REPORT OF THE SUPERINTENDENT OF PENSIONS ON THE ADMINISTRATION OF THE PENSION BENEFITS ACT FOR THE YEAR ENDING MARCH 31, 2015
Finance and Treasury Board Pension Regulation Division PO Box 2531 Halifax, Nova Scotia B3J 3N5 November 3, 2015 The Honourable Randy Delorey Minister of Finance and Treasury Board 1723 Hollis Street 7 th Floor Halifax, NS B3J 1V9 Dear Minister: Pursuant to the requirements of Section 120 of the Pension Benefits Act, I have the honour to submit herewith the Annual Report of the Pension Regulation Division for the fiscal year ended March 31, 2015. Respectfully submitted, Nancy MacNeill Smith Superintendent of Pensions
THIRTY-EIGHTH ANNUAL REPORT ON THE ADMINISTRATION OF THE PENSION BENEFITS ACT FOR THE PERIOD ENDED MARCH 31, 2015 INTRODUCTION In accordance with Section 120 of the Pension Benefits Act (S.N.S. 2011, c. 41), the Superintendent of Pensions is required to report annually to the Minister. This Report covers the affairs and transactions of the fiscal year 2014-2015. The Pension Benefits Act governs employer-sponsored pension plans established in respect of Nova Scotia employees. It does not apply to employees engaged in work that is subject to federal jurisdiction, nor does it apply to the pension plans established for provincial public servants, teachers, judges, members of the legislature, or Sydney Steel Corporation. The main objective of the Pension Benefits Act is to oversee administration of the benefits promised to members under pension plans. This is accomplished through the establishment of minimum funding standards and minimum benefit standards in respect of eligibility requirements, vesting and locking-in, employer contributions, transfer rights, spousal benefits, prohibitions against sex discrimination and disclosure of information. The NewPage Port Hawkesbury Pension Plans Act was enacted in May, 2012. It gives the administrator of the four NewPage Port Hawkesbury pension plans permission to extend the wind up of the plans to July 1, 2023. Under the regulations established for the Act, members, including retired members, elected to participate in either an immediate wind-up or an extended wind-up of their pension plan. The four plans are subject to the NewPage Port Hawkesbury Plans Act and the Pension Benefits Act during the extended wind-up period. The Superintendent of Pensions, Pension Regulation Division, is responsible for the administration of the Pension Benefits Act and the NewPage Port Hawkesbury Pension Plans Act. PENSION BENEFITS STANDARDS LEGISLATION In addition to Nova Scotia, pension benefits standards legislation has been enacted by the federal government and all other provincial governments except for Prince Edward Island. The representatives of those authorities that have pension legislation meet on a continuing basis to discuss changes in the pension field and means of dealing with problem areas. Representatives 1
of the various authorities are members of the Canadian Association of Pension Supervisory Authorities (CAPSA). CAPSA s mission is to facilitate an efficient and effective pension regulatory system in Canada. During the year under review, CAPSA met in Montreal in April 2014, in Fredericton in September 2014 and in Toronto in March 2015. CAPSA members also participated in two conference call meetings held in June 2014 and January 2015. Various sub-committees of CAPSA met during the year. A summary of CAPSA s activities is as follows: CAPSA members approved a plan for consultation with industry experts on pension plan governance, in support of its review of CAPSA Guideline No. 4 Pension Plan Governance and the Self-Assessment Questionnaire. The review is ongoing. CAPSA members endorsed recommendations of the Strategic Planning Committee on CAPSA s relations with external organizations and held the first meeting with industry stakeholders in the spring of 2015. Key issues and trends in the pensions sector were topics of discussion. CAPSA became a member of the International Organization of Pension Supervisors (IOPS) effective January 2015. IOPS is an independent international body of private pension supervisory authorities which aims to improve the quality and effectiveness of supervisory practices throughout the world by promoting international cooperation and standards setting. CAPSA members met with representatives of the Pensions Regulator of the United Kingdom to discuss issues of common interest. CAPSA also met with representatives of the Bank of Canada to discuss their oversight of the Canadian Derivatives Clearing Corporation. CAPSA also met with Sun Life to review recent developments in the pension industry in pension plan de-risking through longevity based insurance and annuity transactions. AGREEMENTS WITH