Nova Scotia Teachers Pension Plan

Annual Report 2011

Annual Report 2011

Table of Contents

Message from the Chair of Teachers Pension Plan Trustee Inc. ...................................................................1 Plan Governance ....................................................................................................................................2 Teachers Pension Plan Trustee Inc. - Board of Directors..................................................................2 2011 Accomplishments..............................................................................................................2 2011 at a Glance...................................................................................................................................3 Net Assets Available for Benefits .................................................................................................3 Index Returns ............................................................................................................................3 Investment Performance .............................................................................................................3 Top 20 Public Equity Holdings .....................................................................................................4 Asset Mix ..................................................................................................................................4 Investment Management .........................................................................................................................5 Economic and Capital Market Briefing ..........................................................................................5 Investment Management Discussion ............................................................................................6 Asset Mix ..................................................................................................................................6 Investment Performance .............................................................................................................7 Investment Accomplishments ......................................................................................................7 Investment Themes for 2012 ......................................................................................................8 Plan Valuation .......................................................................................................................................9 Funded Ratio .............................................................................................................................9 Unfunded Liability......................................................................................................................9 Member Profile ....................................................................................................................................10 Change in Active Teacher and Pensioner Membership...................................................................10 Member and Pensioner Administration....................................................................................................11 Employee and Employer Contributions ........................................................................................11 Purchases and Reciprocal Transfers In ........................................................................................11 Refunds and Reciprocal Transfers Out .........................................................................................12 Pensions in Pay .......................................................................................................................12 Member Services .................................................................................................................................13 Contact from Members .............................................................................................................13 Pension Seminars - One-to-One Client Counselling .......................................................................13 Online Pension Benefit Calculators .............................................................................................13 Technology Project ...................................................................................................................13 National Reciprocal Transfer Agreement ......................................................................................13

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N o v a S c o t i a Te a c h e r s P e n s i o n P l a n

Annual Report 2011

Purdys Landing, Suite 400, 1949 Upper Water Street, Halifax, NS B3J 3N3 PO Box 371, Halifax, NS B3J 2P8 April 27, 2012

Teachers Pension Plan Trustee Inc.

To: Members and beneficiaries of the Nova Scotia Teachers Pension Plan This annual report details the financial performance and the health of your pension plan at December 31, 2011. For the year ended December 31, 2011, the Plan generated a 0.83 per cent return on investments, before investment management fees. The Plan was approximately 71 per cent funded, with assets of $4.025 billion and liabilities of $5.679 billion. Our results for 2011 were disappointing as the unstable market conditions that have persisted since the financial crisis of 2008 have continued to affect the Plans investment returns. Results for the first half of the year continued the positive recovery that we experienced in 2009 and 2010, but global uncertainty following issues such as the tsunami in Japan, political issues in the US surrounding the government debt ceiling and the credit crisis in Europe, significantly reduced our returns on the investment portfolio over the remainder of the year. This challenging investment environment coupled with the current historically low interest rates have created difficulty for most pension plans in North America. The Trustee has spent a tremendous amount of time analysing a variety of data to best manage the situation and, where appropriate, changes to the investment portfolio mix have been made. We continue to work with the Plan Sponsors to develop sustainable forward-thinking solutions that will strengthen the funded status of the Plan, just as many other public plans across Canada are doing. The Trustee remains diligent and focused on the long term financial health of the plan for the benefit of members and beneficiaries.

Yours sincerely,

Original signed by John B. Carter, FCA

Chair Teachers Pension Plan Trustee Inc.

Annual Report December 31, 2011

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PLAN GOVERNANCE

Plan Governance
The Teachers Pension Plan Trustee Inc. is the Trustee of the Nova Scotia Teachers Pension Plan and the Nova Scotia Teachers Pension Fund. The Trustee was established in 2006 under a joint trust agreement between the Nova Scotia Teachers Union and the Minister of Finance of the Province of Nova Scotia. The Trustee is responsible for the operation and administration of the pension plan and investment management of the pension fund. There are nine directors on the trustee board. Four directors are appointed by the Nova Scotia Teachers Union. Four directors are appointed by the Minister of Finance of the Province of Nova Scotia. The chair of the board is mutually appointed by the Teachers Union and the Minister of Finance. On December 31, 2011 Brad Rowe and Elizabeth Cody retired as Directors. We are very grateful to them for their service. Dr. Alan Lowe and Ron Smith joined the Trustee Board effective January 1, 2012.

