NS Pension continues strong performance and growth in 2023-2024
Halifax, NS – July 25, 2024 – Nova Scotia Pension Services Corporation (NS Pension) has released its 2023-2024 Annual Report.
“NS Pension had another successful year in administering the Public Service Superannuation Plan (PSSP) and the Teachers’ Pension Plan (TPP) and managing their investment strategies,” stated NS Pension Board Co-chairs, Keiren Tompkins and John Rogers. At the fiscal year-end on March 31, 2024, NS Pension’s combined assets under management reached approximately $13.7 billion*, reflecting a year-over-year increase of about $670 million.
Plan Performance
The PSSP achieved a net return of 7.93% for the 2023-2024 fiscal year, surpassing the actuarial assumed rate of return of 5.75% but was below the Plan’s 9.96% benchmark. The Plan ranked in the top quartile among its Canadian peers for absolute returns for the combined calendar years of 2023 and 2024. As of March 31, 2024, the PSSP was 103.8% funded, up from the previous year, with a surplus of $287 million.
The TPP’s funded status increased to 78.1% at the end of its fiscal year on December 31, 2023, compared to 75.1% at the end of the prior fiscal year. The TPP achieved a net return of 7.38%, below the 10.14% benchmark but well above the actuarial assumed rate of return of 5.80%. Despite challenging benchmarks, the TPP also exhibited strong absolute performance for the combined calendar years of 2023 and 2024, nearing top quartile placement among Canadian peers thanks to its diversified asset mix.
Plan Membership
Membership for both the PSSP and the TPP increased. As of December 31, 2023, the TPP had 34,799 members. The PSSP had 43,722 members as of March 31, 2024. The ratios of active members to pensioners improved for both plans, continuing a modest but encouraging trend over the past several years.
Efforts to grow the PSSP membership were supported by the introduction of the Private Sector Pension Plan Transfer Act, allowing private sector pension plans to transfer into the PSSP. The aim of this initiative is to further broaden PSSP participation and thereby continue to enhance the Plan’s financial stability.
Governance and Compliance
Maintaining the highest standards of governance and regulatory compliance is central to NS Pension’s operations. The NS Pension Board emphasized the ongoing strengthening of internal controls and risk management processes to safeguard the interests of all plan members. “Cybersecurity remains a top priority, with continued focus by both NS Pension staff and the Board,” stated Tompkins and Rogers.
“The Board appreciates the hard work of NS Pension staff in maintaining a high level of service for plan members, preserving and enhancing plan assets, and assisting the trustees in doing all they can to strengthen and improve their respective plans,” added Tompkins and Rogers.
* Based on data as at March 31, 2024 for the Public Service Superannuation Plan, and as at December 31, 2023 for the Teachers’ Pension Plan.
View the 2023-2024 Annual Report:
