New Brunswick Teachers’ Pension Plan

A Positive Step Forward for the NB Teachers’ Pension Plan

A Message from the Board of Trustees

We’re pleased to share positive news about the New Brunswick Teachers’ Pension Plan. Thanks to continued strong investment performance, and careful management over time, the Plan has reached a record level of funding: 122.3%. This is an important milestone—and one that creates new opportunities to strengthen benefits for members.

Why This Matters
When the Plan was converted in 2014, the NBTPP’s Funding Policy was established in accordance with applicable legislation. The Funding Policy, a key governing document of the NBTPP, is the tool that the Board uses to manage risks inherent to the Plan. It provides guidance and rules regarding decisions that must, or may (as applicable), be made by the Board with regards to funding levels, contributions, and benefits.

To this point, the Funding Policy specifies that if the Plan’s closed group funded ratio* surpasses 120%, a portion of the excess funds can be utilized to improve member benefits. That said, the Funding Policy did not specify how the excess funds should be utilized, stating that the Board could propose benefit improvements that met certain criteria as certified by the Plan’s actuary.

What’s Happening Now
Because the Plan’s funding level has exceeded the key threshold of 120% for the first time ever, we have now taken the next step: amending the Funding Policy to specify how the excess funding can be utilized to provide benefit improvements to members going forward.

In order to do so, we:

1. Worked closely with the Plan’s actuary (TELUS Health) to develop the details for how the excess funds could be utilized over the long-term. We focused on broad-based improvements that would benefit all members fairly, and in some cases, restore benefit provisions that were curtailed when the Plan was converted.
2. Presented the proposal to the Parties of the Plan (i.e., the New Brunswick Teachers’ Federation and the Province of New Brunswick) who are the Plan’s ultimate decision makers; both parties approved the proposed changes to the Funding Policy.
3. Are preparing to submit the proposed changes (i.e., amendments to the Funding Policy) to the provincial regulator, the New Brunswick Financial and Consumer Services Commission of New Brunswick (FCNB), for approval.

It is very important to understand that this does not mean immediate changes to your pension benefits. We will consider changes to member benefits based on the excess funding that is available. We will review options later this year, once the proposed changes are approved by FCNB and consultation occurs with our Plan’s actuary.

Looking ahead
This is an encouraging development. It reflects years of strong results and disciplined management—and signals a new phase for the Plan. While changes will take time, the direction is clear: As funding allows, the Board will look for opportunities to strengthen benefits and support members’ long-term financial security. 

We look forward to sharing the details of the benefit improvements in the coming weeks. 

*Closed Group Funded Ratio: The market value of going concern assets divided by the funding liabilities at a specific date. This calculation is conducted by the Plan’s actuary.

SPRING 2026 NEWSLETTER
View the interactive version of your Spring 2026 Newsletter in the window below (the option to view full screen should be visible at the bottom right of the window), or view the PDF version by visiting the “Latest Information” tab below.

NBTPP spring newsletter 2026