Separate review will look at public sector plans
Following in the footsteps of other provinces such as Alberta and Ontario, New Brunswick is establishing a pension task force to ensure the long-term protection and sustainability of private pensions.
The Department of Justice and Consumer Affairs, which is responsible for private pensions, will appoint the task force members and develop its mandate with a goal to report back to government with recommendations.
"The Task Force on Protecting Pensions will have a great deal of work in the months ahead consulting stakeholders across the province,” said Justice and Consumer Affairs Minister Marie-Claude Blais.
The task force will examine issues that include:
● rules protecting employees and pensioners when the company they work or worked for goes bankrupt or restructures
● ensuring the long-term sustainability of pension promises made to workers is honoured and protected
● reviewing the structure meant to protect pension plans to ensure they are as effective as possible.
In addition, Finance Minister and Human Resources Minister Blaine Higgs will undertake a separate full review of pension plans affecting provincial public employees and retirees, to ensure those plans are sustainable and that the benefits of those plans are protected.
"Employees in the private and public sector deserve the peace of mind that comes with knowing that the pensions to which they have contributed all their working lives will be there when they retire," said New Brunswick Premier David Alward. "We look forward to examining the task force's findings and working with its members and New Brunswickers to protect pensions."
