NS: Government wants public input on pension reform paper

[NEW GLASGOW, NS] – The Department of Labour and Workforce Development is asking Pictou County residents to give their input on pension reform.

The department released a discussion paper recently to gather more input from employers, employees, unions and industry about private-sector pension-plan management.

The Nova Scotia Pension Review Panel filed its final report last year and the department has accepted about 90 per cent of the recommendations.

The department wants more input on the review panel’s proposed funding formula and whether there should be more flexibility for private-sector pension plans based on risk, funding arrangements and governance.

Government has responded to pressures created by a weak investment market and low interest rates over the past few years and, in November, amended the Pension Benefits Act regulations to address solvency pressures.

Input from employers, unions, members, plan administrators and pension committees is needed because hard decisions may have to be made for some plans to continue to meet the needs of their members and provide benefits promised to retirees.

The discussion paper is available on the department’s website: www.gov.ns.ca/lwd.

Comments can be sent to: Nova Scotia Labour and Workforce Development, Policy Division, P.O. Box 697, Halifax, N.S., B3J 2T8, faxed to 902-424-0575 or e-mailed to lwdpolicy@gov.ns.ca.

Responses should be received by April 15.