HALIFAX, NS - Public Service Superannuation Plan Trustee Inc. (PSSPTI) has published the 2018-2019 Public Service Superannuation Plan (Plan) Annual Report.
In fiscal year 2018-2019, the Plan achieved a positive rate of return on investments of 5.33 per cent (gross of investment management expenses), generating $335 million in total investment income. The total net assets for the Plan were approximately $6.5 billion and, as of March 31, 2019, the Plan was 101.9 per cent funded.
The Annual Report highlights PSSPTI’s completion of its comprehensive review of the Plan as mandated by the Public Service Superannuation Act (PSSA). The Plan review was conducted by an independent reviewer and included a thorough assessment of the Plan’s benefit design, funding policy, and governance structure. As a result of this review, enhancements to the PSSA were made and the PSSA regulations were replaced with a plan text.
The Annual Report provides an update on PSSPTI’s membership growth initiative. This initiative aims to grow the Plan’s membership to improve its aging demographic profile. “Since the initiative commenced in 2015, we have grown the Plan’s membership by 2,655 members,” stated PSSPTI Chair, Ronald Smith. “Our guiding principle for membership growth is that it must enhance the long-term sustainability of the Plan and be cost neutral to existing members.”
The full 2018-2019 PSSP Annual Report, as well as its audited financial statements, are available online at:
www.nspssp.ca/publicservice/about/plan-performance
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For more information, contact:
Gisèle Taylor,
Senior Communications Advisor Conseillère
principale en communication Nova Scotia
Pension Services Corporation
Société des services de pension de la Nouvelle-Écosse
P: 902-429-6432 | taylorgd@nspension.ca | www.novascotiapension.ca