New leadership and plan growth mark a year of funding progress for Nova Scotia’s public pensions
The Public Service Superannuation Plan (PSSP) reported a $525m surplus and a 106.8 percent funded status, marking a notable year.
Nova Scotia Pension Services Corporation (NS Pension) released its 2024–2025 Annual Report outlining strong investment performance, plan growth, and a leadership transition.
The PSSP posted a net return of 7.03 percent for the fiscal year, surpassing its 6.50 percent actuarial assumed rate of return.
However, it trailed its 9.21 percent benchmark, which NS Pension attributed to historically high benchmarks in private equity, infrastructure, and real estate.
As of March 31, the PSSP’s surplus allowed for a 2.61 percent cost-of-living adjustment for pensioners from January 1, 2026, through December 31, 2030.
The Teachers’ Pension Plan (TPP) also saw funding improvements.
For the 2024 calendar year, it reported a 9.76 percent net return, exceeding the 5.80 percent assumed rate but below the 12.54 percent benchmark.
Its funded status rose to 81.1 percent, up from 78.1 percent in the previous year.
Combined assets under management reached approximately $14.4bn, up about $781m year over year.
NS Pension Board Co-chairs John Rogers and Keiren Tompkins stated that the corporation “continued to deliver strong results in administering the Public Service Superannuation Plan and the Teachers’ Pension Plan, while further advancing initiatives to protect and strengthen plan sustainability.”
Membership increased for both plans.
The PSSP reached 45,255 members as of March 31, growing by 1,533 from the previous year.
The TPP grew by 730 members to 35,529 by December 31, 2024. The ratio of active members to pensioners improved for both plans.
In addition, early 2025 saw the proclamation of legislation enabling private sector pension plan transfers into the PSSP, while PSSP VANTAGE was introduced in Fall 2024 to expand participation levels.
The report also confirmed a leadership transition.
Chief Pensions Officer Kim Blinn will retire on September 30, after more than 20 years of service.
CEO Doug Moodie said, “Her leadership, strategic insight, and commitment to members have helped shape the member-focused organization we are today.”
Cathy Clarke, who joined NS Pension in 2011 and has led the Employer Services team since 2012, has been appointed the new Chief Pensions Officer following a national search.
Moodie described her as “an outstanding choice to lead the Pensions Division into its next chapter,” citing her deep knowledge of plan operations and collaborative leadership style
