The Sherbrooke Restoration Commission, which operates a historic village in Nova Scotia, has transferred its defined benefit pension into the province’s public service superannuation plan.
The transfer, which affected 22 plan members, took effect on May 1, 2017, and is the first transfer to take place pursuant to Nova Scotia’s Municipal and Other Authorities Pension Plan Transfer Act, which came into force in November 2016.
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Several universities have transferred their pensions to the public service plan, including Acadia University, Université Sainte-Anne, University of King’s College and Cape Breton University. Those transfers came under the University Pension Plan Transfer Act.
For the public service plan’s board of trustees to accept a transfer, it must benefit the plan’s long-term sustainability and be cost neutral to existing members, according to a news release.
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