July 30, 2026
NS Pension’s 2025-2026 Annual Report Highlights Strong Investment Performance and Membership Growth
Nova Scotia Pension Services Corporation (NS Pension) has released its 2025-2026 Annual Report, highlighting continued progress in investment performance, membership growth, and strategic initiatives.
“NS Pension continued to deliver strong results in administering the Public Service Superannuation Plan (PSSP) and the Teachers’ Pension Plan (TPP), while advancing initiatives that strengthen the long-term sustainability of both plans,” stated NS Pension Board Co-chairs, John Rogers and Keiren Tompkins.
NS Pension’s combined assets under management totalled approximately $15.2 billion, reflecting a year-over-year increase of about $800 million.*
Plan Performance
The PSSP achieved a net return of 6.55% for the 2025–2026 fiscal year, exceeding its 6.25% actuarial assumed rate of return, but falling below its 8.60% benchmark, primarily due to historically high benchmarks in real estate, infrastructure, and private equity. The Plan’s diversified asset mix continued to perform well. As of March 31, 2026, the PSSP was 105.5% funded, with a $450 million surplus.
The TPP earned a net return of 8.02% for the 2025 calendar year, exceeding its actuarial assumed rate of return of 6.10%, but falling below its benchmark return of 10.18%. Like the PSSP, the TPP faced historically high benchmarks for the real asset components of its portfolio but delivered strong absolute returns. Its diversified asset mix continued to provide stability through changing market conditions. As of December 31, 2025, its funded status rose to 86.8%, up from 81.1% the previous year.
Plan Membership
Membership for both the PSSP and the TPP increased over the past year. As of March 31, 2026, the PSSP had 46,198 members, up 943 from the previous year. The TPP had 35,891 members as of December 31, 2025, an increase of 362. The ratios of active members to pensioners improved for both plans, although demographic headwinds remain for each.
Strategic Initiatives
Throughout the year, strategic initiatives remained focused on enhancing member services and supporting the long-term sustainability of the PSSP and the TPP. This included expanding secure digital services and communication options for members and employers, developing new educational resources and online tools, continuing to expand participation in the PSSP by attracting and supporting new employers, completing asset-liability modelling studies for both plans, substantially completing the build-out of new master trust structures, and strengthening governance through joint Trustee education sessions.
* Based on data as at March 31, 2026 for the Public Service Superannuation Plan, and as at December 31, 2025 for the Teachers’ Pension Plan.
View the 2025-2026 Annual Report:
