On November 10, in collaboration with the Canadian Coalition for Retirement Security (CCRS), the National Association of Federal Retirees submitted a written brief to the Nova Scotia government as part of their public consultation, “Pension Funding Framework Review and other issues affecting pension plans”.
Focusing on questions regarding the conversion of defined benefit pension plans to less secure target benefit pension plans, the 5,000-word document clearly outlined the Coalition partners’ opposition to retroactive changes to pension agreements.
The CCRS recommended that the Nova Scotia government develop a legislative framework that would only permit the introduction of target benefit pensions as new plans or on a forward-looking basis. The recommendation clearly stated that legislation should not permit the accrued benefits from an existing defined benefit pension plan to be unilaterally converted to a target benefit pension plan.
The Nova Scotia government’s consultation process on this review is still underway. The National Association of Federal Retirees and the Canadian Coalition for Retirement Security are continuing to follow this process closely.
Read the full brief here.