CANADA - Nova Scotia's pension benefits are to be reviewed, following establishment of a committee.
In November, the Nova Scotia government announced it was looking to amend its legislation to ensure all pension plans were fully funded when a company left the province or wound down its pension plan. The moved followed the closure of railcar plant Trenton Works earlier this year with its pension plan only 91% funded.
Mark Parent, Nova Scotia minister of environment and labour, said the review would help identify any problems that might exist in current legislation relating to pensions.
He said: "We want our legislation to be modern, efficient and beneficial to all employees and employers in Nova Scotia."
The committee will meet various industry stakeholders, including business and labour groups, to identify pension concerns for employees and employers.
"I look forward to meeting with key stakeholders to hear what they have to say about improving Nova Scotia's pension benefits legislation," said Black.
"Our committee will be working hard to make recommendations to the minister that will make a measurable difference in Nova Scotia."
The committee will be supported by staff at the Department of Environment and Labour and other pension experts, if required. It is expected to make recommendations to government in late fall.
Coats' pension scheme members are not entitled to annual increases of 5%, the High Court has ruled in a rare instance of a court overturning a decision of The Pensions Ombudsman.
Trustees of the Airways Pension Scheme (APS) have been granted permission to use more than £1m of scheme assets to fund an appeal over discretionary increases.
Chancellor Philip Hammond is being pressed to tackle the impact of pensions allowances on the NHS' ability to recruit and retain staff.