NS Pension Reports Continued Growth, Strategic Progress, and Leadership Transition in 2024–2025
Halifax, NS – July 30, 2025 – Nova Scotia Pension Services Corporation (NS Pension) has released its 2024–2025 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 further advancing initiatives to protect and strengthen plan sustainability,” stated NS Pension Board Co-chairs, John Rogers and Keiren Tompkins. NS Pension’s combined assets under management totalled approximately $14.4 billion*, reflecting a year-over-year increase of about $781 million.
Plan Performance
The PSSP achieved a net return of 7.03% for the 2024–2025 fiscal year, exceeding its 6.50% actuarial assumed rate of return but falling below its 9.21% benchmark, largely 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, 2025, the PSSP was 106.8% funded, with a $525 million surplus. A 2.61% cost-of-living adjustment (indexing) was granted to pensioners for the 5-year cycle running from January 1, 2026 to December 31, 2030.
The TPP earned a net return of 9.76% for the 2024 calendar year, surpassing its 5.80% actuarial assumed rate of return but below the 12.54% benchmark. Like the PSSP, the TPP faced historically high benchmarks for the real assets components of its portfolio but delivered strong absolute returns. As of December 31, 2024, its funded status rose to 81.1%, up from 78.1% the previous year.
Plan Membership
Membership for both the PSSP and the TPP increased over the past year. As of March 31, 2025, the PSSP had 45,255 members, up 1,533 from the previous year. The TPP had 35,529 members as of December 31, 2024, an increase of 730. The ratio of active members to pensioners also improved for both plans, continuing a modest but encouraging trend in recent years.
Efforts to grow the PSSP membership continued, with legislation allowing private sector pension plans to transfer into the PSSP being proclaimed into force in early 2025 and with new levels of participation (PSSP VANTAGE) introduced into the PSSP in the Fall of 2024.
Leadership Transition in Pensions Division
In 2025, NS Pension prepared for the upcoming retirement of Kim Blinn, Chief Pensions Officer, effective September 30, 2025. Kim has served NS Pension and its predecessor organizations for more than 20 years, playing a pivotal leadership role throughout our evolution from a government department to a not-for-profit corporation. Since 2004, Kim has helped guide NS Pension’s growth, strategy, and focus on service excellence.
“Kim’s impact on NS Pension has been profound,” said CEO Doug Moodie. “Her leadership, strategic insight, and commitment to members have helped shape the member-focused organization we are today. On behalf of the Board and staff, I thank Kim for her tremendous contributions and wish her all the best in retirement.”
Following a comprehensive national search, NS Pension is pleased to announce the appointment of Cathy Clarke as our next Chief Pensions Officer. Cathy joined NS Pension in 2011 and has led our Employer Services team since 2012. She brings extensive knowledge of our pension plans, strong relationships with plan employers, and a well-established reputation for service excellence and collaborative leadership.
“Cathy’s extensive understanding of our plans and operations, paired with her strong leadership and member-focused approach, made her an outstanding choice to lead the Pensions Division into its next chapter,” added Moodie.
* Based on data as at March 31, 2025 for the Public Service Superannuation Plan, and as at December 31, 2024 for the Teachers’ Pension Plan.
View the 2024-2025 Annual Report:
