The following submission to the province, entitled “Pension Funding Framework Review and other issues affecting pension plans”, was made by CUPE NS President Nan McFadgen and the CUPE NS Pension Committee on November 10, 2017.
CUPE Nova Scotia is disappointed that the Pension Funding Framework Review discussion paper fails to address the top concerns of the members and beneficiaries of DB pension plans; ensuring the pension promise is delivered and benefits are protected.
The discussion paper appears driven by employer concerns to reduce their pension commitments as all of the “options” proposed shift the pension plan risk away from employers and on to pension plan members and retirees. This is not a balanced or fair approach to crafting Nova Scotia’s public policy for DB pension plans.
CUPE is strongly opposed to the proposal to allow the retroactive conversion of DB pension plans to TB pension plans. This would destroy the long-held rights and obligations under Nova Scotia’s Pension Benefits Act, legislation designed to protect the pension promise made to workers and retirees.
CUPE supports the position of the NS Federation of Labour that employers simply cannot be granted the ability to walk away from the pension promises they have already made to workers and retirees; a deal is a deal.
Download a copy of the full submission: Pension Funding Framework Review and other issues affecting pension plans.