to share and easier to execute.

Building new tools

We’re nearing the launch of our new Case Management System (CMS), an online portal designed to support our pension administration team in tracking member cases, as well as our employers.The project reached multiple milestones throughout the year and is expected to launch in 2023. This new tool will allow employers to access, complete and return the important transactional documents that support their members and pensioners, resulting in increased consistency and member satisfaction.

Growing Provident10

Provident10 supports more than 55,000 members across Newfoundland and Labrador

Everyone in our organization plays an important role in delivering that support. From every corner of our business, the skills, expertise, and passion that we bring to work every day are essential to our success.

Together, we make an impact for our members. So, it’s important that we continue to evolve as an organization to meet our strategic goal of developing talent and fostering a purpose-driven culture.

Supporting Our People

We could not support our members without the efforts of our talented and dedicated team. To ensure that they are fairly compensated (and that we can continue to compete for and retain top talent), we completed a salary market review in early 2022 for roles throughout the organization.


In 2022 we negotiated our third Collective Agreement. The negotiated terms of the agreement display a commitment to maintaining programs which enhance retention and recruitment to secure top talent, while enhancing others to ensure alignment with the needs of current and future employees.

The salary market review also informed adjustments to non-union, non-management and management salary scales. As a result, we are now positioned to combat recruitment and retention risks, improve our employee experience and support our aspirations of being an employer of choice.

We also recognized that we – as an organization – have grown since we set out in 2017. With the launch of our new Five-Year Strategic Plan, we took stock of our resourcing requirements to understand what human resources we need to achieve our aspirations and deliver on our key initiatives. The first stages of our workforce planning project took into consideration strategic and operational risks and succession planning, and will continue into 2023, with the goal of building the right team to serve our members.

Promoting connections and conversations

In the second quarter of 2022, after nearly two years apart during the pandemic, we returned to the office. But we also know that our employees appreciate flexibility, which is why our Return to Office plan included the implementation of a new Hybrid Work Policy.

Once we were back together, we were also able to celebrate the fifth anniversary of Provident10. With this milestone, we launched All In, our internal employee campaign to showcase the deeper sense of purpose that our employees bring to their work. And we introduced a series of employee engagement sessions to reflect on our journey and discuss the opportunities for the next five years.

A culture of recognition

We could not meet our promise to members without the continued efforts of our team. And those efforts deserve recognition.

That’s why we launched an internal recognition program. It’s a simple way to celebrate the people who make us great every single day with a meaningful thank you for a job well done. Across the organization, our employees are shining spotlights on the people who go above and beyond for their teammates and our members.

Growing and Investing in Our People

As we continue to build our Diversity, Equity and Inclusion (DE&I) initiatives, we completed a DE&I focused review of Provident10’s group insurance program and health and wellness programs and policies in late 2022. This review is the foundation of a multi-year plan to better align these programs to how we approach DE&I, including group health insurance renewals for 2023 and beyond.


We also increased our focus on, and investment in promoting our Learning and Development Program for employees. Our goal was to the make these resources more accessible to employees, and increased uptake in 2022 shows that these efforts were successful. We are proud to support our employees as they take on additional training in essential areas like:

  • Diversity, equity and inclusion
  • Mental Health First Aid, and
  • Professional development in key areas like human resources, pension law, data analysis, auditing and certified employee benefits specialist (CEBS) training.

Top Employer recognition

We were proud to be recognized one of Atlantic Canada’s Top Employers, an annual competition organized by the editors of Canada’s Top 100 Employers. The award recognizes employers that lead their industries in offering exceptional places to work.

This is our second consecutive year being named to the list, in recognition of the employee-focused policies and initiatives we’ve introduced like our new hybrid work policy, enhanced mental health support and the relaunch of our Social Committee.

As we pursue our strategic goal of developing talent and fostering a purpose driven culture, we’ll continue to invest in initiatives to elevate the experience of our people and make Provident10 an employer of choice for top talent.

Investing in our community

With 55,000 plan members, Provident10 touches the lives of one in nine Newfoundlanders and Labradorians. Because of that reach, we strive to be a good corporate citizen and are committed to supporting our community. In 2022, we contributed to six community organizations that are focused on delivering support services to the people of Newfoundland and Labrador.


