What the Shared Risk Pension Means to the Average Pensioner – based on what the government is saying on their website “extra benefits like cost of living increases are strongly funded (75%)”
(note: The Briefing Note is the collaborative work of the ad hoc stewardship group of the Coalition. Translations will be posted as they come available.)
Problematic conversion of the Public Service Superannuation Act (the “PSSA”) to a Shared Risk Pension Plan (“SRPP”) and its application to current pensioners or to pensionable service accrued prior to the effective date. Most worrisome areas include, but are not limited to:
(note: translations will be posted as they become available)
To be accurate, what will be taking place is a repeal of the PSSA and the introduction of a Shared Risk Pension Plan (SRPP) covering employees and pensioners outside of New Brunswick Legislation.
Our ad hoc committee has worked to understand this (possible) transition, and have determined:
- This will, in effect, remove the Province as the guarantor and as the Governor.
- The new governor will be an arm’s length Board of Governors, a sole Governor or a non-profit corporation.
- The promised benefits will no longer have a “guarantee.”