Teachers Pension Plan Trustee Inc. - Board of Directors

Chair John B. Carter, FCA Retired Managing Partner, Ernst and Young LLP Nova Scotia Teachers Union Representatives William Redden, BA, BEd, MEd(Adm), RPA Executive Director, Nova Scotia Teachers Union John C. Jordan, BA, BEd, MEd Retired Teacher Russell Comeau, BA, BEd Teacher, Tri-County Regional School Board Ronald E. Smith, FCA, ICD.D Retired Executive Provincial Representatives Byron Rafuse, CMA Controller & Associate Deputy Minister Nova Scotia Department of Finance Peter Urbanc, MBA Executive Director, Liability Management & Treasury Services Nova Scotia Department of Finance Frank M. Dunn, BSc, MBA, CMA, CIA Associate Deputy Minister Nova Scotia Department of Education Dr. Alan Lowe Senior Executive Director, Public Schools Branch Nova Scotia Department of Education

2011 Accomplishments
There were eight meetings of the full Board of Trustees during 2011. Each meeting had a formal agenda supported by comprehensive materials. In addition, three sub-committees were formed in 2011 and met regularly. These include the Investment Sub-Committee chaired by John C. Jordan; the Audit and Actuarial Sub-Committee chaired by Byron Rafuse; and the Governance and Member Services Sub-Committee chaired by Bill Redden. These new sub-committees serve to further strengthen the Trustees oversight and decision-making processes. Implementation of the policy asset mix approved by the Trustee in 2010 is progressing well. This complex initiative has resulted in the funding of several new asset classes throughout 2011. The policy asset mix increases the diversification of investment assets and reduces exposure to risk. More details can be found on page six. Throughout 2011, the Trustee continued to refine and enhance policies and processes to improve the operation of the Plan. Major initiatives included the redesign of disability pension adjudication aligned with updated Plan regulations. As well, a new custodial relationship was implemented during the year. Working closely with the Plan Sponsors, the Trustee has continued to analyze potential actions to improve the long term health of the Plan. The Trustee is committed to ensuring the Plan is able to meet its long term pension obligations to members, retirees and beneficiaries.
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2 0 1 1 AT A G L A N C E

2011 at a Glance
Net Assets Available for Benefits at December 31, 2011
$ Billions at December 31 5 4 3 2 1 0 2006 2007 2008 2009 Year 2010 2011 4.8 4.6 3.7 4.0

4.2

4.0

Index Returns
Annualized (%) (C$) S&P/TSX Equity S&P/TSX 60 S&P/TSX Equity Completion DEX Universe DEX Canadian T-Bill 30 Day S&P 500 S&P Mid Cap 400 Russell 2000 TR MSCI EAFE 1 Year Dec 31, 2011 -9.56% -9.08% -10.93% 9.67% 0.90% 4.64% 0.70% -1.80% -9.97% 4 Year Dec 31, 2011 -1.52% -1.53% -0.66% 7.05% 1.06% -0.87% 2.98% 1.37% -7.61% 10 Year Dec 31, 2011 6.99% 6.81% 7.82% 6.49% 2.24% -1.60% 2.33% 0.98% 0.06%

Investment Performance
Annualized 1 Year Dec 31, 2011 Nova Scotia Teachers Pension Fund Return1 Benchmark Return 0.83% 0.41% 4 Year Dec 31, 2011 1.90% 1.72% 10 Year Dec 31, 2011 5.30% 5.00% 15 Year Dec 31, 2011 6.65% 5.90%

All Fund returns are reported gross of investment management fees. The annualized 10 and 15 year Fund returns were calculated based on an estimated management fee. Annual Report December 31, 2011 Pa g e 3

