HALIFAX, NS - Public Service Superannuation Plan Trustee Inc. (PSSPTI) announced today that the Public Service Superannuation Plan (Plan) achieved a positive rate of return on investments of 15.75%, net of investment management fees (15.93%, gross of investment management fees), generating $1 billion in total investment income in fiscal year 2020-2021.
The Plan’s funded status increased to 97.6% as at March 31, 2021 from 91.4% the previous year. Plan liabilities were valued at December 31, 2020, with a funded ratio at that date of 97.9%.
As at March 31, 2021, the Plan’s total net assets were approximately $7.240 billion, with liabilities of $7.415 billion, resulting in an unfunded liability amount of $175 million at that point in time.
The Plan’s experience gain on investment assets in calendar year 2020, relative to the assumed rate of return at the beginning of 2020 of 5.50%, decreased liabilities by $135 million. However, a change in the discount rate to 5.25% from 5.50% increased liabilities by $213 million.
As at December 31, 2020, the Plan's membership totalled 39,864 members: 19,100 active members, 18,153 retired members, 2,611 deferred members. In 2020-2021, the Trustee continued with its membership growth initiative. Since the initiative commenced in 2015, the Plan’s membership has grown by 3,386 members and $452 million in assets has been added to the Public Service Superannuation Fund.
In 2021-2022, the PSSPTI Board will be conducting its comprehensive review of the Plan (the 2022 PSSP Review). This review is mandated by the Public Service Superannuation Act (PSSA) to be completed every 5 years. The PSSA requires the review to be conducted by an independent reviewer with experience in Canadian public pension plan structure and administration. As part of the 2022 PSSP Review process, PSSPTI is soliciting input from PSSP members, employers and stakeholders. The purpose of the review is to identify meaningful changes aimed at improving the long-term financial sustainability of the Plan and increasing the retirement security of its members.
The full 2020-2021 PSSP Annual Report is available online at: www.nspssp.ca/publicservice/about/plan-performance
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For more information, contact:
Gisèle Taylor,Senior Communications Advisor
Nova Scotia Pension Services Corporation
C: 902-230-3244 | taylorgd@nspension.ca | www.novascotiapension.ca