06/12/2014 11:35 EDT | Updated 08/12/2014 05:59 EDT

Nova Scotia, union agree to hike teachers' contribution to pension plan

HALIFAX - The teachers' union in Nova Scotia has struck a deal with the provincial government that will see its members pay more into their pension plan.

The government says the teachers' contribution rate will increase by three percentage points and the disability pension provisions will be moved from the pension plan to the teachers' long-term disability insurance plan.

The president of the Nova Scotia Teachers Union says the changes will ensure the plan's long-term viability.

The contribution rate increase will be spread over three years, with a one percentage point increase beginning Aug. 1.

The province and the union are joint trustees of the pension plan, which has 31,262 members.

The $1.5 billion pension plan is 75 per cent funded, and is currently able to meet its obligations for payments to retirees.

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