About the Trust/Meet the Trustees

For over 20 years the Power Sector Retirement Trust has served our members by providing an investment plan with high returns and low management fees.

Built by Members for Members

“Accumulation of wealth leads to security and a higher quality of life for workers and their families.”
From this starting point, the Members of the Power Sector Retirement Program came together. The objective was straightforward; however, the path to realizing that goal was littered with “Retirement Planners” reaching their goals while workers remained in poverty and despair.

As Members, we had a choice. As Members, we understood that we could follow the mainstream approach and reach out to Employers, Financial Institutions, Governments and other institutions and ask them to provide solutions for us. Or, as an alternative, we could tap into our ingenuity and offer an alternative method for managing the accumulating wealth where the members had a voice in how to implement a custom solution. 

By adding Financial Literacy, we ensure Members have the knowledge we need to have input into the decisions that provide the results the Group is looking to achieve.

Plan Structure: How the Plan Came to Be

To build an alternative approach, the members used Canadian Law. Members came together through their Collective Bargaining Agreement Representative Unions and established a Trust Agreement to oversee building a Retirement Program.

The Trust Agreement created legal autonomy from the representative Unions and gave the Plan Trustees the authority to function directly on behalf of the Plan members. The Trustees set out to design and oversee a Retirement Program that responded to the needs identified by the Members.

With the cooperation and approval of the Canada Revenue Agency, the Trustees applied for and received recognition to function as a Group Retirement Savings Plan. The Trustees reworked existing rules around Group RRSPs, creating the first trusteed, multi-employer Group RRSP in Canada. The agreement with CRA recognized the Trustees held title to all assets and that these assets would be jointly vested and remain exclusively with the Trustees.

With the Power Sector Retirement Trust Agreement legally in place and with the recognition of the Group Retirement Savings Plan by CRA, the Trustees were positioned to build a Retirement Program that responded to the Members' needs of the Plan. How we interacted with the Employers, Financial Institutions, Governments and other institutions was now clearly in the hands of the members through the Trustees.

Creating Value for Members

The Trustees design and implement the direction of the Plan.

The Trust Agreement provides that the Trustees select and monitor the Strategic Partners that best align with achieving the desired outcome for Members. Open and transparent relationships are key. Plan members set realistic expectations based on their knowledge and financial literacy.

The Trustees select Strategic Partners that provide high integrity and support in identified areas. The Trustees set clear objectives, and the Strategic Partners take that direction and propose the most effective way to realize the goals. This open and transparent approach encourages cooperation and mutual respect that benefits the Trustees, the Strategic Partners and Members.

With the assistance of our selected Financial Advisor, Plan Investments provider, auditors and well-trained office staff, we provide each member with the ability to choose the investments provided through the Retirement Plan.

The Trust Agreement provides for the appointment of five (5) Trustees. These Trustees must oversee the Plan and ensure the interests of the Members participating in the Plan are at the forefront of their decision-making.

The principle of having Plan Members build the Plan structure in response to the direction set by the members is critical. Putting Plan Members first is further reinforced by having Trustees who share the same goals and desires as the Members.

There is one purpose with a unified approach to getting there.
 

Current PSRT Trustees:

  • Dennis Eddy
  • Steve Allan
  • Greg Druiett
  • Linda Stella
  • Hank Bakker 
  • Amanda Morris
To email the Trustees directly, visit this link: [email protected]