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April 24, 2013
Pensioners must pay for $5 million pension error

The retired members of the NewPage paper mill in Port Hawkesbury, Nova Scotia have received notice that they must repay $5 million in pension overpayments resulting from a miscalculation by their former pension administrator.  

For most pensioners, the pension debt amounts to tens of thousands of dollars each.  Some must pay back as much as $60,000 to the pension plan’s new administrator.

The error, which affects 250 retirees, was discovered when a new plan administrator was appointed to the plan.

To make matters worse, since the pension is already underfunded, many of the plan’s members are already receiving smaller pension payouts than originally projected.

The province’s superintendent of pensions has said she has no authority to correct the mistake.

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