HALIFAX, NS – October 13, 2023 - Today the Nova Scotia Government introduced, the Private Sector Pension Plan Transfer Act, within the Financial Measures (Fall 2023) Act, along with some related amendments to the Public Service Superannuation Act itself, to enable private sector pension plans to transfer into the Public Service Superannuation Plan (PSSP or Plan).
Public Service Superannuation Plan Trustee Inc. (PSSPTI) is pleased that the Government has introduced legislation to enable private-sector employers in Nova Scotia to join the PSSP. The recommendation to expand the PSSP in this direction was included in the reviews of the PSSP conducted in 2017 and 2022. These comprehensive independent reviews are mandated by the Public Service Superannuation Act.
“Broadening the enrolment scope of the PSSP to the private sector is beneficial for the Plan as it enhances our potential appeal to a wider range of employers and employee groups,” stated PSSPTI Board Chair, Leo McKenna. “Expanding the PSSP’s membership will improve our aging demographic profile over time and enhance our financial sustainability.”
This legislation will facilitate the next step in the Board’s membership growth initiative, which commenced in 2015 and has to date been focused on the university and municipal sectors. Since 2015, the PSSP membership has grown by more than 20 new public-sector employers and approximately 3,700 members, and about $500 million in assets have been added to the Plan.
“The guiding principles for membership growth are that it must enhance the long-term sustainability of the Plan and be cost neutral to existing members. Those principles will continue to apply for private-sector employers,” stated McKenna.
Additional Resources:
The Financial Measures (Fall 2023) Act: https://nslegislature.ca/legislative-business/bills-statutes/bills/assembly-64-session-1/bill-339
The PSSP Reviews: https://www.nspssp.ca/about/psspti-reviews
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For more information, contact:
Gisèle March, Senior Communications Advisor
Nova Scotia Pension Services Corporation
marchgd@nspension.ca | www.novascotiapension.ca