Contributions deducted from employees, together with matching amounts from employers, are paid into the Province of Newfoundland Pooled Pension Fund. These funds are managed by external professional investment managers, under investment services agreements, which stipulate where and how the particular fund segment may be invested. These funds are invested in a diverse range of securities including Canadian equities, foreign equities, real estate and bonds and debentures. Government sponsors the plan and guarantees a benefit, as a matter of right, to all eligible members. In the event that there are insufficient assets to meet the obligations of the fund, the ''deficiency guarantee'' provision of ''The Pensions Funding Act'', provides for the payment of sufficient monies from Consolidated Revenue to cover the deficit.
All vested members are eligible for a pension benefit.
The date payable depends on your age and the amount of credited service. Pensions granted on the grounds of medical disability, are not subject to any age restriction. Cheques are either mailed, or directly deposited to the pensioners bank accounts at the middle and end of each month. If you die before you have accumulated at least five years of pensionable service, a refund of your contributions and interest will be paid to your estate. All material copyright of the Government of Newfoundland and Labrador.