2 0 1 1 AT A G L A N C E

Top 20 Public Equity Holdings at December 31, 2011

Stock Toronto-Dominion Bank Royal Bank of Canada Canadian Natural Resources Bank of Nova Scotia Suncor Energy Inc. Imperial Oil Ltd. Rogers Communications Inc. Thomson Reuters Corp. Transcanada Corp. Enbridge Inc. Google Inc. Canadian National Railway Co. Canadian Tire Corp. Cenovus Energy Inc. SNC-Lavalin Group Inc. Loblaw Companies Ltd. Canadian Imperial Bank of Commerce Nexen Inc. Exxon Mobil Corp. Nestle Value $39,429,160.56 $34,658,398.79 $27,362,938.42 $25,955,445.63 $21,289,526.73 $15,148,087.50 $14,493,411.12 $13,408,133.69 $13,027,351.00 $12,578,966.78 $11,938,642.77 $11,632,115.51 $11,381,615.31 $11,018,002.35 $11,015,453.08 $10,916,583.60 $10,501,112.40 $10,457,786.19 $10,117,780.08 $10,091,331.94 Per cent of Portfolio 2.02% 1.78% 1.40% 1.33% 1.09% 0.78% 0.74% 0.69% 0.67% 0.65% 0.61% 0.60% 0.58% 0.57% 0.57% 0.56% 0.54% 0.54% 0.52% 0.52%

Asset Mix
Per cent of Fund 5.12% 16.11% 3.19% 17.72% Canadian Equity US Equity International Equity Fixed Income Inflation Linked 24.26% 15.89% Money Market Alternatives Total Plan Assets Dec. 31 2011 17.72% 17.71% 15.89% 24.26% 16.11% 5.12% 3.19% 100.00% Dec. 31 2010 20.50% 19.29% 19.68% 26.63% 11.94% 1.96% 0.00% 100.00%

17.71%

Annual Report December 31, 2011

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INVESTMENT MANAGEMENT

Investment Management
Economic and Capital Market Briefing
The global economy continued the path to recovery in 2011, but at a slower pace. World economic output grew 3.8 per cent in 2011, following the 5.2 per cent increase posted in 2010. In equity markets, most global investors experienced negative returns and high volatility in response to the discouraging news on the European sovereign debt crisis. The bright spots were in fixed income, where the European sovereign debt crisis and credit downgrades boosted returns on government securities, inflationprotected securities, and municipal bonds. The Canadian economy experienced a slow recovery in 2011, with 2.3 per cent GDP growth. Despite a strong fourth quarter, the S&P/TSX Equity Index fell 9.6 per cent. The International Monetary Funds recent forecast for Canadian economic growth is 1.7 per cent in 2012, and 2.0 per cent in 2013. The global economic and financial environment remains a key challenge for the Canadian economy. The U.S. recovery has also been disappointing, with growth averaging just 2.5 per cent over the last two years. Nevertheless, the economy showed resilience in the last few months of 2011. After a miserable first half of the year, the economy grew by 2.0 per cent in the third quarter and is likely to accelerate to 3.2 per cent growth in the final quarter of the year. The U.S. stock market was the only major equity market to deliver positive performance in 2011. The S&P 500 Index returned 2.1 per cent for the year. The Eurozone recession and ongoing financial disturbance will be the major headwinds to the U.S. economy. The International Monetary Fund forecasts U.S. economic growth at 1.8 per cent in 2012, and 2.2 per cent in 2013. In Europe, the sovereign debt crisis intensified as European policymakers struggled to prevent a Greek debt default and improve fiscal pressures in Italy and France. High borrowing costs in the most indebted European countries, combined with reduced government spending and revenues, raised more fears that the Eurozone entered, or will soon enter, a recession. For 2011, Eurozone GDP only grew 1.6 per cent. The International Monetary Funds forecast for Eurozone economic growth is negative 0.1 per cent in 2012, and 1.2 per cent in 2013. Although some emerging economies showed resilience in 2011, investors were still worried that a recession in Europe would impact its emerging trading partners. This was true, particularly in China, where high inflation and a manufacturing slowdown is threatening the fast-growing economy. Emerging markets are expected to grow in 2012 by at least 5 per cent, still more than 4 times as fast as developed markets. Moving forward, the major threats to the global economy include increasing commodity prices and supply disruptions, a stalled recovery in the advanced economies and the ongoing concerns about the European sovereign debt crisis. The International Monetary Fund cut its forecast for global economic growth in 2012, citing global growth prospects dimmed and risks sharply escalated during the fourth quarter of 2011, as the euro-area crisis entered a perilous new phase. It expects global output to grow by 3.3 per cent in 2012, down from 3.8 per cent in 2011.

