COVID-19 Service Updates
We have returned to our pre-COVID business activities, with the exception of in-person counseling. Presently, our office remains closed to the public. We are currently assessing when and how we can safely return to scheduling in-person client appointments.
We are committed to protecting the health of our employees and our clients and have taken preventative measures, including social distancing.
To help keep you informed, we have created this page and will update it with important messages, service updates and answers to commonly asked member questions.
- June 19: PSSP members only – Annual Member statements have been mailed.
- May 20: PSS members only - Statements are normally mailed by June 1st; however, they will now be mailed July 1st.
- May 1: TPP members only - Teachers’ Pension Plan Annual Member Statements to be mailed May 6
Commonly Asked Questions
Will I continue to receive my pension payment?
Yes, pension payments will continue to be paid on time. We have plans in place to ensure timely delivery of existing and new pension payments.
The markets have been up and down. Will that change the amount of my pension? Could I lose my pension?
No, your pension plan is a defined benefit pension plan. Market volatility has no impact to our being able to provide you your pension, in the correct amount. Unlike RRSPs or defined contribution plans, pensions paid under a defined benefit plan are based on your years of service and salary history, not on the fund’s current market value. Your pension will remain ‘as is’ regardless of market fluctuations.
What impact has recent market turmoil had on my pension? Is my pension going to be impacted?
The COVID-19 pandemic is a temporary phenomenon.
During this time, it is important to remember:
- long-term performance counts for pension plans, and
- your pension is part of a defined benefit plan.
Your plan’s Trustee manages and invests for the long term, maintaining a large and very diverse portfolio, and follows robust investment strategies. The Plan’s asset mix is intended to reduce risk during turbulent periods.
Has COVID-19 impacted Nova Scotia Pension Services Corporation’s ability to function day-to-day?
We have changed the way we operate; and have scaled back on the number of essential staff required in the office at any one time. In doing so, we are able to adhere to all public health guidelines, including social distancing. Due to our scaled back size, we are focusing first on key services, particularly paying pensions and starting new retirements. Then, as we are able, we will address other requests/inquiries.
Please understand that our normal response and processing times may be extended for less urgent requests.