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For the first time, NSGEU/NUPGE representatives will share in the decision-making about the plan’s assets and will have a say about what to do if the plan is over or underfunded.
Halifax (13 April 2012) - The Nova Scotia government announced the introduction of a new Financial Measures Act with strengthened governance for the Public Service Superannuation Pension Plan (PSSP).
The legislation transitions the PSSP from a sole-trustee plan to a jointly-trusteed plan.
Joint trusteeship ensures that the PSSP plan will be there for members of the Nova Scotia Government & General Employees Union (NSGEU/NUPGE) employed by the government far into the future and that members have a say in that future. This is more important than ever because, despite the fact that pensions allow people to grow old without growing poor, pensions continue to be under attack.
NSGEU/NUPGE will be working hard to maintain a strong plan that will serve the members well, provide stability into the future and protect and improve their benefits.
For the first time, NSGEU/NUPGE representatives will share in the decision-making about the plan’s assets and will have a say about what to do if the plan is over or underfunded.
The Board of Directors of the Public Service Superannuation Plan Trustee Inc. (PSSPTI) is comprised of:
- 3 directors designated by the NSGEU/NUPGE – They are: Executive Director, Keiren Tompkins; Policy Analyst/Service Coordinator, Ian Johnson; and Local 8 member, Paul Hagen;
- 1 director designated by CUPE Local 1867;
- 1 director representing non-unionized employees;
- 1 director representing retirees; and
- Between 4 and 6 directors designated by government.
The Trustee Board will continue to rely on the Nova Scotia Pension Agency for the provision of all pension and investment administration services.
Please note that these changes to the governance of the plan do not reduce or change any of the Plan’s benefits for members or retirees.
More information:
NUPGE
The National Union of Public and General Employees (NUPGE) is one of Canada's largest labour organizations with over 340,000 members. Our mission is to improve the lives of working families and to build a stronger Canada by ensuring our common wealth is used for the common good. NUPGE