FREDERICTON, N.B. – Employers and employees in New Brunswick would pay more in pension plan premiums under changes proposed by the provincial government today.

The changes would see workers pay about 1.2 to 2.8 per cent more in premiums, while employers would see an increase ranging from 1.2 to 3.9 per cent.

Over the next 40 years, full pension eligibility would be moved to 65 years of age from 60.

Cost-of-living increases would be conditional on pension plan performance.
 
The New Brunswick government says the new model is intended to make pensions more sustainable and avoid large unfunded liabilities.

Four unions say they will adopt the changes for some of their pension plans.