The government of Prince Edward Island reduced the union oversight committee of its Union of Public Sector Employees (PEIUPSE) pension fund to one member, down from three.Members of the PEIUPSE said it was meant to stop criticism over the CAD$1.2 billion pension plan’s decision to use public private partnerships to fund care homes for the elderly.
President of the PEIUPSE Shelly Ward said she doesn’t want to see the fund being invested in infrastructure where they don’t know what the return rates are going to be.Ward said the oversight committee had been effective in providing checks and balances on how the fund was run, and the union had concerns about the return profile of the proposed investments.
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