New Brunswick Public Service Pension Plan
COST OF LIVING ADJUSTMENT ANNOUNCED
The Board of Trustees is very pleased to announce that a cost of living adjustment of 3.70% has been granted to all NBPSPP members effective January 1, 2025.
Cost of living adjustments (COLA) are meant to help you keep up with inflation – whether you are an active member saving for your future retirement or a retiree drawing a pension.
To learn more about how this is calculated, refer to the Cost of Living Adjustment section below.
ANNUAL STATEMENTS OF PENSION BENEFITS FOR CONTRIBUTING MEMBERS RELEASED
Personalized Employee Statements of Pension Benefits for the year ending December 31, 2024 are distributed to contributing members in April.
If you contributed to the Plan in 2024, you should receive a statement in April 2025 which provides you with information specific to your pension contributions. The information contained in the statement can also be used to obtain estimates of your future pension by using the Pension Estimate Calculator.
Visit the “Calculate Your Pension Benefit” section below for more information.
10 YEARS OF THE NBPSPP: THE BOARD OF TRUSTEES HELD AN ANNUAL INFORMATION MEETING ON SEPTEMBER 25, 2024
The Board of Trustees held an Annual Information Meeting on September 25, 2024. They shared how the Plan is secure for members, sustainable for New Brunswick, and how the success of the Plan has allowed for COLA to be granted to members every year. The recording is available here.
Your Employee Statement of Pension Benefits provides you with personalized estimated pension amounts as of December 31 of a given year. Your statement also includes information you need to use Vestcor’s Online Pension Estimate Calculator.
Need help with your statement? Refer to the information included below, and these helpful videos:
2024 STATEMENTS
If you were an active (contributing) member of the NBPSPP in 2024, your 2024 Employee Statement of Pension Benefits should be accessible in April 2025.
To better understand your statement, refer to the document below.
Understanding Your Employee Statement Of Pension Benefits (NBPSPP)Applying for your pension is easy, but it’s important that you understand the process and timeline. The video below provides an overview of the necessary steps.
Additional information is also available here: Life Events: Planning for your retirement.
Declaration of Marital Status Form (NBPSPP | CBE | CUPE H SRP)Planning for Retirement ChecklistPension Estimate FormStatutory Declaration with Proof of Marriage (Form SD1)Statutory Declaration of Common Law Partner (Form SD2)Termination | Retirement FormHow cost of living adjustments are calculated by your Plan’s actuary is explained in the resources below.
Explaining the Cost of Living Increase – January 1, 2025 (NBPSPP)Explaining the Cost of Living Increase – January 1, 2024 (NBPSPP)Explaining the Cost of Living Increase – January 1, 2023 (NBPSPP)Explaining the Cost of Living Increase – January 1, 2022 (NBPSPP)Explaining the Cost of Living Increase – January 1, 2021 (NBPSPP)Explaining the Cost of Living Increase – January 1, 2020 (NBPSPP)Cost of Living Increase January 1, 2019 - Notice to RetireesExplaining the Cost of Living Increase – January 1, 2019 (NBPSPP)NBPSPP News Release: Full cost of living increase will be provided (October 2014)Above you will find a video version of the Employee Presentation which is usually carried out in person by Vestcor’s Member Services Team. It is separated into the following topics:
- Governance of the NBPSPP
- NBPSPP Pension Contributions
- Vesting Under the NBPSPP
- Benefits Accumulated Under the NBPSPP
- CPP Integration and Your NBPSPP Pension
- What Can Impact Your NBPSPP Pension Amount?
- Keeping Track of Your NBPSPP Pension Benefit
- Forms of Pension Under the NBPSPP
- Schedule of NBPSPP Pension Payments
- NBPSPP Benefits Payable Upon Termination or Death
- Designating a Beneficiary Under the NBPSPP
- Other Provisions That May Impact Your NBPSPP Pension
- Thinking About Retiring as an NBPSPP Member
If there is a specific topic that you are interested in, hit play on the video above, then skip ahead using the controls that appear in the bottom left corner. You can also click on any of the topics listed.
Watch the full playlist on YouTube.Wonder how your pension could be affected by times of transition in your life? Easily find the information you need in our Life Events section. Navigate through it based on what stage of your life you are in. It’s divided into the following sections:
- Welcome to the Plan
- Returning from a Leave of Absence
- Ending a Spousal Relationship
- Leaving your Employment
- Planning for Retirement
- Welcome to Retirement
- Death of a Member
Click on the link below to experience it for yourself.
Life Events and Your PensionThe Board of Trustees is pleased to share the Plan’s first Responsible Investment Report. This report accounts for how environmental, social, and governance (ESG) related issues are considered when making investment decisions for the Plan.
NBPSPP Responsible Investment Report 2024FINANCIAL STATUS OF THE PLAN
The NBPSPP is
129.4% Funded
When the 15-Year Open Group Funded Ratio is over 120% the NBPSPP is in good financial condition and Cost of Living Adjustments can be granted every year. This is where the NBPSPP is today.
About Shared Risk Plans
This video provides a general introduction to your Shared Risk Plan.
Questions?
Contact our Member Services team from Monday to Friday between 8:15 a.m. and 4:30 p.m. (Atlantic).
Toll-Free: 1-800-561-4012
Fredericton: (506) 453-2296