OTHER AUTHORITIES Agreements with the Government of Canada, and other provinces having pension legislation, provide for the reciprocal registration, audit and inspection of pension plans. Under these agreements, a pension plan subject to the legislation of more than one authority is supervised by the jurisdiction which has the greatest number of plan members. The regulatory body in the jurisdiction of registration applies the rules of other jurisdictions, where applicable. A new reciprocal agreement to replace the original agreement which has been in place since 1968 has been finalized. Ontario and Quebec implemented the Agreement effective July 1, 2011. Before proceeding with the addition of new signatories CAPSA is reviewing the agreement to address the implications and make recommendations resulting from the removal of solvency funding requirements by certain jurisdictions. 2
MEMORANDA OF UNDERSTANDING Statistics Canada and the Province have a Memorandum of Understanding respecting the information about employer pension plans under the custody and control of the Superintendent of Pensions. Under that Memorandum, information compiled by the Superintendent is submitted to Statistics Canada for the development of integrated social statistics for Canada. The Province also has a Memorandum of Understanding with the Canada Revenue Agency (CRA) to harmonize the exchange of data and information respecting employer pension plans under the control of the Superintendent. Data from a joint Annual Information Return on pension plans is collected by the Superintendent and shared with CRA. LEGISLATIVE/REGULATORY REVIEW September 12, 2014 Order in Council 2014-398 amended the Pension Benefits Regulations in respect of unlocking pensions for reasons of financial hardship. Unlocking for rental arrears where there is a threat of eviction was added as a criteria for unlocking. Additionally, the income threshold for unlocking for low income was increased from 40% of the Year s Maximum Pensionable Earnings (YMPE) under the Canada Pension Plan to 66 2/3% of the YMPE. The YMPE in 2015 is $53,600. The amount that could be unlocked for the reason of low income was also increased, from 40% of the YMPE to 50% of the YMPE. March 31, 2015 Order in Council 2015-96 increased fees under the Pension Benefits Regulations by 3%. REVENUE AND EXPENDITURE FOR THE YEAR ENDED MARCH 31, 2015 Fees are payable by pension plan administrators for the registration of pension plans, for annual information returns filed for each plan and for other incidental charges. Individuals applying for pension fund unlocking are required to pay a fee of $113.25 for each application that is approved. Details regarding the type and calculation of other fees payable can be found in the Pension Benefit Fees Regulations made by the Minister of Finance. The revenue derived from fees amounted to $370,634. Direct operating costs for the Division (salaries and administration expenses) for the fiscal year 2014/2015 were $358,992. Note that overhead costs (primarily building occupancy, infrastructure and legal costs) are not included in direct operating costs. 3
OPERATION OF THE DIVISION As at March 31, 2015, the Division was responsible for the supervision of 508 pension plans. Thirty-one applications for registration were received during the fiscal year. Ten of the filed plans were in the process of being wound up. In the year, 117 amendments to pension plans were approved, 21 new plans were registered, 28 new or amended Life Income Funds were approved, and 17 fund documents were approved. SUMMARY OF PENSION PLANS APPROVED, TRANSFERRED, OR TERMINATED TO MARCH 31, 2015 Active Plans On File as at March 31, 2014 501 New Plans Filed 31 Plans Terminated -24 Plans Transferred To Other Jurisdictions 0 Active Plans On File as at March 31, 2015 508 Deduct: Plans In Process of Registration -20 Registered Plans 488 SUMMARY OF PERMITS/APPROVALS OF DOCUMENTS RECEIVED TO MARCH 31, 2015 Registration of Amendment to Plan 117 New Pension Plan Registrations 21 LIF Registrations 28 Approvals only (Policy, Trust Agreements, other documents not requiring registration) 17 4