Annual Report December 31, 2011

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INVESTMENT MANAGEMENT

Investment Management Discussion

The primary goal of the Fund is to invest pension assets in a manner that maximizes investment returns, within an acceptable level of risk, which allows the Fund to meet the long-term funding requirements of the Plan. The investment of the pension assets are guided by the Funds Statement of Investment Policies & Goals (the SIP&G) as written by the Teachers Pension Plan Trustee Inc. The SIP&G sets out the parameters within which the investments may be made. These parameters include permissible investments and the policy asset mix of the three main asset classes - equities, fixed income and inflation-linked. The Investment Beliefs, also found within the SIP&G, state the general principles upon which the investments are made.

Asset Mix
In the spring of 2010, an Asset Allocation study was undertaken by the Trustee. The goal of the study was to review the risk/return profile of the Fund and, if required, to make amendments to the long term policy asset mix. The study paid special attention to the significant allocation to equity and the volatility and risk that it introduced to Fund assets. In the fall of 2010, with the conclusion of the study, the Trustee approved a new asset mix and, for 2011, set the goal to transition to the new targeted asset mix. The targeted asset mix as approved by the Trustee is shown below:

5%

2%

46%

Equities Fixed Income Inflation Linked Alternatives

46% 24% 23% 5% 2%

23%

Cash

24%

The new asset mix lowered the allocation to the traditional asset classes of equity and fixed income while increasing assets in the inflation linked and alternative portfolios. The objective for the introduction of the new asset classes was to improve the diversification of the Fund and to decrease investment return volatility without impairing the long term expected investment returns. By the end of 2011 a major portion of the transition had been completed. Throughout the year approximately $112 million was invested in real estate and infrastructure, and approximately $160 million was invested in alternative assets. The real return bond portfolio was augmented in 2011 as was the exposure to emerging markets. The above strategies were funded through the liquidation of assets in the more traditional asset classes of equities and fixed income.

Annual Report December 31, 2011

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INVESTMENT MANAGEMENT

Investment Performance
In 2011, the Fund achieved an annual return of 0.83 per cent, gross of investment management fees. It proved to be a difficult year for global financial markets. The European debt crisis, concerns over US debt limits and downgrades of major economies by rating agencies were just some of the issues that brought about the return of highly volatile financial markets. Across the asset classes, volatility returned to levels that were similar to those experienced during the financial crisis of 2008/09. The performance of the various financial markets were mixed as US equity showed a small positive return while the rest of the global equity markets, including Canada and emerging markets, posted negative returns. Unlike equities, bond markets profited from the macro-economic distress as investors flocked to the safety of US Treasuries and other high quality sovereign bonds. The extreme volatility of the global financial markets created a difficult environment for most active investment strategies. Global events had a negative impact on the execution of a number of active investment mandates within the Fund. Particularly, currency managers had a difficult time executing strategies and active investment managers in equities and fixed income were unable to outperform their respective benchmarks.

Investment Accomplishments
To lay the foundation for the funding of the new asset mix a number of steps were taken throughout the year. This included teaming up with strategic partners that could facilitate the introduction of the new asset classes from an investment and operational perspective. Early in the year, the Trustee hired a specialized advisor to lead the implementation of the hedge fund portfolio. The majority of the implementation took place in the second half of the year with final funding taking place in the first quarter of 2012. The advisor will continue to assist with the ongoing monitoring of the portfolio and the due diligence of hedge fund managers. The Trustee also approved the hiring of several new investment managers in 2011 to aid in the transition to the new asset mix. For the new allocation to commodities within the inflation linked asset class, a commodity manager was approved with funding taking place in the first quarter of 2012. A new investment manager in the fixed income portfolio and a change to the mandate of an existing manager provided additional diversification in this area. An additional investment manager added to the emerging market equity portfolio was approved and funded to coincide with the targeted increase in this area. The infrastructure and real estate portfolios continued to evolve throughout 2011. Within the real estate portfolio, the Fund gained additional exposures in Canadian and European real estate while infrastructure exposure continued to increase as commitments to managers were drawn down throughout the year.

Annual Report December 31, 2011

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INVESTMENT MANAGEMENT

Investment Themes for 2012

In 2012, the completion of the transition to the new asset mix will continue to be a major focus for the Trustee. The funding of several asset classes will be completed in the first quarter of the year while other asset classes with a longer timeframe to completion, such as real estate and infrastructure, will continue to evolve throughout the year. In 2012, the long term strategies to achieve the targeted allocation and targeted returns within the real estate and infrastructure portfolio will be examined. The Trustee will review these investment strategies throughout the year as well as the strategic partners that enable the Fund to make high quality investments within these portfolios. Work will also continue in the fixed income portfolio to address concerns of rising interest rates and examine ways to enhance returns and protect assets. Another focus of the Trustee will be risk management within the investment portfolio. A major project will be undertaken over the course of the year to lay the ground work for a rigorous risk management process and to enhance the existing framework.

