Nurses' Pension Governance Review

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The parties agreed that any pension plan changes to implement options for the nurses must not negatively impact current MPP plan partners or MPP plan members. For any recommendations to be considered, the following principles must be met to the satisfaction of the MPP Board and MPP Plan partners and signatories:

1. There can be no adverse impact on contribution rates for nurses, the employers, government, or other members of the MPP as result of any changes made to the governance of nurses' pensions.
   
   
2. Any change to the new governance model will not adversely affect the inflation protection that would be available to members of the MPP and the inflation protection available to retired nurses may be improved at no new cost to the employer.
   
   
3. The accounting of the assets and liabilities of the MPP would be changed to recognize the differential benefits and liabilities associated with the nurses' pension versus other MPP members' pension.
   

BCNU is close to finalizing the reviewing of the results of an actuarial analysis that was done to determine the feasibility of other governance options, including a Nurses' Pension Plan or creation of a separate pool for nurses under the MPP. 

The Pension Review Committee will meet to consider the findings of the actuarial analysis and explore the options noted in the provincial collective agreement:

1. The creation of an NPP (the "NPP Option"); and

2. The creation of a distinct group for nurses within the MPP (the 'MPP Option").

The committee will make a recommendation as to which option is most appropriate.

BCNU has committed to all members that the final decision would be taken to a vote, which would also include the option to remain in the MPP and leave the pension governance model unchanged.