Nova Scotia’s Public Service Superannuation Plan saw a 15.75 per cent return net of investment fees for the fiscal year 2020/21, generating $1 billion in total investment income.
The plan’s funded status increased to 97.9 per cent at March 31, 2021, from 91.4 per cent the previous year. Its total net assets were about $7.2 billion, with liabilities of $7.4 billion, resulting in an unfunded liability amount of $175 million at that point in time.
The Public Service Superannuation Plan Trustee Inc., which oversees the plan, will conduct a review of the plan this year. Completed every five years, it will be conducted by an independent reviewer familiar with the Canadian pension sector. In order to complete the review, the trustee has solicited the input of plan members, employers and stakeholders in order to help make changes that will improve the stability and sustainability of the plan.
The PSSP’s members are current or former government employees, though it also represents members from a number of participating universities and other organizations. It currently has 19,100 active members and 18,153 retired members.