The median funding ratio of Canadian pension plans fell to 89.1% in the quarter ended March 31, down from 102.5% at the end of 2019, according to a survey from Aon.
In March alone, the median funding ratio fell 6.7 percentage points from 96.6% as of Feb. 29, a news release reporting survey results said Wednesday.
The median asset return for the first quarter was -6.6%, while the Canadian 10-year benchmark bond yields fell by 91 basis points and long bond yields fell 38 basis points, increasing pension liabilities by 6.3%.