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Pension Funds

Ontario Public Service Pension Plan gains 10.8% in 2017

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Updated with correction

Ontario Pension Board, which administers the province's Public Service Pension Plan, Toronto, on Wednesday announced the plan returned a net 10.8% on its investments in 2017, 40 basis points over its custom benchmark.

The 2017 returns delivered C$2.5 billion ($2 billion) in net investment income, helping boost the plan's assets to C$26.4 billion as of Dec. 31, OPB said in a news release.

The plan returned 8.1% in 2016.

PSPP's funded status was 97% as of Dec. 31, unchanged from 12 months earlier.

Last year was the first in which the plan's investments were managed by the Investment Management Corp. of Ontario, Toronto, which was created by the Ontario government in July 2016 to manage assets for some provincial pension plans and universities.

In 2017, PSPP returned 13.3% on its public market investments — public equity, fixed income and cash, according to the release. Private markets — private equity, real estate and infrastructure — returned 4.5%. As of Dec. 31, 2016, the latest information available on OPB's website, PSPP's asset allocation was 51.5% equity, 25.4% fixed income and 23.1% real assets.

Further details on the 2017 results will be in OPB's annual report, to be released following its submission to the Ontario Parliament, according to the release.