New Brunswick government introduces Bill 12, an Act to Repeal the Pension Plan Sustainability and Transfer Act
On March 21, the government of New Brunswick introduced Bill 12, an Act to Repeal the Pension Plan Sustainability and Transfer Act for first reading.
The Pension Plan Sustainability and Transfer Act (PPSTA) received Royal Assent in late 2023 under the previous administration led by former Premier Blaine Higgs. The PPSTA sets out a framework for the transfer of the assets and liabilities from identified public sector pension plans to shared risk plans. Locals 2745 and 1253 of the Canadian Union of Public Employees and the New Brunswick Council of Nursing Home Unions filed a legal challenge to the PPSTA.
Bill 12 to repeal the PPSTA was introduced by René Legacy, the finance minister in the new provincial government led by Premier Susan Holt.
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