The following table shows that during the period under review, 24 pension plans were terminated covering 1,086 employees. Eighty-nine (89) of these employees were in plans that were replaced by a group RRSP. TERMINATED PENSION PLANS Reason for Termination # of Plans # of Active Members No members left 7 0 No reason given 7 22 Replaced by another plan 1 0 Merged with another plan 1 1 Application withdrawn 1 0 Replaced with group RRSP/annuity 3 89 Company dissolved or sold 4 974 TOTAL 24 1,086 There were no partial plan wind ups submitted during the 2014-2015 fiscal year. CONTRIBUTIONS In accordance with Section 27(1) of the Pension Benefits Act, the administrator of a pension plan registered in Nova Scotia is required to file an Annual Information Return (AIR) outlining the contributions made to the pension plan and changes in plan membership. The AIR must be filed within 6 months following the plan year end. Contributions and membership data from filed AIRs are compiled and forwarded to Statistics Canada for inclusion in its annual report on pension plans in Canada. Information from the AIRs is also forwarded to Canada Revenue Agency. Based on the AIRs filed with the Division, total contributions for 2014 were $802.7 million, up from from $713.2 million in 2014. This represents a 12.5% increase in contributions. 5
The employee and employer contributions to pension plans under supervision for the year ending December 31, 2014, were as follows: 2014 CONTRIBUTIONS Employee Required Contributions $274,171,135 Employee Voluntary Contributions $22,439,028 TOTAL EMPLOYEE CONTRIBUTIONS $296,610,163 Required Employer Current Service Contributions $381,278,712 Employer Contributions made from Surplus -$505,189 ACTUAL EMPLOYER CURRENT SERVICE CONTRIBUTIONS $380,773,523 Employer Special Payments $125,352,117 TOTAL EMPLOYER CONTRIBUTIONS $506,125,640 TOTAL CONTRIBUTIONS $802,735,803 In 2014, employees contributed 37% of total contributions and employers contributed 63% of total contributions. Employer contributions made from surplus were $505,189, up from $426,515 reported for 2013. Employer special payments were $125.35 million, up from $70.3 million reported for 2013. An analysis of the special payments made by employers, and the use of surplus to fund benefits, is as follows: 6
Millions 300 250 Funding Analysis 279.87 200 150 100 50 70.89 56.246 42.208 58.795 90.431 133.8 133.756 70.3 125.35 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Special Payments Surplus Use SECURITY OF RETIREMENT INCOME The measure used to determine the security of retirement income for members of pension plans is that of the solvency of the plan. Defined contribution pension plans are solvent by the very nature of the plans. However, the risk to defined contribution plans is that of non-remittance of contributions to the pension fund. Accordingly, the division followed up on 73 notices of non-remittance issued by the fund holder in the fiscal year, within an average of 13 business days, to ensure the overdue funds were remitted. The solvency of defined benefit plans is measured through solvency valuations performed by an actuary. Pension plan solvency refers to a plan s ability to meet its total obligations towards all plan members, including pensioners, assuming the plan is being wound up immediately. In solvency valuations, there is no projection of salaries for final average pension benefits, and indexation of benefits provided under a plan s provisions do not need to be included. As well, the right to grow in to unreduced early retirement benefits, provided under Section 79 of the Act, can be excluded from solvency calculations. If defined benefit plans are not fully solvent, there must be a strategy in place to achieve full solvency funding within 5 years. Note that under the Income Tax Act (Canada), individual pension plans for shareholders are not permitted to fund solvency deficiencies. 7
Numerous measures for providing relief for solvency funding have been granted. In 2009, all plans with solvency deficiencies identified in a valuation report prepared between December 30, 2008 and January 2, 2011 could be amortized over 10 years instead of 5 years if fewer than 1/3 of active, deferred and retired members objected to the extension of solvency funding. In 2012, specified multi-employer pension plans, universities, school boards and the Atlantic Police Association were fully exempted from the requirement to fund solvency deficiencies. Directions Council for Community Living Pension Plan was exempted from solvency funding for 5 years. In 2013, for any plan with solvency deficiencies arising before January 2, 2014, the deficiency can be amortized over a period of 15 years, if no more than 1/3 of active, deferred and retired members object to the extension to solvency funding. These regulatory changes will result in a delay in improvement of the solvency position of these plans. As at March 31, 2015, 9 specified multi-employer pension plans, 16 municipality pension plans, 1 police association pension plan, 6 university pension plans and 5 school board pension plans were permanently exempted from solvency funding. Solvency funding exemption has been provided for 1 plan until 2017. There were 19 private plans that had elected to take advantage of the solvency funding relief provided. The four NewPage pension plans