Halifax, NS – July 31, 2018 – Nova Scotia Pension Services Corporation (Pension Services Corp.) had another successful year as reported in the 2017-2018 Nova Scotia Pension Services Corporation Annual Report (Report).
The Report stated Pension Services Corp. finished the year with approximately $11.5 billion in assets under management for the Public Service Superannuation Plan (PSSP) and the Teachers’ Pension Plan (TPP), met the majority of its key performance indicators, and completed an external benchmarking review of its pension administration services which showed a competitive level of service being attained on an extremely cost-efficient basis. Pension Services Corp. also enhanced infrastructure and systems with a focus on improving efficiencies and security.
The Report indicates that investment returns were positive for the PSSP and TPP, and that there was a continued adherence to rigorous risk-management protocols.
The Co-Chairs’ message in the Report highlights the financial health and demographics of the PSSP and TPP in 2017-2018. "While demographic challenges for the Public Service Superannuation Plan and the Teachers’ Pension Plan continued to mount, the financial health and membership numbers for both plans were held steady year over year,” stated Pension Services Corp. Board Co-Chairs, Keiren Tompkins and John B. Carter.
The PSSP membership stood at 35,621 as at December 31, 2017, an overall increase of 737 from December 31, 2016. The TPP membership stood at 32,006 as at December 31, 2017, an overall increase of 162 from December 31, 2016.
To read the 2017-2018 Nova Scotia Pension Services Corporation Annual Report, visit the Pension Services Corp. website:
www.novascotiapension.ca/resources/year-end-reporting/annual-reports
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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 | taylorgd@nspension.ca | www.novascotiapension.ca
BACKGROUNDER
About Pension Services Corp.:
Nova Scotia Pension Services Corporation (Pension Services Corp.) is an independent, not-for-profit corporation that is jointly owned by Public Service Superannuation Plan Trustee Inc. (PSSPTI) and Teachers’ Pension Plan Trustee Inc. (TPPTI), the respective corporate trustees of Nova Scotia’s Public Service Superannuation Plan (PSSP) and Teachers’ Pension Plan (TPP).
In addition to administering the pension benefits and investment assets of the PSSP and the TPP, Pension Services Corp. also administers the Members’ Retiring Allowances plan (MLA Plan) and the 3 former Sydney Steel pension plans, as well as the pension arrangements applicable to deputy ministers and Provincial Court judges.
Pension Services Corp. is accountable to a corporate board of directors equally representative of PSSPTI and TPPTI. The board oversees the continued use of strong controls and risk management practices, transparent reporting, and prudent management of pension plan expenses.
Plan membership information:
The PSSP membership stood at 35,621 as at December 31, 2017, an overall increase of 737 from December 31, 2016 (183 more active members, 57 more inactive members, and 497 more retirees). From March 31, 2017 to March 31, 2018, the PSSP’s net assets available for benefits increased by $356 million, to $6.353 billion. For the same period, plan liabilities increased by $388 million. The PSSP ended the fiscal year with a $207 million surplus, resulting in a going-concern funded ratio of 103.4% (compared to 104.1% as at March 31, 2017).
The TPP membership stood at 32,006 as at December 31, 2017, an overall increase of 162 from December 31, 2016 (62 more active members, 46 less inactive members, and 146 more retirees). From December 31, 2016 to December 31, 2017, the TPP’s net assets available for benefits increased by $210.9 million, to $5.111 billion. For the same period, plan liabilities increased by $207.7 million. The TPP ended the fiscal year with a $1.406 billion deficit, resulting in a going-concern funded ratio of 78.4% (compared to 77.7% as at December 31, 2016).
Client service information:
Client Service Consultants at Pension Services Corp. answered more than 24,815 calls from PSSP and TPP active members, retirees, and employers in the plans’ respective fiscal years just completed, and hosted a total of 52 pre-retirement seminars across the Province. Pension Services Corp. oversaw the payment of $342 million in benefits to PSSP retirees and survivors during the PSSP’s fiscal year (with the average annual lifetime pension for a retired PSSP member being $20,795 as at December 31, 2017), and $393 million in benefits to TPP retirees and survivors during TPP’s fiscal year (with the average annual lifetime pension for a retired TPP member being $29,203 as at December 31, 2017).