The Nova Scotia Pension Services Corp. finished 2017 with $11.5 billion in assets between the Public Service Superannuation Plan and the Teachers’ Pension Plan, according to its annual report.
The PSSP closed out the year with a $207-million surplus, resulting in a going-concern funded ratio of 103.4 per cent, down slightly from the 104.1 per cent it posted as of March 31, 2017. Meanwhile, the TPP improved its position, but remains at a going-concern funded ratio of 78.4 per cent, with a $1.4 billion deficit. The ratio is somewhat improved from the 77.7 per cent funded ratio at the end of 2016.
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The PSSP’s membership stood at 35,621 at Dec. 31, 2017, an overall increase of 737 members from the previous year, while the TPP’s membership reached 32,006, up 162 members.
Keiren Tompkins and John Carter, co-chairs of the Nova Scotia Pension Services Corp. noted in a press release that both plans have demographic challenges to meet, but their financial health and membership numbers held steady over the last year.
The report also noted that investment returns for the fund were positive for the year but didn’t include further details. However, the PSSP’s latest annual report, published at the end of June, noted it achieved a return of 5.5 per cent, net of fees, for its 2017/18 fiscal year.
Read: Nova Scotia Public Service Superannuation Plan posts 5.5% return for 2017/18