The following six organizations received our support:

  • The Community Food Sharing Association, who manage the collection and distribution of food through 54 food banks to more than 10,700 residents throughout Newfoundland and Labrador.
  • SeniorsNL, an organization dedicated to promoting the independence and well-being of older adults in Newfoundland and Labrador through the provision of information as well as various programs and services.
  • Bridges to Hope, and their focus on neighbours feeding neighbours and offering support to anyone facing food insecurity. They strive to ensure that the diverse members of our community have fair and unbiased access to their services, while also acting as advocates for increased food security.
  • The Autism Society Newfoundland and Labrador, who provide support and advocacy services for people with autism in Newfoundland and Labrador.
  • Special Olympics Newfoundland and Labrador, which is dedicated to enriching the lives of Newfoundlanders and Labradorians with an intellectual disability through sport.
  • On International Women’s Day 2022, Provident10 donated to the St. John’s Status of Women Council, an organization that works to achieve equality and justice for all woman and non-binary individuals in the St. John’s area.

These organizations were supported through financial donations from employees and Provident10, or through employee volunteer hours during work hours. Employee donations were collected through payroll deductions as advised by the employee and matched by Provident10 to double the impact of monies raised.

Strong Governance

How we’re governed

Provident10 operates in a joint trustee governance structure, between government and the five participating unions. Our governance structure includes three groups as prescribed in the Joint Sponsorship Agreement (JSA): the Sponsor Body, Board of Directors and our management team.

Read more

The Sponsor Body is responsible for setting the Plan’s benefit levels, making Plan amendments, amending the Funding Policy, and determining the level of risk associated with the Plan’s asset mix.

Our Board is responsible for pension administration, corporation management, actuarial reporting, and investment management. They act independently of the Sponsor Body and our management team and, as fiduciaries, are legally bound to act in the best interests of all Plan members.

There are also three sub-committees that play an advisory role to the Board: the Audit and Finance Committee, the Investment Committee and the Governance and Human Resources Committee.

Learn more about How We’re Governed on our website.

Internal governance

Our team is committed to integrity, support and results in the service of our members. To ensure that our operations are accountable, compliant with policy and continuously improving, we made significant investments in internal governance in 2022.

In 2022, the Internal Audit function set out to complete its first approved risk-based audit plan. The main objective of this plan was to ensure internal audit priorities were aligned with all business areas to address areas posing the greatest risk to the organization. The team successfully completed eight of nine (88%) risk ranked audit projects planned in 2022.


Internal Audit also continued to evolve its Quality Assurance and Improvement Program (QAIP), completing its first internal-self assessment since the function’s inception in 2020. The QAIP is designed to enable an evaluation of the internal audit activity’s conformance with the Definition of Internal Auditing, the International Standards for the Professional Practice of Internal Auditing, and an evaluation of whether internal auditors apply the Code of Ethics.

During the development of our Five-Year Strategic Plan, Provident10 placed a significant emphasis on enterprise risk management (ERM) and the strategic and operational risk registers. This led to more focused discussions and mapping of the organization’s strategic risks onto the five-year strategic priorities and initiatives in 2022.

Operational and strategic risk sessions were conducted to review and discuss risk mitigation plans and delivered assessments to support the development of a Strategic Risk Profile. Management also established a formal internal management Risk Committee and reviewed the assessments, to ensure that strategic initiatives identified in our five-year strategic plan were appropriately mapped and documented in risk mitigation plans.

To enhance quarterly and annual reporting of our internal budgets and financial performance, we acquired and configured a new reporting software, which will be rolled out to all users in 2023.

And we continue to invest in a robust information technology ecosystem that supports our operational needs and protects the data and privacy of our members. To support these needs, we are establishing first an IT Strategy, which will in turn allow us to create a modern and effective IT Governance structure to ensure the information technology and data assets are deployed in alignment with our Five-Year Strategic Plan.


Board of Directors

Our Board of Directors Remuneration Policy details the payment received by each Director, including an annual honorarium and a per-meeting attendance allowance. Directors are also reimbursed for reasonable travel expenses.


We report on the attendance of Directors at duly constituted and ad hoc meeting, as well as their annual compensation. Please note that Government and Union employees are not eligible for the per-meeting attendance allowance.

The Board Chair and Vice Chair are ex-officio, non-voting members of all committees.

