Independent panel to examine pension plan for Nova Scotia teachers - Halifax

An impartial three-person panel has been appointed to look at methods of strengthening the pension plan for Nova Scotia’s academics, which had an enormous unfunded legal responsibility of $1.5 billion as of 2019.

The province says whereas there isn't a rapid danger the plan might be unable to satisfy its pension obligations, it has a shared obligation with the Nova Scotia Academics Union to handle the legal responsibility challenge.

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The academics’ pension plan is among the largest public sector plans within the province, with 32,647 members, together with 13,705 retirees and survivors, 12,979 energetic members and 5,963 inactive members as of 2019.

Agreed to in October, the panel is to seek the advice of with academics and different plan members earlier than submitting suggestions to make the plan totally funded by Dec. 31.

Members embrace Elizabeth Brown, a Toronto-based pension lawyer at Brown Mills Klinck Prezioso LLP, Gale Rubenstein, a lawyer at Goodmans LLP in Toronto and Conrad Ferguson, an actuary primarily based in Fredericton.

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In a information launch Wednesday, Labour Relations Minister Mark Furey mentioned each authorities and the union need to guarantee pensions are there for academics once they retire.

“The plan deficit is a serious and complex issue,” mentioned Furey. “The panel process will allow teachers and other plan members to better understand the challenges and range of solutions and provide their input.”

Union president Paul Wozney mentioned having an arm’s-length group of specialists develop a technique for the short- and long-term well being of the plan is the suitable method.

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“Restoring the plan’s stability in a manner that is manageable for both its members and the province is imperative to the success of this effort,” Wozney mentioned in a union information launch.

The plan is an outlined profit registered pension plan that gives a lifetime pension profit upon retirement.

Members embrace energetic and retired academics, in addition to members of the Public Faculty Directors Affiliation of Nova Scotia and Nova Scotia Neighborhood Faculty Educational Union.

This report by The Canadian Press was first revealed Jan. 13, 2021.