Finance Minister looking for homemade pension reform

P.E.I. Finance Minister Wes Sheridan says he's interested in New Brunswick's plans for overhauling public sector pension plans.

P.E.I. examining models in New Brunswick and abroad to create new plan

Wes Sheridan will discuss pension reform with unions next week. (CBC)

P.E.I. Finance Minister Wes Sheridan says he's watching New Brunswick overhaul its public sector pensions.

He says he’ll consider suggestions from around the world while crafting a ‘made in P.E.I.’ solution.

The minister emphasizes change is necessary.

"That’s been communicated clearly with the unions," he said. "They are very much in favour of sitting down to do this."

Sheridan will meet with provincial unions next week to come up with a way to keep pensions viable.

One of the points of comparison will be New Brunswick, where the government received support from its toughest critics when it announced an overhaul of the public pension system Thursday.

New Brunswick will raise the age of retirement and increase contributions over a 40-year period.

"The solution found over there seems to be a positive one," said Sheridan. "I’m sure that the unions are looking at this as closely as our department will be over the next week or so."

Sheridan said he should have a final report in three weeks.