Linked Header

Thursday, May 31, 2012

Province Rolls Out New Pension Model

The Alward government announcing a new pension model for the province and already has three public sector unions and one in the private sector ready to make the switch.

The new model is intended to make pensions more sustainable and avoid large unfunded liabilities. Susan Rowland, who was a member of the task force that developed the model, says it would mean slightly higher premiums.

She says for employees the increase premiums will range from 1.2 and 2.8 per cent.    She calls them modest increases and a good tradeoff for the kind of security this model with deliver.

Premier David Alward says the new model will also be used for members of the legislature.