are in extended wind-up and no further contributions are being made to those plans. The four plans cover 938 members, and had a weighted solvency ratio of 0.64, based on the information provided to March 31, 2015. The goal is to achieve an improvement of 8% in the funded status of the plan by July 1, 2023. If the improvement is reached before that date, an earlier wind-up will be requested by the administrator. The improvement from September 28, 2012 (date of wind-up) to September 28, 2014 (date of most recent report) has been 1.2%. The following table shows the change in the percentage of defined benefit pension plan members and combination defined benefit/defined contribution pension plan (combination plan) members in fully solvent plans from March 31, 2006 to March 31, 2015. Members include active members, deferred members and pensioners in this section of the report. Solvency assets are determined as the market value of assets less wind-up expenses. No adjustments are made for smoothing of assets or for scheduled special payments. The NewPage pension plans are excluded from this analysis. 8
Percent of Members Percent of Members in Fully Solvent Defined Benefit Plans 80 60 53 53 63 61 51 60.3 40 43 40 20 0 1.7 1.6 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 The dramatic changes for the years between March 31, 2012 and March 31, 2015 relate to one very large plan that represented 38% of defined benefit and combination plan members in 2012. The breakdown of membership in defined benefit and combination pension plans as at March 31, 2015 by solvency of the plans follows. In total, 81.2% of members are in pension plans that are 80% solvent or better. 60.3% of members are in 32 plans that are 100% or more solvent, 4.6% are in 35 plans that are between 90% and 99% solvent, 16.3% are in 27 plans that are between 80% and 89% solvent, 17.8% are in 34 plans that are between 70% and 79% solvent, and 1% are in 15 plans that are less than 70% solvent. As of March 31, 2014, 67.4% of members were in plans that were 80% solvent or better. The statistics for March 31, 2014 were as follows: 1.6% of members were in 24 plans that are 100% or more solvent, 50.7% were in 29 plans that are between 90% and 99% solvent, 15.1% were in 31 plans that are between 80% and 89% solvent, 16.5% were in 35 plans that are between 70% and 79% solvent, and 16.1% were in 29 plans that are less than 70% solvent. 9
1.5 SOLVENCY OF PENSION PLANS 1.4 1.3 1.2 1.1 1 0.9 0.8 0.7 0.6 0.5 Note: The size of the bubble is reflective of the number of members in pension plans at a particular solvency funding level. The above chart illustrates the solvency position for members in pension plans registered in Nova Scotia. The solvency of pension plans registered in Nova Scotia, as shown on the following two charts, shows the funded status of pension plans in accordance with the category of solvency funding that applies. Specifics on those plans are as follows: 10
Plan Solvency Number of Plans Number of Members Weighted Solvency Ratio SMEPPs (specified multi-employer plans) 9 15,372.95 Municipalities and Police Association 17 11,910.75 School Boards 5 2,936.84 Universities 6 5,395.83 Others (extension) 20 5,051.83 No extension or relief 33 57,294 1.00 Individual Pension Plans (Shareholders) 53 70.90 Total 148 98,028 The change from the weighted solvency ratios from the previous years can be noted in the following chart. 120 Weighted Solvency Ratio 100 80 60 40 20 2013 2014 2015 0 11
Plan Solvency Funding Status by Category of Plan 1.1 1 0.9 0.8 0.7 0.6 SMEPPs Municipal Universities School Boards Others No Extension IPP data not shown as IPP plan membership is insignificant. Note that in this chart the size of the bubble is reflective of the number of members in pension plans at a particular solvency funding level. 12
FINANCIAL HARDSHIP UNLOCKING The Pension Benefits Act permits unlocking of pension benefits transferred to a Locked-in Retirement Arrangement or a Life Income Fund for reasons of financial hardship. The unlocking criteria are for: i. mortgage arrears where the owner or owner s spouse is facing foreclosure the maximum withdrawn cannot exceed the amount in arrears plus enforcement costs; ii. rental arrears where the owner or the owner s spouse is facing eviction from the rental premises- the maximum withdrawn cannot exceed the amount in arrears plus enforcement costs to reinstate tenancy; iii. medical expenses not paid under another program maximum withdrawn cannot exceed medical expenses incurred in the previous 12 months plus an amount to pay medical expenses to be incurred in the next 12 months; iv. income below $35,733 (for 2015) maximum withdrawn cannot exceed $26,800 less 75% of anticipated income for the next 12 months. For each circumstance, only one application may be approved per 12-month period. Unlocking for mortgage arrears and rental arrears may only be approved once in a lifetime. The following statistics relate to the unlocking program as at March 31, 2015. Funds Unlocked in the Year Ending March 31, 2015 Reason of Financial Hardship Number of Applications Received Number of Applications Approved Dollar Value of Funds Released Average Release per Successful Application Rental Arrears 14 12 $41,869 $3,489 Mortgage Foreclosure 65 23 $122,645 $5,332 Medical Expenses 40 18 $129,749 $7,208 Low Income 573 362 $3,852,782 $10,643 Total 692 415 $4,147,045 $9,993 13
