HALIFAX, NS -- Public Service Superannuation Plan Trustee Inc. (PSSPTI) announced today that the Public Service Superannuation Plan (Plan) achieved a positive net return of 5.56% (5.71%, gross of investment fees), exceeding its benchmark by 1.25% and generating $413 million in total investment income in the fiscal year 2021-2022 ending on March 31, 2022.
“We delivered strong results for our Plan members despite the continued economic challenges presented by the pandemic,” said outgoing PSSPTI Board Chair, Ron Smith. “However, the significant downturn of markets in the first quarter of 2022 unfortunately eroded much of the gains achieved by the Plan in the prior 3 quarters.”
For the fiscal year ended March 31, 2022, the Plan was 98.3% funded, an increase of 0.7 per cent from the previous year. The Plan’s deficit was $0.132 billion at March 31st, being the difference between the net assets available benefits of $7.456 billion and the actuarially calculated liabilities of $7.588 billion.
“The PSSPTI Board assures you that it is doing all it can to keep the Plan on a steady course in these ongoing turbulent times,” added Smith. “The Plan is a defined benefit pension plan and is designed for sustainability and long-term performance.”
As at December 31, 2021, the Plan's membership totalled 41,258 members: 19,526 active members, 18,799 retired members, 2,933 inactive members. In 2021-2022, the Trustee continued with its membership growth initiative. Since the initiative commenced in 2015, the Plan’s membership has grown by 3,590 members, 19 employers, and $480 million in assets.
In 2021-2022, the PSSPTI Board commenced a comprehensive review of the Plan. This review is mandated by the Public Service Superannuation Act (PSSA) and is to be done 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. The purpose of the review is to identify meaningful changes that will improve the long-term financial sustainability of the Plan and increase the retirement security of its members. The Board received the report from the independent reviewer and is currently reviewing its recommendations. It anticipates releasing the report once its assessment is completed and it has formulated a plan to properly address the recommendations.
Click here for the full 2021-2022 Report.
For more information, contact:
Gisèle Taylor, Senior Communications Advisor
Nova Scotia Pension Services Corporation
C: 902-230-3244 | email@example.com | www.novascotiapension.ca