In 1992 the McKenna government announced that UNB’s full-time academic employees would be expelled from the provincial superannuation plan. AUNBT and the Administration responded by founding the Pension Plan for Academic Employees, which came into effect on 1 January 1993. (Unretired members with pre-1993 academic service retain any already-accumulated entitlement under the provincial plan.) This pension plan covers all full-time academic employees at UNB, whether union members or in the Administration.
AUNBT and the Administration are the architects of the Plan. That is, they designed it and when, from time to time, changes must be made to the scheme of the Plan, they mandate or effectuate those changes by amending the trust agreement that governs the Plan. However, AUNBT and the Administration do not run the Plan.
The Academic Pension Plan is run by a board of 10 trustees, 5 appointed by AUNBT (Norman Betts, Robert Maher, David Bell, Evelyn Richards, Gopalan Srinivasan) and 5 appointed by the Administration. These appointees do not “represent” the appointing body. Rather, they serve as trustees for all the Plan beneficiaries.
In turn, this Pension Board of Trustees contracts out the day-to-day administration of the scheme to professionals. The Trustees also employs actuaries, investment managers and legal counsel.