Nova Scotia has introduced legislation that will allow university pension plans to be transferred to the Nova Scotia Public Service Superannuation Plan (PSPP).
“This historic legislation could help reduce costs at universities while giving more security to their pension members,” says Finance and Treasury Board Minister Diana Whalen.
Read: Acadia to join Nova Scotia government pension plan
The government says the University Pension Plan Transfer Act could benefit all universities, particularly those with DB plans, such as Acadia University.
Members of the Acadia University pension plan and the school’s board of governors have agreed to transfer 700 people to the PSPP. The plan’s trustee is reviewing the proposed transfer to ensure that it is cost-neutral to the provincial plan and its members.
The university estimates it will save $3.6 million a year, beginning in 2017.
The transfer is expected to be completed by July 1.
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