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UPDATED: N.B. government introduces pension reform legistlation

The New Brunswick flag flies in front of the Legislative building in Fredericton, N.B. on April 4, 2012. Francis Vachon/The Canadian Press

FREDERICTON – New Brunswick’s finance minister has tabled legislation to bring about 30,000 current and former public service employees under a new shared-risk model for their pensions.

The bill would see contributions from both the employer and employees rise in an effort to address a $1-billion deficit.

Finance Minister Blaine Higgs says the legislation is needed to ensure public pensions are sustainable.

But the provincial wing of the Canadian Union of Public Employees has expressed concerns over the changes, saying while they may work for some unionized workers, they don’t for others who have defined benefit plans.

Danny Legere, the president of CUPE New Brunswick, says the union is looking at options to oppose the pension changes.

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