New Brunswick Public Service Pension Plan

The plan does not employ an internal investment team. Investment management is outsourced to Vestcor, a holding company jointly owned by the New Brunswick Public Service Pension Plan and the New Brunswick Teachers' Pension Plan. The plan's Board of Trustees, chaired by Katherine Greenbank with Sébastien Deschênes as vice-chair, provides governance oversight. Half the trustees are appointed by the Province of New Brunswick, and half represent plan members.

Vestcor is the investment manager, benefit administrator, and operational platform for the plan. Critically, it is not an external contractor — it is jointly owned by the New Brunswick Public Service Pension Plan and the New Brunswick Teachers' Pension Plan. This co-ownership structure pools assets and governance across two provincial plans, giving the combined entity greater scale and negotiating power than either plan would have independently.

Real estate exposure comes through direct co-investments and pooled Vestcor-managed vehicles. Known co-investments include the 41 Business Park industrial development in Nisku, Alberta, with ONE Properties, and the 2-4 Hanover Road residential acquisition in Brampton, Ontario, with Crestpoint Real Estate Investments. Vestcor also operates the Vestcor Real Estate Fund Limited Partnership for Canadian commercial properties and Vestcor Investments Private Real Estate, L.P. for global mixed-use exposure.

Yes. The plan's portfolio includes direct infrastructure assets alongside real estate and inflation-linked instruments. The geographic scope for infrastructure is global, not limited to Atlantic Canada. Specific underlying holdings are not publicly disclosed at the individual asset level, but the infrastructure allocation functions as a long-duration inflation hedge within the broader asset mix.

Through Vestcor, the plan is a signatory to the Principles for Responsible Investment. It aligns climate reporting with the Task Force on Climate-related Financial Disclosures and uses the Partnership for Carbon Accounting Financials methodology for measuring portfolio carbon footprints. The plan also claims compliance with Global Investment Performance Standards for its performance reporting.

The Board of Trustees has equal employer and member representation. The Province of New Brunswick appoints half the trustees as the major employer; the other half represent plan members. Katherine Greenbank serves as chair and Sébastien Deschênes as vice-chair. This governance structure is separate from Vestcor's own board, though the two entities' strategic alignment is reinforced through the joint-ownership model.

Most large Canadian provincial pensions — such as Ontario Teachers', bcIMC, or AIMCo — operate in-house investment management teams under a single-plan or single-province mandate. New Brunswick's model is distinctive: it jointly owns its investment manager, Vestcor, with the teachers' pension plan. This shared-services architecture consolidates costs and talent across multiple public-sector plans in a smaller province, delivering institutional-caliber investment capabilities that a single plan of this size would struggle to build internally.