Contributions still being accepted. Thank You!

 

Hansard for Nov 15 2013 - just pension section

Daily Sitting 8 / Jour de séance 8 November 15, 2013 Not finalized / Non finalisé le 15 novembre 2013 S:\HANSARD\HANSARD DAILIES - FASCICULES\2013-2014 57-4\08 2013-11-15 BL\08 2013-11-15 BL.wpd 10/12

Our government is proud to be moving forward to protect pensions. Again, it would be easier to say that there is no problem, but that would not be responsible. It would not be responsible to our current pensioners. It would not be responsible to our current and future employees. Certainly, it would not be responsible to our citizens. That would not be leadership.

This session, we are introducing shared-risk legislation for public servants as well as for MLAs. Our government believes that working New Brunswickers deserve a secure retirement and that retired public servants deserve to have an understanding of how proposed changes might impact their pensions. We believe that the shared-risk model balances the need for protected and reliable pension benefits with the need to ensure that the plan is funded in an equitable and sustainable manner.

In recent years, we have seen the failure of private pension plans and we have also become aware of significant underfunding issues in a number of public pension plans. Il ne s’agit pas d’un problème unique au Nouveau-Brunswick mais bien d’un problème à l’échelle mondiale.

The PSSA is facing a deficit of approximately $1 billion, due to fewer people working and due to perpetually low interest rates.

Il est clair que le statu quo est intenable.

Out of respect for our current and future employees, the taxpayers, and our retirees, the new plan distributes the impacts in order to build a pension system that is reliable and sustainable for all. From the beginning, we have assured retirees that the pension amounts they receive today will not be reduced. And, the cost-of-living increases for retirees will continue after the plan is reformed.

I know the Leader of the Opposition does not have much experience in this House, but he can ask his colleagues about the hundreds of millions of taxpayers’ dollars that they pumped into public pensions when they were in power rather than address the real problems. The road they were taking New Brunswickers down was not sustainable, and that is why we began working to protect pensioners, employees, and taxpayers as soon as we were elected. We have worked with unions and with independent actuaries and experts to create a made-in-New Brunswick solution that protects our public pensions. These changes are not about taking anything away from our respected retired public servants. They are about ensuring that the PSSA will be there for all members going forward into the future.

Daily Sitting 8 / Jour de séance 8 November 15, 2013 Not finalized / Non finalisé le 15 novembre 2013 S:\HANSARD\HANSARD DAILIES - FASCICULES\2013-2014 57-4\08 2013-11-15 BL\08 2013-11-15 BL.wpd 11/12 013 9:45

Je tiens à rassurer les cotisants au régime de la Loi sur la pension de retraite dans les services publics du Nouveau-Brunswick : Peu importe où ils en sont dans leur carrière, leur pension sera disponible lorsque viendra le temps pour eux de prendre leur retraite.