N.S. legislation now allows transfers from private pension plans to the Public Service Superannuation Plan (PSSP)
Nova Scotia-based private employers can now transfer their pension plans into the Public Service Superannuation Plan.
The Private Sector Pension Plan Transfer Act, which received royal assent on November 9, 2023, provides all employers based in the province with the option of offering or continuing to offer a defined benefit pension plan with a prescribed funding policy. The PSSP funding policy outlines how the PSSP plan is financed through employer and employee contributions, investment earnings, and how the plan is managed financially, including setting targets, managing risks, and addressing any potential deficits or surpluses. For more details on the PSSP prescribed funding policy, click here.