ACFO-ACAF opposes unilateral decision to transfer pension surplus
As you may have seen, announced by Treasury Board President Anita Anand on November 25, the employer unilateral decided to transfer approximately $1.9 billion in surplus from the Public Service Pension Fund into the Consolidated Revenue Fund, a centralized government bank account.
ACFO-ACAF strongly opposes and is deeply concerned by this decision, as it disregards recommendations made by the Public Service Pension Advisory Committee (PSPAC), a body on which ACFO-ACAF has served since 2021.
We are working with other bargaining agents to assess our legal options, but it’s important to acknowledge the challenges we face. A 2012 ruling by the Supreme Court of Canada established that the government is allowed to use $28B in surplus pension funds, as long as enough money remains to ensure that public servants will still receive the pensions that they have earned.
Despite this legal precedent, ACFO-ACAF is committed to protecting the interests of the CT Community, and ensuring transparency in the fair and equitable management of your pension fund. We will continue to keep our members informed as we assess the next steps.
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