COVID-19 Service Updates
We are closely monitoring the evolving COVID-19 (coronavirus) situation and know that this is an extremely challenging time for many. During this unprecedented time, we continue working to serve you. Pension payments will continue normally as scheduled.
To protect you and our employees, we are taking preventative measures, including social distancing, while ensuring we have a comprehensive plan in place to carry out key business activities. We have also taken the following steps:
- Our office is closed to the public effective immediately and until further notice.
- To maximize our resources at this time, we will only focus on key services that are critical to our members.
As always, our Client Services team is available to help. Please understand that our normal response and processing times may be extended for less urgent requests. In order that we may serve you most effectively, we would appreciate it if you could please email us your request rather than calling. Our email address is: firstname.lastname@example.org
To help keep you informed, we will be continually updating this section of our website with important messages, service updates and answers to commonly asked questions regarding COVID-19.
- 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
- April 8: TPP members only - We will only be sending out retirement packages for those retiring between now and June 30, 2020.
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.
To help us to serve you most effectively, we would appreciate it if you could please email us your request rather than calling. Our email address is email@example.com. If you do not have access to email, you may call and leave us a message at: 1-902-424-5070 (local) or 1-800-774-5070 (toll free in NS), Monday to Friday, 8:00 am to 5:00 pm.