Government Introduces Pension Benefits Amendment

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Pension plan members from the private sector and municipal governments will be further protected with a proposed amendment to pension benefits legislation.

Government introduced today, Nov. 23, an amendment that will ensure all pension plans are fully funded when a company leaves the province or winds down their pension plan.

"We are committed to bringing forth legislative amendments that will address pension issues in a sustainable and comprehensive way," said Mark Parent, Minister of Environment and Labour.

If the amendment passes, it will be backdated to June 1. Trenton Works Limited would be responsible for fully funding the pension benefits of its former employees.

In addition to the pension benefits amendment announced, government has also committed to a full review of pension benefits legislation in Nova Scotia.

"I will create an advisory panel to review our current legislation to ensure best practices are being followed to protect pension plan members," said Mr. Parent.

The advisory panel of experts will come from the pension field. The committee will consult broadly with stakeholders and will make recommendations to government in the fall 2008 that will help protect pension plans and their members.

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FOR BROADCAST USE:

     Pension plan members from the private sector and municipal

governments will be further protected with a proposed amendment

to pension benefits legislation.

     Government introduced an amendment that will ensure all

pension plans are fully funded when a company leaves the

province or winds down their pension plan.

     If the amendment passes, it will be backdated to June 1st,

and Trenton Works Limited would be responsible for fully

funding the pension benefits of its former employees.

     Government also announced a full review of pension benefits

legislation.

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Media Contact: Janet Lynn McNeil
              Environment and Labour
              902-424-7420
              E-mail: mcneiljl@gov.ns.ca