A bill that will change civil service pensions is moving through the New Brunswick legislature.
It reached second reading on Wednesday, but while the government pushes ahead, opponents are standing their ground.
The legislation will bring about 30,000 current and former public service employees under a new shared-risk model for their pensions.
New Brunswick Finance Minister Blaine Higgs said the bill would see contributions from both the employer and employees rise in an effort to address a $1-billion deficit.
Retired civil servants gathered in Fredericton on Wednesday to hear several speakers shoot down the proposed pension reforms.
“Benefits are decreased, indexation is not guaranteed and contribution rates are increased,” said Bernard Dussault, former chief actuary for the Canada Pension Plan. “So, what the government calls risk-sharing is more risk-dumping.”
Retired civil servants are worried the new shared-risk model will mean a lower standard of living.
“They’re taking money from us. In the real life, if you take money from me, I would be calling you a thief,” said Lionel Proulx.
“With this situation, it could mean financial ruin for them, and financial disaster,” said Gretta Wells.
Higgs said he is disappointed that opposition to the legislation is increasing.
“The reality is that this pension plan that we are proposing is in the top 10 per cent of pension benefit plans in the country,” said Higgs.
But political opponents said the reforms are just too much for retirees.
“For plans that are not in financial trouble, like the (Public Service Superannuation Act), like the teacher’s plan, this is not the solution,” said Liberal MLA Victor Boudreau.
“They’re pushing it through to try to reduce the deficit on the backs of the pensioners, just in time for the election, which is unfair,” said Wes Gullison, interim leader of the People’s Alliance of New Brunswick.
Pensioners have vowed to continue their fight, and while it’s not their preferred option, they are considering suing the government.
“It definitely is not off the table and it is definitely something we will continue to explore and have already begun that process,” said Bonny Hoyt-Hallett of the New Brunswick Pension Coalition.
And while retirees continue their fight, teachers may be gearing up for their own.
Higgs confirmed on Wednesday that his department has begun preliminary talks with the teachers’ union on changes to their pension plan.
With files from CTV Atlantic's Andy Campbell