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Halifax, NS – April 24, 2020 – Nova Scotia Teachers’ Pension Plan Trustee Inc. (TPPTI) announced today that the Teachers’ Pension Plan’s (Plan) net assets grew from $4.938 billion to $5.358 billion as at December 31, 2019. The funded status of the Plan at the end of 2019 increased to 78.2% on a going-concern basis, compared to 75.3% at the end of 2019.

At year-end 2019, the Plan achieved a one-year return of +12.36%, net of investment management fees (+12.61%, gross of investment management fees). The Fund underperformed the policy benchmark of +12.43% on a net basis, and outperformed the actuarial assumed rate of return of 5.70%. The reduction of the discount rate in 2019 does not indicate a devaluation of the TPP’s assets. Rather, it reflects the TPP actuary’s forecast of a protracted lower interest rate environment and a prolonged slowdown of global economic activity.

As at December 31, 2019, the Plan’s deficit was $1.497 billion. “While the Plan remains in a deficit position and continues to face significant challenges, there is no immediate risk that the Plan will be unable to meet its ongoing pension obligations” stated TPPTI Chair, John B. Carter. “It is important to note that the Plan’s financial position could further deteriorate going forward unless the Plan Sponsors take significant steps to address these challenges.”

In 2019, the Plan Sponsors commissioned a comprehensive review of the Plan by an independent pension consultant. The purpose of the review was to identify meaningful changes in order to improve the longterm financial sustainability of the Plan and increase the retirement security of its members. The TPPTI Board has urged, and continues to urge, the Plan Sponsors to take action and effect amendments that will improve the Plan’s long-term financial sustainability. “The unprecedented impact the coronavirus has had on the economy in early 2020 may materially worsen the Plan’s position,” added Carter.

To read the 2019 Teachers’ Pension Plan Annual Report, visit the Plan’s website at:


For more information, contact:
Gisèle Taylor,
Senior Communications Advisor
Conseillère principale en communication
Nova Scotia Pension Services Corporation
P: 902-429-6432 | |