The Plan continues to see growth in assets, employers, members and investment returns
TORONTO, April 18, 2024 — CAAT Pension Plan ("the Plan"), one of Canada's fastest-growing modern pension plans, is pleased to release its 2023 Annual Report and digital Year in Review, which illustrates the Plan's strength, continued growth and commitment to improving retirement income security for more Canadians.
The Plan welcomed more than 80 new participating employers and 11,000 new members in 2023 – for a total of over 370 employers and more than 94,500 members. New participating employers, including Canadian Nuclear Laboratories, Lakehead University, and Thunder Bay Pulp and Paper, among many others, are now offering the security of a CAAT pension to their employees.
Investment strategy continues to show strong returns over the long term
CAAT’s investment strategy is designed to generate sufficient long-term returns to keep benefits secure and grant conditional enhancements with a level of risk that is appropriate. As of January 1, 2024, the Plan’s funded ratio is 124% on a going-concern basis. Plan assets are $20.1 billion and the Plan has $5.3 billion of funding reserves.
The Plan is also pleased to report a 10-year annualized net rate of return of 9.3%, significantly outperforming its policy benchmark. The Plan’s net investment return in 2023 was 9.5%.
"We are committed to fulfilling our pension promise to members and providing a sense of security that comes with lifetime retirement income. The strong results of our investment, growth and funding strategies reinforce the Plan's benefit security and long-term sustainability,” said Derek W. Dobson, CEO and Plan Manager, CAAT Pension Plan. “Pensions are about trust. Our employers and members place a high degree of trust in the CAAT Plan, which motivates us to continue innovating and improving retirement income security options for Canadians."
CAAT members and participating employers trust the Plan
CAAT Pension Plan aims to provide its members with secure and stable lifetime retirement income. In the 2023 Annual Member and Employer Survey, nine out of ten member respondents said they trust the Plan and believe that the Plan is fulfilling its mission to provide Canadians with secure, valuable, and sustainable pensions. Nearly 100% of participating employer respondents said they also trust the Plan.
Over the last year, members, employers and industry experts continued to join CAAT’s plan ambassador program to help spread the word that secure lifetime retirement income is important for Canada and “Pensions are for Everyone.”
The Plan’s digital Year in Review is available here, and the Annual Report is here. CAAT will host its annual Pensions for Everyone 2024 Conference on May 2, 2024. Register and learn more here.
About CAAT Pension Plan
Established in 1967, the CAAT Pension Plan is an independent, jointly governed plan that offers two highly desirable designs of a defined benefit pension. CAAT’s award-winning DBplus plan design is leading an extraordinary pace of growth for the Plan. Originally created to support the Ontario college system, the CAAT Plan now proudly serves more than 370 participating employers in 20 industries including the for-profit, non-profit, and broader public sectors. It currently has more than 94,500 active and retired members. The CAAT Plan is respected for its pension and investment management expertise and focus on stability and benefit security. On January 1, 2024, the Plan was 124% funded on a going-concern basis.
Learn more at: www.caatpension.ca.
For more information:
Media Relations
CAAT Pension Plan
media@caatpension.ca