HALIFAX, NS -- Public Service Superannuation Plan Trustee Inc. (PSSPTI) announced today that the Public Service Superannuation Plan (Plan) achieved a positive net return of 3.45% exceeding its benchmark of 2.99% and generating $260 million in total investment income in the fiscal year 2022-2023 ending on March 31, 2023.
“Despite global economic challenges, the Plan continued to demonstrate resilience and achieved a commendable financial performance in 2022-2023,” said PSSPTI Board Chair, Leo McKenna. “Our robust investment strategies, guided by a long-term view, prudent risk management, and diversification, enabled us to navigate the landscape of 2022-2023’s market volatility.”
For the fiscal year ended March 31, 2023, the Plan was 102.9% funded, an increase of 4.6% from the previous year. The Plan had a surplus of $214 million as at March 31st, being the difference between the net assets available for payment of benefits of $7.513 billion and the actuarially calculated liabilities of $7.299 billion.
The full 2022-2023 Report is available online at: www.nspssp.ca/investments/plan-performance
The PSSPTI Board
Fiscal 2022-2023 was a significant one overall for the PSSPTI Board. “It was my first year as Chair of the Board, stepping into the role following Ron Smith’s many years of outstanding leadership,” stated McKenna. “The Board is deeply grateful to Ron for guiding PSSPTI through its first nine years of existence.”
The tenures of many of the Board’s long-standing directors came to an end on March 31, 2023, including those of Nancy MacLellan, Keiren Tompkins, Cynthia Yazbek, Mike MacIsaac, Paula Boyd, and Chris Daly. Most of these individuals served on the Board since its inception in 2013 and before that on the transitional board that preceded the formal creation of PSSPTI. “I want to acknowledge and thank them for their contributions, dedication, and hard work on behalf of Plan members over the years,” added McKenna.
On April 1, 2023, the Board welcomed new directors, Hugh Gillis, Jennifer Glennie, Lilani Kumaranayake, Nancy Rondeaux, Ryan Brothers, and Steve Joy. Learn more about the PSSPTI Board on our website at: www.nspssp.ca/about/public-service-superannuation-plan-trustee-inc.
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For more information, contact:
Gisèle March, Senior Communications Advisor
Nova Scotia Pension Services Corporation
C: 902-230-3244 | marchgd@nspension.ca | www.novascotiapension.ca