Nova Scotia Government to delay NewPage pension windup
The Nova Scotia Government has listened to the pensioners of NewPage Port Hawkesbury and has indicated they will table legislation to delay the windup of NewPage’s underfunded pension plans.
Premier Darrell Dexter said he has discussed the proposal with non-unionized employees and the Communications, Energy and Paperworks Union, and said his government will give the idea “speedy consideration,” but couldn’t say when the legislation will be tabled.
The new owner of the mill, Pacific West Commercial, is not taking ownership of the pension plans of the previous owner – NewPage. Pensioners are hoping the pension plan will not be wrapped up immediately, because that will mean each worker will lose up to 30% of the value of their pension.
The premier says delaying the windup could help pensioners because the value of the plan could increase if the stock market recovers.
Progressive Conservative Leader Jamie Baillie says he supports the move to deal with pension plans that are underfunded by more than $100 million.
N.S. to delay windup of NewPage pension (CBC)
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