Reports at the February 24 meeting of the Pension Advisory Committee (PAC) showed that the Dalhousie Pension Plan had made a strong recovery from the drop in asset values of a year ago when the pandemic first hit. Assets increased by nearly $250 million to almost $1.6 billion from just over $1.3 billion.

The 6-month investment return from July 1, 2020 to December 31, 2020 was over 10%, a favorable trend for possible automatic indexation next year.

Assets were 105.8% of liabilities. To be fully funded under the new provincial regulations Dalhousie’s ratio must be at least 107.7%.

The Retirees Trust Fund (RTF) is now almost equal in asset value to the Pension Trust Fund(PTF), and after the July 1 annual transfer of assets to cover new retirements the RTF for the first time will be more than 50% of the value of the combined funds.

During the plan year from July 1, 2020 to June 30, 2021 it is expected that more than 150 members will have joined the pension plan.

Pensioners should have recently received by e-mail the annual report to June 30, 2020 of the RTF trustees containing explanations of why neither automatic indexation nor any catch-up indexation was provided this year to eligible pensioners.

That report is also linked on the pension plan web site.

A formal study on the cost of indexation is expected to begin later this year following the conclusion of collective bargaining with all union groups.

Randy Barkhouse (ADRP rep on the PAC)