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P L A N VA LU AT I O N

Plan Valuation
Funded Ratio
The funded ratio of the Plan on December 31, 2011 was 70.9%, calculated on a going concern basis. The funded ratio is equal to the Pension Plans assets divided by its liabilities, expressed as a percentage. A funded ratio of 100% or more means that the Plan is fully funded, i.e. there are sufficient assets to cover liabilities, based on current market values and actuarial assumptions. In instances when the Plans liabilities are greater than its assets, the Plan then has an unfunded liability or is under funded. At its current funded ratio, the Plan may not provide indexing to pensioners that retired on or after August 1, 2006.
100 80 60 40 20 0 2006 2007 2008 2009 Year 2010 2011 96.8 91.0 70.8 75.9 78.7 70.9 % at December 31

Unfunded Liability
At December 31, 2011, the Plan had an unfunded liability of $1.655 billion. The Plans unfunded liability increased by $511 million over the previous year. There are two primary factors which caused the increase in the Plans under-funding. At the beginning of 2011, the assumed rate of return was set at 6.85%. The actual investment return for 2011 was 0.83% gross of investment management fees (0.37% net of fees). The diminished investment returns account for approximately half of the increase in the unfunded liability. With the completion of the Plans actuarial valuation report as of December 31, 2011, the assumed rate of return was reduced to 6.40% from 6.85%. This reduction in the assumed rate of return accounts for a $260 million increase in total liabilities and the unfunded liability.

0 -500 -1000 -1500 -2000

2006 -158.5

2007

Year 2008 2009

2010

2011

-455.6

-1,273.9 -1,512.3

-1,143.6 -1,654.7

$ Millions at December 31

Annual Report December 31, 2011

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MEMBER PROFILE

Member Profile
The Teachers Pension Plan has a mature demographic. There are approximately 1.13 active members for every pensioner/survivor. As of December 31, 2011 the total membership of the Teachers Pension Plan was 31,027. This includes: Active Teachers 13,525 43.6% Pensioners and Survivors 12,014 38.7%

Active Teachers Pensioners and Survivors Inactive Teachers*

43.6% 38.7% 17.7%

13,525 12,014 5,488

*An inactive teacher is one who has made contributions to the Plan but is not currently teaching or drawing a pension.

Inactive Teachers* 5,488 17.7%

Change in Active Teacher and Pensioner Membership

The population of pensioners and survivors is increasing, while active membership remains generally static.
at December 31

0
2011 2010

3000

6000

9000

12000
11,653 11,385 11,089 10,791 10,626

15000

12,014 13,525 13,815 13,817 13,742 13,541 13,007

Active teachers are teachers who are actively teaching and contributing to the Plan. Pensioners are members who have retired from teaching and are drawing a pension. The category also includes survivors of deceased pensioners or members.

Year

2009 2008 2007 2006

3000

6000

9000

12000

15000

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M E M B E R A N D P E N S I O N E R A D M I N I S T R AT I O N

Member and Pensioner Administration

Employee and Employer Contributions
Pension benefits are partially funded by contributions to the Plan. Active teachers contributions to the Plan are shown in the bar graph, totaled along with their employers matching contributions.
$ Millions for Years Ended December 31 150 120 90 60 30 0 2006 2007 2008 2009 Year 2010 2011 118.4 120.7 122.5 131.7 131.8 132.7

Purchases and Reciprocal Transfers In

Purchases and Reciprocal Transfers In for 2011 totaled $3.3 million compared to $3.9 million in 2010.

8 7 6 5 4 3 2 1 0

$ Millions for Years Ended December 31 6.4 4.5 2.8

4.1

3.9

3.3

2006

2007

2008 Year

2009

2010

2011

Purchases A purchase is pensionable service that is purchased by a member for qualifying gaps in his or her employment history, such as maternity leave or pre-approved leave of absence. Reciprocal Transfers In A reciprocal transfer is pensionable service that is credited to the Plan for a member, through a transfer of his or her pension funds from a former employer, to their new employers Plan. Such transfers are permitted between jurisdictions when both parties, typically provinces, participate in the National Reciprocal Transfer Agreement. This may also include a transfer from the Public Service Superannuation Plan.

