Finance Minister Allan MacMaster says the public deserves to know how the unfunded liability of the Nova Scotia Teachers’ Pension Plan will be addressed, but only after the plan’s two sponsors have finished considering recommendations from an independent report.
More than a year ago the government and teachers union received a list of options for fixing the pension plan shortfall, but have yet to share them publicly or make a decision.
After several years of growth, the Nova Scotia Teachers' Pension Plan saw a drop of more than seven percentage points in its funded status in 2022, amid challenges in the financial markets.
Expert Panel to Make Recommendations on Teachers’ Pension Plan
January 13, 2021 - 10:15 AM
The province and Nova Scotia Teachers Union (NSTU) have appointed an independent three-person expert panel to recommend ways to protect and strengthen the Teachers’ Pension Plan.
The plan has an unfunded liability of $1.5 billion and a funded ratio of 78.2 per cent as of Dec. 31, 2019. While there is no immediate risk the plan will be unable to meet its ongoing pension obligations, NSTU and the province, as joint parties of the plan, have a shared obligation to address the plan’s liability so teachers, like other public sector employees, have pension benefits that will provide financial stability during retirement.