Public Service Superannuation Plan Opens to Private Sector
Qualified private-sector employers will be able to request to join the Public Service Superannuation Plan (PSSP) following the proclamation of legislative changes and the approval of new regulations.
“The Public Service Superannuation Plan provides a vital source of retirement income for many Nova Scotians, and now even more people will have the opportunity to benefit from it,” said John Lohr, Minister of Finance and Treasury Board. “Qualifying employers will have clear rules on how to transfer existing plans into the PSSP or join it going forward, and the PSSP will be accessible to more Nova Scotians who want to save for their retirement.”
The Private Sector Pension Plan Transfer Regulations provide qualifying employers with a clear checklist on how to request a transfer of an existing pension plan into the PSSP. Under the regulations, proposed transfers must be voted on by existing plan members and have the consent of the Superintendent of Pensions. The PSSP Trustee must also approve any proposed transfer. The regulations seek to ensure that all interested parties, including pension plan members who are transferring and those who are not, as well as any bargaining agents and advisory committees, have access to the information needed to be well informed.
Membership growth helps the PSSP be financially healthier, sustainable and accessible to more Nova Scotians. The independent PSSP Trustee asked the Province to open the plan to any qualified employer in Nova Scotia in October 2022. The Province first introduced the necessary changes to the Public Service Superannuation Act in the fall of 2023.
Currently, the PSSP has about 65 participating employers with the Province of Nova Scotia being the largest.
Quotes:
“The PSSP Trustee is looking forward to adding new participating employers from Nova Scotia’s private sector. Expanding our membership is central to ensuring the PSSP’s long-term sustainability. We welcome the opportunity to work with interested Nova Scotia employers to support the retirement security of their employees.”
— Leo McKenna, board Chair, Public Service Superannuation Plan Trustee
Quick Facts:
- the regulations were developed in consultation with the Nova Scotia Pension Services Corporation
- the PSSP opened to universities in 2015 and municipalities and other authorities in 2016
- transfers of other pension plans into the PSSP has proven to be a benefit to PSSP members, public sector employers and their employees
- as of fall 2024, employers can participate in the PSSP at different contribution rates with a corresponding pension accrual rate
Additional Resources:
Nova Scotia Office of the Registrar of Regulations – List of Regulations by Act (M-Z): https://novascotia.ca/just/regulations/rxam-z.htm
News release – Financial Measures (Fall 2023) Act Introduced: https://news.novascotia.ca/en/2023/10/13/financial-measures-fall-2023-act-introduced