How NS Pension helps employers compete for talent through meaningful retirement benefits
To local businesses, recruiting and retaining employees remains a significant challenge as skilled workers continue to leave Nova Scotian shores. In a competitive talent landscape, benefits, pensions, stability, and long-term security are becoming increasingly significant job determinants for professionals considering where to build their future career and life.
As employers compete for talent, a strong pension offering may be one of the most overlooked tools available. For many organizations, offering a strong defined benefits retirement program was easier said than done. Developing a strong pension plan requires professional administration, investment management, governance, compliance, and long-term funding oversight, which was too challenging or costly for local organizations. “A lot of employers want to offer something stronger than a group RRSP or defined contribution (DC) plan, but building and managing a standalone defined benefit (DB) pension plan is simply not realistic for most organizations,” states Brendon LeLievre.
This led the Nova Scotia Pension Services Corporation (NS Pension) to expand its established and defined benefit pension model services to a broader category of private businesses. Employers no longer have to build their pension plan from scratch or rely on a retail-style retirement product; the introduction of PSSP Vantage offers private sector employers a variety of different participation and contribution levels to provide employer cost flexibility while reaping the benefits of joining a large, established pension plan with professional oversight, strong governance, disciplined investment management, clear funding policy, and the ability to pool risk across a large membership base. As an independent, non-profit organization co-owned by the trustees of the Public Service Superannuation Plan (PSSP) and the Nova Scotia Teachers’ Pension Plan, NS Pension provides members with what no individual savings arrangements can provide on their own: predictable retirement income.
For some employers, offering a defined benefit pension plan is only half the challenge—the other half is managing it. With NS Pension, participating employers’ primary responsibility is minimized to remitting contributions and ensuring employee data are accurate. NS Pension supports members through their working years, helps employers participate in their Plan, manages pension data and contributions, provides retirement information, and supports pension payments when members retire by providing pension administration, investment management, compliance, member services, employer support, and education on the plans they serve.
Behind the scenes, it also includes investment management, risk management, financial reporting, governance support, and compliance work. Those pieces may not always be visible to members day to day, but they are essential to keeping a pension plan strong and well-managed over the long term.
Currently administering and managing pension plans on behalf of more than 80,000 members across Nova Scotia, managing almost $9 billion in assets. NS Pension’s strong governance, disciplined investment management, clear funding policy, and ability to pool risk across a large membership base have contributed to their growth.
A strong retirement program helps support one of the most important variables in any organization’s success: labour. With broader participation now available to eligible employers, including private sector organizations in Nova Scotia, the PSSP can support more workplaces while continuing to operate within a strong governance and risk management framework.
Offering a strong retirement program supports employee attraction, retention, and workforce stability by increasing your employees’ confidence that their current efforts are meaningfully contributing towards their long-term financial future and security. As employees increasingly value stability, affordability, and their future financial health, considering retirement confidence is no longer restricted to the end of talented workers’ careers; it’s a crucial determinant in whether a job opportunity provides them with a solid foundation to build their life.
Effective pension management also contributes to a stronger Nova Scotian workforce and a resilient business environment through increasing individuals’ long-term financial security and reducing employer pressure surrounding recruitment and retention. Stable retirement income impacts local communities as pensioners continue to spend, volunteer, and participate in the local economy. Thus, as more individuals enter retirement with a stable income, that stability positively impacts local households, businesses, and communities across the province.
Looking ahead, NS Pension intends to continue pursuing its vision of “strengthening the future of retirement in Nova Scotia by providing outstanding pension services” by bolstering Nova Scotian talent recruitment with a strong pension plan that provides prospective employees with stability and long-term value.
Have questions about NS Pension’s plan, process, services, and how it can support your business? Contact Brendon LeLievre, Senior Manager in Business Development at NS Pension, at
leliebre@nspension.ca.
Learn more about PSSP at:
nspssp.ca