Total Funds Unlocked since July 1, 2007 (program inception) Reason of Financial Hardship Rental Arrears Mortgage Foreclosure Medical Expenses Low Income Total Number of Applications Received Number of Applications Approved Dollar Value of Funds Released Average Release per Successful Application 14 12 $41,869 $3,489 569 258 $1,365,517 $5,293 255 127 $824,244 $6,490 3,575 2,212 $20,767,518 $9,389 4,413 2,609 $22,999,148 $8,815 800 Number of Applications Received Under the Financial Hardship Program Fiscal Years Ending March 31 700 14 600 500 400 300 394 513 491 503 453 549 573 200 100 0 44 34 40 33 30 27 40 66 91 78 81 76 77 65 2009 2010 2011 2012 2013 2014 2015 Mortgage Foreclosure Medical Expenses Low Income Rental Arrears The following graph illustrates the number of financial hardship applications received per month over the last two fiscal years. 14
Number of Applicants Applications 80 Financial Hardship Applications Received by Month 70 60 50 40 30 20 10 0 Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar 2013-2014 2014-2015 400 350 Status of Financial Hardship Applications Received 362 300 250 200 150 100 50 0 135 76 42 12 23 18 22 2 0 8 6 Rental Arrears Mortgage Foreclosure Medical Expenses Low Income Approved Denied Incomplete The graph shows the status of applications received per reason during 2014/2015. Incomplete means that a letter requesting further information was sent to an applicant, but no response was received. In total, 692 applications were received, 415 were approved, 187 denied, and 90 were incomplete. 15
Reasons for denial of applications include: Funds not under Nova Scotia jurisdiction; Funds still in a registered pension plan; Applicant s arrears are on a second mortgage with no threat of foreclosure/eviction; Rental property is not primary residence and/or there is no threat of eviction if rent is not paid; Earnings are too high to qualify for low income criterion. 16
APPENDIX A STATISTICAL INFORMATION The information provided in this appendix is based on statistical information obtained from Statistics Canada s database on pension plans in Canada as at January 1, 2014. As of this date, 107,042 members participated in 440 pension plans regulated by the Division. Note that for this Appendix A, members are employed members. TYPES OF PLANS There are two main types of pension plans: a defined contribution plan or a defined benefit plan. Under a defined contribution plan, contributions required by the employer and/or employees are clearly defined. The resulting pension benefit for each employee is whatever can be provided or purchased by the accumulated contributions and investment earnings. A defined benefit plan contains a specific formula as to the amount of pension each member is to receive. Effectively, the employer/administrator guarantees to provide this level of benefits and it is necessary for an actuary to estimate periodically how large the fund should be and how much should be contributed to ensure adequate funding of the benefits. There were 33,755 Nova Scotia members participating in defined contribution plans, 124,174 were in defined benefit plans and 15,348 were in other types of composite/combination plans which have both defined benefit and defined contribution characteristics. 150,000 120,000 Nova Scotia Membership in Pension Plans 90,000 60,000 30,000 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Defined Contribution Defined Benefit Membership in pension plans other than defined benefit and defined contribution plans is insignificant and has not been included in the above chart. Participation in defined contribution 17
and defined benefit plans has decreased between 2013 and 2014 while participation in combination plans has increased. 800 700 600 500 400 300 200 100 0 Plans with Nova Scotia Members 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Composite/Combination Defined Benefit As noted in the above chart, the number of defined benefit pension plans across Canada with Nova Scotia members declined 43% between 2005 and 2014 to 391 plans. The number of defined contribution plans with Nova Scotia members increased by 1.4% to 729 plans over the same period. 400 350 300 250 200 150 100 50 0 Plans Registered in Nova Scotia 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Composite/Conbination Defined Benefit Defined Contribution 18
