02/13/2013 02:35 EST | Updated 04/15/2013 05:12 EDT

Private sector in Nova Scotia will have 15 years to fully fund pensions

HALIFAX - The private sector in Nova Scotia will have more time to fully fund its pension plans under changes announced by the provincial government today.

Labour Minister Marilyn More says company pension plans that are underfunded will have 15 years to become solvent.

Employers had five years to fund their pension plans under the previous rules.

The extended funding period will be available to plans found to be underfunded between 2011 and 2014.

Employers that want to move to a 15-year recovery period must notify working and retired pension plan members.

If more than a third of plan members don't object, the funding period is extended.