N.S. reviewing market performance of two public-sector pension plans

Published Thursday September 4th, 2008

THE CANADIAN PRESS

HALIFAX - Nova Scotia's finance minister says the recent poor performance of two public-sector pension plans isn't a surprise, given the volatility in the markets over the last year.

But Michael Baker is expressing concern over the $1.4-billion unfunded liability hanging over the pensions for the province's teachers and civil servants. Baker says the province is currently reviewing the funds to find ways to improve their return on investment.

He says recommendations will eventually be brought forward to the funds' trustees.

The minister adds there are no plans at this time to make a change to a defined contributions scheme.

He says any such move would have to involve negotiations with the unions involved.

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