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Halifax, NS – April 29, 2021 – Nova Scotia Teachers’ Pension Plan Trustee Inc. (TPPTI) announced today that the Teachers’ Pension Plan’s (Plan) net assets grew from $5.358 billion to $5.519 billion as at December 31, 2020. The funded status of the Plan at the end of 2020 increased to 79.0% on a going-concern basis, compared to 78.2% at the end of 2019.

At year-end 2020, the Plan achieved a one-year return of +6.78%, net of investment management fees (+7.00% gross of investment management fees). The Fund underperformed the policy benchmark of +7.96% on a net basis, and outperformed the actuarial assumed rate of return of 5.70%. “Like many pension plans across the country impacted by COVID-19, we saw a sharp decline in our investment performance in the first half of 2020” stated TPPTI Chair, John Rogers.

As at December 31, 2020, the Plan’s deficit was $1.467 billion, being the difference between the net assets available for payment of benefits of $5.519 billion and the actuarially-calculated liabilities of $6.986 billion.

In late 2020, the Plan Sponsors (the Province and the Nova Scotia Teachers Union) announced the creation of an independent panel of pension experts to review the ongoing challenges facing the Plan. The purpose of the panel is to make non-binding recommendations to the Plan Sponsors on ways the Plan may be protected and strengthened. “While there is no immediate risk that the Plan will be unable to meet its ongoing pension obligations, TPPTI continues to urge the Plan Sponsors to act decisively and effect amendments that will improve the Plan’s long-term financial sustainability” stated Rogers.

It is anticipated the panel’s non-binding recommendations will be brought to the Plan Sponsors by December 31, 2021.

To read the 2020 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 | |