NSTU statement re: Auditor General’s report on the Nova Scotia Teachers’ Pension Plan
On October 4, Auditor General Michael Pickup released his report on the Nova Scotia Teachers’ Pension Plan and voiced concerns about the financial condition of the plan.
The following is a statement from NSTU president Liette Doucet. She is not available for further comment on the issue.
“We share the Auditor General’s concern with the unfunded liability in the teachers’ pension plan.
Currently members have no prospect of future indexing and their contributions have increased by 3 % over three years. Their salaries have been frozen and members lost a retirement benefit when the service award was eliminated through Bill 75. The Auditor General has stated that pay freezes have an impact on the pension plan because pension contributions are a percentage of salary.
As we have done in the past, the NSTU will work with government through the sponsor board. Teachers work hard and they deserve a fair and equitable retirement fund.”