The PSSP remains fully funded and reports $450 million surplus
HALIFAX, NS - Public Service Superannuation Plan Trustee Inc. (PSSPTI) today announced the release of the 2025-2026 Annual Report for the Public Service Superannuation Plan (PSSP or Plan), highlighting the Plan's continued financial strength, solid investment performance, and ongoing membership growth.
As at March 31, 2026, the Plan remained fully funded with a funded ratio of 105.5 per cent and a funding surplus of $450 million. Plan assets grew to $8.661 billion, an increase of $386 million over the previous year.
"The PSSP continues to demonstrate long-term financial strength and stability," said Leo D. McKenna, FCPA, FCA, Chair of PSSPTI. "Despite ongoing economic uncertainty and the challenges faced by mature pension plans, the PSSP remains fully funded and continues to provide retirement security for more than 46,000 Nova Scotians."
The Fund generated a one-year investment return of 6.55 per cent, net of investment management fees, exceeding the actuarial assumed rate of return of 6.25 per cent. The Plan's diversified investment portfolio continued to perform as intended, helping to preserve the Plan's strong funded position.
Membership in the Plan increased to 46,198 members as at December 31, 2025, including 21,667 active members, 20,259 retirees and survivors, and 4,272 deferred members. During the year, 943 new members joined the Plan and several new employers were admitted, supporting the Trustee's ongoing membership growth strategy.
The fiscal year also marked the completion of a comprehensive Asset Liability Modelling (ALM) study. The study resulted in several enhancements to the Plan's long-term investment strategy, including adjustments to asset classes, expanded use of portable alpha strategies, and the introduction of leverage designed to enhance long-term returns while maintaining an appropriate level of risk.
In 2025, following a funded health review of the Plan, the Trustee approved annual indexing of 2.61 per cent for pensions in pay for the five-year period from January 1, 2026, to December 31, 2030. Pension adjustments were implemented in early 2026.
To read the full 2025-2026 Public Service Superannuation Plan Annual Report, visit the Plan's website at: https://www.nspssp.ca/investments/plan-performance