Private-sector employers in Nova Scotia can now apply to join the Public Service Superannuation Plan (PSSP) under new regulations approved by the province. The changes allow qualifying businesses to transfer existing pension plans into the PSSP, a move aimed at expanding membership and strengthening the plan’s financial sustainability.
Finance and Treasury Board Minister John Lohr said the PSSP has been a key retirement income source for many Nova Scotians, and the expansion provides more employees with access to it. “Qualifying employers will have clear rules on how to transfer existing plans into the PSSP or join it going forward,” he said.
The new Private Sector Pension Plan Transfer Regulations outline the steps for employers to request a transfer, requiring a vote by existing plan members and approval from the Superintendent of Pensions. The independent PSSP Trustee must also sign off on any proposed transfer. The regulations are designed to ensure all stakeholders—including transferring and non-transferring members, bargaining agents, and advisory committees—have the necessary information before decisions are made.
The PSSP Trustee initially proposed opening the plan to private-sector employers in October 2022. Legislative amendments to the Public Service Superannuation Act were introduced in fall 2023. The plan has previously expanded to include universities in 2015 and municipalities in 2016.
Leo McKenna, chair of the PSSP Trustee board, said the plan’s long-term sustainability depends on growing membership. “We welcome the opportunity to work with interested Nova Scotia employers to support the retirement security of their employees,” he said.
Currently, the PSSP includes about 65 employers, with the Province of Nova Scotia as its largest participant. As of fall 2024, employers will be able to participate at different contribution levels with corresponding pension accrual rates.
