Pension Life - Winter 2024

The latest valuation results

Your plan is 113 per cent funded

We are pleased to share that the 2023 valuation shows the plan remains well funded and pensions are secure, both now and in the future. The valuation determined the plan has actuarial assets of $38.0 billion, exceeding actuarial liabilities of $33.5 billion, leaving the plan with surplus funds of $4.5 billion.

What is a valuation?

A valuation is the most important measurement of plan health. The plan’s actuary performs a valuation at least once every three years. Actuaries are professionals with specialized training in financial modelling, laws of probability and risk management.

Using a series of economic and demographic assumptions, actuaries determine how much money the plan needs to pay current and future pensions. They produce a valuation report for the board and provide their analysis and recommendations.

What happens with the surplus?

The plan’s Joint Trust Agreement and funding policy provide guidance on how we may use surplus funds. It’s important that our decisions be sustainable and fair to members and employers. You can read both documents under related content. We will share more information in the summer 2024 issue of Pension Life.

These results demonstrate both the strength of the plan’s governance structure and its investment principles and policies. Those are the factors that help keep the board focused on its goal of providing retirement security for more than 150,000 plan members.