March 27, 2023 - Public Service Superannuation Plan Trustee Inc. (PSSPTI) has completed its comprehensive review of the Public Service Superannuation Plan (PSSP). Section 47 of the Public Service Superannuation Act (Act) mandates PSSPTI to complete this review every five years.
In 2021, PSSPTI issued a request for proposals to identify “an independent reviewer having expertise in Canadian public pension plan structure and administration”. Several excellent proposals were received, and PSSPTI ultimately chose the team of Stewart McKelvey and LifeWorks as the independent reviewer (Independent Reviewer) to complete the 2022 PSSP Review.
The Independent Reviewer concluded that the PSSP is well-governed but, as with most public sector pension plans in Canada, is “facing demographic challenges and economic uncertainty”.
PSSPTI received the 2022 PSSP Review Report in February 2022 and, over the past year, has given substantial consideration and spent significant time and effort on analysis relating to the 31 recommendations set out therein. PSSPTI has determined to proceed with several of the recommendations at this time. On behalf of PSSPTI, NS Pension will be providing further communications to Plan members and employers on the adjustments to the Plan resulting from implementing these recommendations.
PSSPTI would like to thank those Plan members and stakeholders who made submissions to the Independent Reviewer and to all who supported the successful review process.
View the full 2022 PSSP Review Report here:
View the PSSPTI’s Board Determinations on the 2022 PSSP Review Report’s recommendations here:
Review Notices:
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April 2022 - PSSPTI has now received the 2022 PSSP Review Report from the Independent Reviewer and is currently reviewing its recommendations. PSSPTI anticipates releasing the Report once its assessment is completed and it has formulated a plan to properly address the Report’s recommendations.
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November 2021 - PSSPTI would like to thank all those who responded to the request for input and comments about the Plan. The results of the Review will be communicated once it has been completed in 2022.
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June 2021 - As part of the 2022 PSSP Review process, PSSPTI asked for input from PSSP members. If you have any suggestions for improvements or changes to the PSSP or its administration that you would like PSSPTI to provide to the independent reviewer, please email same by September 30, 2021 to: PSSPTI@nspension.ca. Please include ‘2022 PSSP Review’ in the reference line.