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New Brunswick Teachers' Pension Plan
The New Brunswick Teacher's Pension Plan (NBTPP) was created on July 1, 2014, when the provincial government and the New Brunswick Teachers' Federation agreed...
New Brunswick Teachers' Pension Plan
The New Brunswick Teacher's Pension Plan (NBTPP) was created on July 1, 2014, when the provincial government and the New Brunswick Teachers' Federation agreed to convert the teachers' pension promise from a provincial obligation into a standalone, jointly sponsored plan. The New Brunswick Teachers' Federation and the Province of New Brunswick each appoint half the Board of Trustees, with Larry Jamieson serving as Chair and Marcel Larocque as Vice Chair. NBTPP pools its assets with the New Brunswick Public Service Pension Plan through their co-owned investment manager, Vestcor. This shared-services architecture gives NBTPP access to a multi-asset-class portfolio spanning public equities, fixed income, real estate, infrastructure, and private equity. Specific pooled vehicles include the NBIMC Private Equity Fund, NBIMC Infrastructure Fund, and NBIMC Canadian Real Estate Fund, alongside Vestcor Investments Private Real Estate, L.P. and Vestcor Investments Infrastructure, L.P. The real estate mandates cover both Canadian commercial and mixed-use properties as well as global mixed-use assets. The private equity and infrastructure vehicles invest globally. Vestcor claims compliance with the Global Investment Performance Standards (GIPS) for NBTPP portfolios. The plan participates in the Canadian institutional investor community through Vestcor's memberships in the Pension Investment Association of Canada, the Association of Canadian Pension Management, the Canadian Coalition for Good Governance, and the Institutional Limited Partners Association. No headcount or total AUM is publicly disclosed. NBTPP's structural differentiator is its co-ownership arrangement: it jointly owns its investment manager with another pension plan. This hybrid insourcing model sits between a fully externalized CIO office and a completely standalone internal investment team, offering the governance advantages of dedicated management while sharing the cost burden of building institutional-quality investment operations across two public-sector plans.
General information
Firm type
Pension Fund
Year founded
2014
Location
Region
North America
Country
Canada
City
Fredericton
Corporate office
Fredericton, New Brunswick, Canada
Principals
Larry Jamieson
Chair of the Board of Trustees
Marcel Larocque
Vice Chair of the Board of Trustees
Sector focus
Frequently asked questions
Who runs the New Brunswick Teacher's Pension Plan?
The NBTPP is governed by a Board of Trustees equally appointed by the New Brunswick Teachers' Federation and the Province of New Brunswick. Larry Jamieson serves as Chair of the Board and Marcel Larocque as Vice Chair. Day-to-day investment management is handled by Vestcor, the investment manager jointly owned by NBTPP and the New Brunswick Public Service Pension Plan.
How is NBTPP related to Vestcor?
NBTPP and the New Brunswick Public Service Pension Plan jointly own Vestcor, which serves as the investment manager and administrator for both plans. This co-ownership structure gives NBTPP cost-effective access to institutional investment capabilities, including internal management teams for public markets, private equity, real estate, and infrastructure, without needing to build those teams independently.
What asset classes does NBTPP invest in?
Through Vestcor, NBTPP invests across public equities, nominal bonds, private equity, infrastructure, and real estate. The private equity and infrastructure funds invest globally, while the real estate portfolio includes both Canadian commercial and mixed-use properties and global mixed-use assets through dedicated limited partnerships.
Does NBTPP invest directly or through funds?
NBTPP accesses investments primarily through pooled funds managed by Vestcor, such as the NBIMC Private Equity Fund, NBIMC Infrastructure Fund, and NBIMC Canadian Real Estate Fund. These vehicles allow both NBTPP and the New Brunswick Public Service Pension Plan to aggregate capital and invest at scale. Some commitments are also made through Vestcor-managed limited partnerships.
Where does NBTPP's capital come from?
The plan is funded by contributions from active teachers and their employers, alongside investment returns on accumulated assets. When NBTPP was created in 2014, it assumed responsibility for the teachers' pension obligations previously carried directly by the Province of New Brunswick. The province and the teachers' federation share governance through equal board appointments.
Is NBTPP's AUM publicly disclosed?
No. The New Brunswick Teacher's Pension Plan does not publicly disclose its assets under management. The plan pools its investments with the New Brunswick Public Service Pension Plan through Vestcor, and neither the individual nor combined totals are routinely made public.
What reporting standards does NBTPP follow?
Through Vestcor, NBTPP claims compliance with the Global Investment Performance Standards (GIPS) for its investment portfolios. Vestcor also maintains memberships in the Pension Investment Association of Canada, the Association of Canadian Pension Management, the Canadian Coalition for Good Governance, and the Institutional Limited Partners Association, all of which inform the plan's governance and reporting practices.
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