Reflecting the national trend, the number of defined contribution pension plans registered with Nova Scotia increased slightly by 0.6% between 2005 and 2014 to 324 plans. Defined benefit pension plans decreased by 28% from 2005 to 2014 to 110 plans. These plans were primarily for shareholders/owners of companies. JURISDICTION OF PLAN MEMBERSHIP AND MEMBERSHIP COVERAGE There were 1,327 pension plans in all jurisdictions covering 173,277 Nova Scotia employees. The Division supervised 440 plans covering 107,042 members; 22,553 of these members were employed in other provinces. In the following chart, FE refers to plans of employers subject to federal jurisdiction such as interprovincial transportation and communication. NR means plans that are not registered like the provincial plans for Civil Servants, Teachers, Judges, Members of the Legislature, and employees of Sydney Steel, as well as federal plans for the Canadian Forces, the RCMP, the Federal Public Service and the Members of Parliament. NS Members in Plans in Canada by Jurisdiction 100,000 80,000 84,489 60,000 51,290 40,000 20,000 0 17,663 14,691 1,611 427 0 1,351 273 53 1,091 338 NS NB NL PE QC ON MB SK AB BC FE NR As shown in the two following charts, participation by Nova Scotians in pension plans has not varied significantly since 2005. Currently in Nova Scotia, 34.4% of the total labour force and 40.9% of employed paid workers participate in pension plans. These numbers for Canada as a whole are 32.2% and 37.9% respectively. Note that with respect to labour force coverage, pension plan membership is potentially available to paid workers only; self-employed owners of unincorporated businesses, unpaid family workers and the unemployed are not eligible for membership. 19
40.0% Participation in Pension Plans Members as a % of Total Labour Force 30.0% 20.0% 10.0% 0.0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Nova Scotia Canada 50.0% Participation in Pension Plans Members as a % of Employed Paid Workers 40.0% 30.0% 20.0% 10.0% 0.0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Nova Scotia Canada Nova Scotia has a higher than average proportion of paid workers in the public sector, where pension coverage is very high. Currently 59.2% of Nova Scotia pension plan members are employed in the public sector, as illustrated in the following chart: 20
600000 Nova Scotia 500000 400000 300000 200000 100000 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Private Sector Members Public Sector Members Total Plan Members Paid Workers Labour Force During the period 2005 to 2014, the number of pension plan members in Nova Scotia in the private sector decreased by 6.8%, compared with a 7.1% increase in the public sector. ASSET ANALYSIS A total of $13.8 billion was held in pension plans registered in Nova Scotia. As shown in the following chart, 80.4% of those assets, or $11.1 billion, was held in defined benefit plans, with 10.2% or $1.4 billion in defined contribution plans and 9.4% or $1.3 billion in composite/combination plans. 21
Plans Registered in Nova Scotia Asset Distribution 10.2% 9.4% 80.4% Defined Benefit Defined Contribution Other Of the pension plans in Canada whose membership includes members in Nova Scotia, defined benefit plans held 82.5% of total assets or $432.6 billion, defined contribution plans held 13.9% or $19.1 billion and composite/combination pension plans held 3.6% or $72.6 billion. Plans with Nova Scotia Members - Assets 100.0% 80.0% 85.2% 85.5% 85.5% 83.4% 82.5% 60.0% 40.0% 20.0% 0.0% 11.4% 11.1% 11.1% 13.3% 13.9% 2010 2011 2012 2013 2014 Defined Contribution Composite/Combination Defined Benefit 22
Assets by jurisdiction (billions) Public and Private Sector Plans Asset Distribution 43.5% 56.5% Public Sector Private Sector As shown in the above chart for pension plans with members employed in Nova Scotia, public sector pension plan assets were 56.5% of total assets or $296.2 billion and private sector plan assets were $228.2 billion or 43.5% of total assets. Assets for Plans with NS Members 250 241.195 200 150 138.024 100 93.46 50 0 13.845 19.104 0.314 0 1.867 1.73 3.917 8.461 2.431 NL PE NS NB QC ON MB SK AB BC FJ NR 23
As seen in the previous chart, a significant portion of the $524 billion in assets held in pension plans with Nova Scotia members was held in non-registered plans (see the description of nonregistered plans on page 19). Plans under the federal and Ontario jurisdictions with Nova Scotia members also held significant assets 24