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N.S. Bill 339, the Financial Measures (Fall 2023) Act, came in to force on November 9th, 2023

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December 07, 2023

Nova Scotia's Bill 339, the Financial Measures (Fall 2023) Act, which enacts a new Private Sector Pension Plan Transfer Act (the New Act), received Royal Assent on Nov. 9, 2023.

The New Act will enable private sector pension plans to transfer into the Public Service Superannuation Plan (PSSP or Plan). The New Act establishes the structure for transferring assets and liabilities from designated private sector plans to the PSSP, including:

  • requiring Superintendent consent and member support;
  • specifying the contents of a transfer agreement; and
  • permitting sharing of personal information.

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