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Halifax, NS – July 30, 2020 – Nova Scotia Pension Services Corporation (Pension Services Corp.) has released its 2019-2020 Annual Report (Report).

The Report states Pension Services Corp. finished the year with almost $12 billion in assets under management for the Public Service Superannuation Plan (PSSP) and the Teachers’ Pension Plan (TPP).*

The TPP’s investment returns for fiscal year-end (December 31, 2019) were extremely solid – 12.36% on a net basis. The PSSP’s fiscal year-end (March 31, 2020) had quite different results – with its investment returns ending up essentially flat. Both the TPP and the PSSP experienced steep declines in their discount rates for their respective fiscal periods, resulting in large increases in their actuarial liabilities.

“The last months of fiscal 2019-2020 witnessed truly unprecedented volatility, as the coronavirus pandemic swept the globe and economies were plunged into paralysis,” stated Pension Services Corp. Board Co-Chairs, John B. Carter and Keiren Tompkins. “The full onset of the pandemic in March of 2020 impacted the plans quite differently given their different year-ends.”

With a fiscal year-end of December 31, 2019, TPP’s investment returns for its fiscal year were not impacted by the pandemic. It was therefore able to absorb the increase in liabilities caused by the decreased discount rate and post a year-over-year gain in its funded ratio to 78.2% from 75.3%. For the PSSP, on the other hand, the large increase in the PSSP’s actuarial liabilities (driven by the sharp discount rate decline) was coupled with investment losses in the January-March 2020 period, culminating in a year-over-year decrease of the PSSP’s
funded ratio to 91.4% from 101.9%.

Due to the impact of the coronavirus pandemic, Pension Services Corp. staff had to shift many core operations to a virtual platform in March of 2020, which was maintained going into the 2020-2021 fiscal year. Most key performance indicators were nevertheless met for fiscal 2019-2020 and rigorous adherence to risk management protocols was maintained. “Pension Services Corp. staff are to be commended for their efforts to protect plan assets and for their dedication in continuing to provide key services to plan members during an historically-turbulent period,” added Mr. Carter and Mr. Tompkins.

Pension Services Corp. staff completed a biennial employee engagement survey in the late spring of 2019 that resulted in 90% of the respondents indicating they would recommend Pension Services Corp. as a good place to work. “We are proud of our support of inclusiveness, diversity, and respectfulness, and our ongoing efforts to make Pension Services Corp. a great place for our employees to work,” stated Mr. Carter and Mr. Tompkins.

To read the full 2019-2020 Nova Scotia Pension Services Corporation Annual Report, visit the Pension Services Corp. website at:


* Based on data as at December 31, 2019 for the Teachers’ Pension Plan, and as at March 31, 2020 for the Public Service Superannuation Plan.


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For more information, contact:
Gisèle Taylor,
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 | |