Annual Report December 31, 2011

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M E M B E R A N D P E N S I O N E R A D M I N I S T R AT I O N

Refunds and Reciprocal Transfers Out

Refunds and Reciprocal Transfers Out for 2011 totaled $3.5 million compared to $2.5 million in 2010.
$ Millions for Years Ended December 31 5 4 3 2 1 0 2006 2007 2008 2009 Year 2010 2011 2.1 2.5 2.7 2.5 5.0

3.5

Refunds When an active, contributing teacher stops teaching, he or she may be able to receive a refund of pension contributions from the Plan or may opt to transfer his or her funds out of the Plan, perhaps to a new employers plan in another jurisdiction. The option chosen depends on how long he or she had been employed and contributing to the Plan. Reciprocal Transfer Out Reciprocal transfers from the Plan occur when a member transfers his or her pension funds from the Plan to another jurisdiction where they will now be employed as a teacher, often from one province to another. Such transfers are permitted between jurisdictions when both parties participate in the National Reciprocal Transfer Agreement or the other plan is the Public Service Superannuation Plan.

Pensions in Pay
Pension payments made in 2011 totaled $348.6 million compared to $338.5 million in 2010. This increase is due primarily to the increase in the number of pensioners year over year.
$ Millions for Years Ended December 31 350 300 250 200 150 100 50 0 2006 2007 2008 2009 Year 2010 2011 286.4 305.4 315.0 327.3 338.5 348.6

Annual Report December 31, 2011

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MEMBER SERVICES

Member Services
The Teachers Pension Plan Trustee Inc. has appointed the Nova Scotia Pension Agency to administer the Teachers Pension Plan. The Trustee closely monitors the performance of the Agency to ensure that it provides high quality services to plan members and beneficiaries. The Agency reports on Plan activities on a minimum of a quarterly basis.

Contact from Members

Members and beneficiaries continue to tell us that they predominantly prefer to talk with us, mostly over the phone and occasionally in person. In 2011, we answered over 15,000 phone calls and more than 94% of them were answered within 20 seconds or less.

Pension Seminars - One-to-One Client Counselling

Throughout the school year, retirement seminars are hosted by the Nova Scotia Teachers Union across the province. The seminars are an excellent opportunity to learn about all aspects of retirement benefits, including pension, health benefits, and service awards. You may also receive custom pension estimate information, specific to your career, if you have pre-registered for a seminar.

Online Pension Benefit Calculators

Online pension benefit calculators are available on our website and we encourage you to check them out at: http://www.novascotiapension.ca/teachersplan/calculators. These calculators are particularly accurate if youve not experienced any preapproved leaves of absences or breaks in service throughout your career. If you are more than two years away from retirement, please give these calculators a try, as they are as accurate as what we can provide you with from our office. Once you are within two years of retirement, please contact our office in order that we can verify retirement details with you.

Technology Project
Under the guidance and direction of the Trustee, the Agency has embarked on a multi-phase technology project to further enhance our services for you. We are in the midst of developing a new website where you will be able to see your own pension information through a secure log-in function. In 2011, we held focus groups, and met with members and employer representatives, to obtain specific feedback regarding the types of features they would like to see in a new web site. Later in 2012, we will begin to slowly roll out this new web facility.

National Reciprocal Transfer Agreement

Have you ever taught in another province? The Teachers Pension Plan is part of a number of transfer agreements with other Canadian pension plans. The object of these agreements is to permit a pension plan member to transfer their pensionable service from one plan to another when they change employment. To see which agreements your Plan is a party to, go to: http://www.novascotiapension.ca/teachersplan/members/agreements.

Annual Report December 31, 2011

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Teachers Pension Plan Trustee Inc.

Street address 4th Floor, Purdys Landing 1949 Upper Water Street Halifax, Nova Scotia B3J 3N3 Mail address PO Box 371 Halifax, Nova Scotia B3J 2P8 Phone 424-5070 (Halifax area) 1-800-774-5070 (Toll free in NS) Fax 902-424-0662 Email PensionsInfo@gov.ns.ca Web site www.novascotiapension.ca