NS Pension releases its 2022-2023 Annual Report
Halifax, NS – July 28, 2023 – Nova Scotia Pension Services Corporation (NS Pension) has released its 2022-2023 Annual Report (Report).
The Report states NS Pension finished its fiscal year on March 31, 2023 with $13 billion in assets under management for the Public Service Superannuation Plan (PSSP) and the Teachers’ Pension Plan (TPP).* “NS Pension kept both the PSSP and the TPP on steady paths during another volatile period of market performance,” stated NS Pension Board Co-chairs, Keiren Tompkins and John Rogers.
At March 31, 2023, the PSSP achieved a rate of return on investments of 3.45 per cent (net of investment fees); while the TPP at its year-end of December 31, 2022, achieved a return of -4.05 per cent (net of investment fees). The PSSP’s returns were modestly above its benchmark, while the TPP’s returns were modestly below its benchmark. Perhaps more noteworthy, both the PSSP and the TPP significantly outperformed the majority of other Canadian pension plans.
The membership numbers for both plans grew in 2022-2023. The PSSP membership stood at 42,468 at March 31, 2023, an overall increase of 1,210 from the year before. The TPP membership stood at 34,234 at December 31, 2022, an overall increase of 660 from the year before.
Fiscal 2022-2023 saw the departures of John Carter, Nancy MacLellan, and Vicki Clark from the NS Pension Board of Directors (Board), each after many years of consistent and valuable contribution. John joined the Board effective April 1, 2013, and was a Co-chair for all 10 years of his tenure. Nancy joined the Board on April 1, 2017, and Vicki on April 1, 2018. “The Board extends its gratitude to John, Nancy, and Vicki and wishes them all the best in their next endeavours,” stated Tompkins and Rogers.
The departure of John Carter left a vacant Co-chair position on the Board. Effective April 1, 2023, John Rogers was appointed as a Co-chair, while Keiren Tompkins was re-appointed as a Co-chair.
NS Pension continued its support of the Trustee of the PSSP in its initiative to achieve membership growth. NS Pension also supported the Trustee and Sponsors of the TPP in their ongoing work to improve the TPP’s funded health.
* Based on data as at March 31, 2023 for the Public Service Superannuation Plan, and as at December 31, 2022 for the Teachers’ Pension Plan.