Nova Scotia’s Financial Measures Act, tabled today, will include legislation to change the governance of the province’s largest public sector pension plan and the Nova Scotia Pension Agency.
Under the proposed changes, the Public Service Superannuation Plan would be transferred from a sole trustee—the finance minister—to a joint trusteeship composed of employers, employees and retirees after a one-year transition period.
The other change would see the Nova Scotia Pension Agency devolve from an agency of the government to a non-profit corporation that would administer all plans currently served by the agency.
The Act also acts on the government’s promise to repeal a two percentage point increase in the harmonized sales tax.
Another amendment to the Income Tax Act introduced today would legislate the half percentage point reduction in the small business tax to 3.5%, as included in the spring budget.
The Financial Measures Act is introduced each year and includes measures in the provincial budget that have to be legislated.