Our 2019 Annual Report

We’re very pleased to share our 2019 Annual Report. We remained focussed on achieving our corporate objectives and strategic directives in 2019, and our Annual Report is a celebration of the progress we made.

Some highlights:

• We completed the second year of our three-year Strategic Plan and continued improving our system security.
• We took steps to enrich the plan member experience by meeting our established service standards, introducing plan member surveys, and guiding plan members through the transition period.
• We made great strides in implementing the results of the 2018 asset liability study and saw investment returns of 15.68% (net of investment fees).
• We improved our partnership with participating employers, who play a crucial role in connecting us with plan members.

Our 2019 Annual Report also provides details on the financial health of the Plan and a review of our investment activities.

The PSPP Fund (the Fund) experienced positive returns in 2019. The major rebound that occurred in most asset classes resulted in the PSPP earning a rate of return, net of management fees, of 15.68%, which is substantially above the 6% discount rate. These favourable market conditions resulted in the Fund adding over $1 billion to its total value, resulting in our invested assets reaching $7.6 billion. Including the Government’s promissory note, the assets available for benefits increased to $10.1 billion, resulting in the Fund ending the year with a funded ratio of 102%. This represents an increase of over 6% compared to last year’s value of 94.1%. While highly encouraging, we must anticipate that over the coming years, with normal market fluctuations, the funding ratio will vary.

Click here to read the full report.