Board Audit IC GHRC 2022 Total:
Bert Blundon 12/12 3/4 1/4 5/6 $14,250.00
Randell Earle 12/12 6/6 $8,500.00
Mary Galway 10/12 4/4 5/6 $6,500.00
Sharon Sparkes 10/12 3/4 5/6 $6,750.00
Kevin Dumaresque 10/12 4/4 6/6 $7,250.00
Doug Laing 12/12 4/4 4/4 $7,250.00
Dawn Learning 7/12 2/4 $2,500.00
Debbie Forward 5/6 2/2 $2,875.00
Loyola Sullivan 12/12 4/4 3/4 6/6 $12,500.00
Jennifer Dove 12/12 3/4 6/6 $7,500.00
Donna Brewer 12/12 4/4 $8,000.00
Robert Cashin 10/12 4/4 1/1 $1,250.00
Theresa Heffernan 9/11 3/4 1/1 $1,250.00
John Vivian 5/6 2/2 2/4 $625.00
Al Hawkins 1/1 $250.00
Lori Anne Companion 1/1 $250.00
BoardAuditICGHRC2022 Total:
Bert Blundon12/123/41/45/6$14,250.00
Randell Earle12/126/6$8,500.00
Mary Galway10/124/45/6$6,500.00
Sharon Sparkes10/123/45/6$6,750.00
Kevin Dumaresque10/124/46/6$7,250.00
Doug Laing12/124/44/4$7,250.00
Dawn Learning7/122/4$2,500.00
Debbie Forward5/62/2$2,875.00
Loyola Sullivan12/124/43/46/6$12,500.00
Jennifer Dove12/123/46/6$7,500.00
Donna Brewer12/124/4$8,000.00
Robert Cashin10/124/41/1$1,250.00
Theresa Heffernan9/113/41/1$1,250.00
John Vivian5/62/22/4$625.00
Al Hawkins1/1$250.00
Lori Anne Companion1/1$250.00
PositionYearBase Salary
STIPTotal Cash
Chief Executive Officer2022$410,896$164,358$575,254
Chief Investment Officer12022$35,654$0$35,654
VP, Finance2022$190,633$48,125$238,758
VP, Systems and Quality2022$182,637$45,989$228,626
1. Reported up to February 11, 2022.

Executive compensation reporting

The organization is committed to transparency with respect to the compensation of members of our Executive Team. Our Board of Directors approves the compensation principles and philosophy for the organization, as well as the salary and variable compensation of our Chief Executive Officer.

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Compensation decisions are made to align with our objectives under our strategic plan, specifically around retention and recruitment of top talent, which are key to ensuring the organization has the right people for operational excellence and delivery on strategic initiatives. To support this goal, the organization maintains a total compensation and benefit program for all full-time employees that includes market-competitive compensation, pension contributions and other retirement benefits, life and disability insurance, and health and dental benefits.

In 2022, a Supplementary Retirement Arrangement for Designated Officers of Provident10 (“SRA”) was established. The SRA provides retirement benefits to Designated Officers for earnings in excess of those used to calculate benefits under the PSPP due to the limits on pensionable earnings imposed by the Income Tax Act. Designated Officers and the organization both make required contributions to the SRA in equal amounts. In alignment with our overarching compensation principles and philosophy, this program is designed as a strategic tool to recruit and retain individuals in key executive leadership roles.

In 2022, the SRA permitted Designated Officers to purchase past periods of service with us. The purchase of past service required a contribution be made by a Designated Officer equal to the amount the Designated Officer would have had been required to contribute to the PSPP for the applicable period of service without the application of the limits imposed by the Income Tax Act and the amounts actually contributed by the Designated Officer to the PSPP during such period. In 2022, the terms of the SRA required the organization to contribute an amount to the SRA equal to the contribution made by a Designated Officer to purchase past service (for more, please see Note 6 of the Financial Statements). The CEO was the only Designated Officer to purchase a period of past service under the SRA in 2022.

In addition to base salary, our employees – including the Executive Team – receive variable compensation through the Short-Term Incentive (STI) Program. The STI Program is designed to ensure alignment of priorities between the organization and Board of Directors and provides the Board with the opportunity to assess corporate performance metrics.

STI Program sets annual corporate and individual targets assessed for 0%–150% attainment with minimum, target, and excellence performance metrics. The maximum total reward is capped. The chart below reports both base salary and STIP, to provide an overview of total cash compensation.

Position Year Base Salary
STIP Total Cash
Chief Executive Officer 2022 $410,896 $164,358 $575,254
Chief Investment Officer1 2022 $35,654 $0 $35,654
VP, Finance 2022 $190,633 $48,125 $238,758
VP, Systems and Quality 2022 $182,637 $45,989 $228,626
1. Reported up to February 11, 2022.