October 2, 2018
NSTU statement re: Auditor General’s report on the Nova Scotia Teachers’ Pension Plan
Today, Nova Scotia’s Auditor General Michael Pickup released an update on his previous report into the Nova Scotia Teachers’ Pension Plan. The following is a response from NSTU President Paul Wozney.
“We appreciate the Auditor General’s examination and input on this topic. The current level of unfunded liability in the Teachers’ Pension Plan needs to be reduced, and through the Teacher’s Pension board we will continue to work with government on finding solutions.
Starting in 2014, teacher contributions increased by 3% overall and the province also provided additional funds. Since then, the plan has experienced some modest improvement and we are hopeful this positive trend continues.
That being said, growth of the plan is tied to teacher salaries and the recent pay freeze limited available revenue.
Teachers and administrators work hard and when they retire, they deserve a fair and stable retirement fund. As a result, strengthening the plan over the long-term will remain a priority.”