Ontario Teachers' Pension Plan, Toronto, posted a 14.7% return on its investments in 2004, according to Lee Fullerton, spokeswoman for the C$84.3 billion (US$69.8 billion) pension fund. The plan returned 18% in 2003. The best-performing asset classes for 2004 were Canadian public and private equities, 21.1%, and real estate, 17.3%.
However, the plan's funding shortfall continued to grow in 2004. It was 84% funded as of Dec. 31, compared with 94% a year earlier. "Low interest rates may be good for your mortgage or car loan, but they are hard on pension plans," Claude Lamoureux, plan president and CEO, said in a statement.