A First Step: New Brunswick launches review of public sector pensions
For more details
Keeping NB Pensions Sustainable and Affordable
Research report
The recent announcement to review public sector pensions by the province of New Brunswick shows commitment to reviewing pensions in the context of overall compensation for the public sector and how this 'big picture' compares to the private sector. This decision is in alignment with our national campaign on pensions, called Pension Tension, which opposes hikes to CPP premiums and supports reform to public sector pensions.
Our recommendations, which have been presented to the New Brunswick Pension Review Task Force, are highlighted in the research report "Keeping New Brunswick's Pensions Sustainable & Affordable"
We recommend the following changes to bring fairness and sustainability to pension systems in New Brunswick going forward:
- Remove overly generous incentives for early retirement
- Bring public sector wages and benefits more in line with their private-sector counterparts
- Introduce defined contribution plans for new hires
- Fully disclose all public sector pension liabilities with the same methodology every year.
We are not calling for changes to past benefits that have already been earned nor are asking for public sector workers to be stripped of their pensions. Rather, we are calling for reforms on public sector pension plans to bring fairness to the system and close the gap between what the public and the private sector can offer. We believe it is crucial to raise awareness on the issues concerning both the public and private sectors. Please see our Pension Tension campaign attached for further information.
For more information on this issue please contact our office at 1-888-234-2232 or email at msnb@cfib.ca
