Did you know... that Marilyn Quinn, Chairperson of the NB Public Service Pension Board‎, in a press release of August 22, 2018 to Benefits Canada - a national pension and benefits publication, made the following statement… "the NB Public Service Pension Board is providing a full cost of living adjustment to almost 38,000 members. It further states that the adjustment of 1.88 percent is based on Canada’s Consumer Price Index”. See press release below.

Stats Canada Consumer Price index (year over year) for June 2018 is 2.5 percent ‎- a full adjustment, not 1.88 which interestingly corresponds to 75%. The Pension Coalition is very concerned with this misleading statement for all 38,000 members of the plan and will seek clarification and address this issue.

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From Benefits Canada

N.B. public service pension board awards cost of living increase

Staff | August 22, 2018

The New Brunswick Public Service Pension Plan is providing a full cost of living adjustment to its almost 38,000 members for the sixth straight year.

The 1.88 per cent adjustment, which is based on Canada’s consumer price index, is the highest its ever handed out, according to a news release. The adjustment is applied to all plan members, including those still actively working and those who have deferred their pension.

Read: New Brunswick public service pension board approves cost of living increase

“We’ve continued to have strong returns through 2017, allowing us to again provide the full cost of living adjustment to our members,” said Marilyn Quinn, chair of the board of trustees for the plan, in the release. “Being able to do so every year since the plan’s conversion in 2014 is a very positive achievement.

“It is important to keep in mind that as a shared-risk plan, the plan is susceptible to external factors such as economic downturn and changes in plan demographics, for example. For these reasons, the board remains vigilant in ensuring the plan is well-governed and positioned for long-term sustainability.”

The plan’s assets saw a gross return of 7.8 per cent in 2017, which exceeded the performance benchmark of 6.7 per cent. In 2017, the plan added $559.2 million in net investment income.

Read: There’s more to New Brunswick’s shared-risk plan story

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