Overview of Performance#
The Ontario Teachers’ Pension Plan Board announced that its net assets grew to C$279.4 billion in 2025, up from C$266.3 billion the previous year. This increase was fueled by a total-fund net return of 6.7%.
Investment Income and Contributions#
During the year, the pension fund generated C$18.5 billion in investment income. Additionally, it received C$4.1 billion from member and employer contributions. However, these gains were partially offset by C$8.5 billion in benefits paid to members and C$1.0 billion in administrative expenses.
Performance Compared to Benchmarks#
Despite the positive return, the fund's performance fell short of its benchmark return of 11.7%, lagging by 5.0 percentage points. This resulted in a negative value add of C$12.0 billion, even though the fund experienced strong returns in areas like venture growth, public equity, gold, and credit sectors.
Long-Term Stability#
Jo Taylor, President and CEO, emphasized the resilience of the fund's diversified portfolio and the disciplined management approach. Over the past ten years, the pension fund has achieved an annualized total-fund net return of 6.8% and a return of 9.2% since its inception. The plan has maintained its fully funded status for the 13th consecutive year, reporting a preliminary funding surplus of C$31.2 billion as of January 1, 2026, which is a funding ratio of 111%, up from 110% the previous year.