The Public Service Superannuation Plan grows again with the addition of Cape Breton Regional Municipality
HALIFAX, NS - Public Service Superannuation Plan Trustee Inc. (PSSPTI) is pleased to announce that Cape Breton Regional Municipality (CBRM) has transferred its defined benefit pension plan into the Public Service Superannuation Plan (PSSP). This transfer resulted in 1157 new members, including 724 active members, being welcomed to the PSSP.
The transfer was completed pursuant to the Municipal and Other Authorities Pension Plan Transfer Act (MOAPPTA), which came into force in November of 2016. The CBRM transaction is the largest pension plan transfer to be completed under the MOAPPTA to date.
CBRM adds its name to the growing list of pension plans joining or transferring into the PSSP since PSSPTI began its membership growth initiative in 2015. This initiative has expanded the PSSP membership by almost 1600 active members and 700 retirees in 3 years.
The list of plans that have joined or transferred into the PSSP includes: the Sherbrooke Village Restoration Commission; South Shore Public Libraries; Cape Breton University (partial); Acadia University; Université Sainte-Anne; University of King’s College; and, most recently, Halifax Harbour Bridges.
PSSPTI’s guiding principles throughout these transfers have been that a transfer into the PSSP must be beneficial to the long-term sustainability of the PSSP and cost neutral to its existing members.
Growing the PSSP membership to promote long-term financial sustainability is a key strategic focus for PSSPTI. PSSPTI continues to pursue growth opportunities and is in discussions with several public sector employers.
While the CBRM pension plan transferred into the PSSP on February 1, 2018, the administrative transition of these new members will be completed by spring 2018.
PSSPTI welcomes CBRM and its employees to the PSSP.
For more information,contact:
Senior Communications Advisor
Conseillère principale en communication
Nova Scotia Pension Services Corporation
Société des services de pension de la Nouvelle-Écosse
P: 902-429-6432 | firstname.lastname@example.org | www.novascotiapension.ca