The final public meeting on proposed changes to the provincial government's pension plan drew more than 1,000 people in Fredericton on Wednesday night.

Pension Coalition NB has been holding meetings around the province in reaction to the Alward government's announced plans to convert the pension plans for provincial civil servants to a shared-risk model.

That change would transfer some of the investment risk to pensioners and could mean the cost-of-living increase for retirees would change, removing the guarantee of such increases.

The prospect of that worries retirees such as Phyllis Prendergast, who retired nine years ago.

"All though my working life, part of our employment agreement was you pay into the pension plan and this is what you get," said Prendergast. "That was a guarantee and now that's gone, or it could be gone."

Pension concerns

Phyllis Prendergast retired nine years ago and worries that a change to a shared-risk pension model by the province would take away her pension's cost-of-living increase. (CBC)

The government has yet to introduce legislation to change the pension act.

Clifford Kennedy is with the pension coalition and indicated the retirees are ready to take on the government over any changes they don't like.

"People were voicing their opinions verbally and they were raising their hands in regards to wanting for us to fight the fight from a political perspective, a media perspective and a legal perspective," said Kennedy.

The coalition is raising money for a legal challenge and has hired pension rights lawyer Ari Kaplan of Toronto.

Finance Minister Blaine Higgs has told the coalition he is prepared to meet with them in October.