Ontario Pension Board
From Wikipedia, the free encyclopedia
| Company type | Private |
|---|---|
| Industry | Pension fund |
| Founded | 1920s |
| Headquarters | , Canada |
| Total assets | C$31 billion[1] (Dec 31, 2020) |
| Website | www |
The Ontario Pension Board in Canada is an independent organization responsible for administering the Public Service Pension Plan, a defined benefit pension plan, for certain employees of the provincial government and its agencies, boards, and commissions.[1] The Public Service Pension Plan (PSPP) generally covers civil servants, those employed in the Office of the Auditor General, and those required to be members by legislation or order-in-council.
Ontario Pension Board is one of Canada's top ten pension funds, nicknamed the "Maple Revolutionaries." Due to their size, they are not included in the Maple Eight.[2]
Organization
The Ontario Pension Board (OPB) is the administrator of the Public Service Pension Plan (PSPP), a contributory defined benefit plan. Both employees (members) and their employers contribute to the PSPP to fund members' future pension benefits. The plan administers the pensions for some 44,000 members, and it pays pensions to about 39,000 retired members (and 6,600 deferred retirees).[1] In 2023, OPB was 85% funded and had $31.7 billion in assets, with a membership of 99,200 and a 8.6/10 satisfaction rate among clients. Members contribute 7.4% of their annual salary up to the Year's Maximum Pensionable Earnings (YMPE) then 10.5% of their salary above the YMPE. The YMPE is $71,300 in 2025.[4] On average, contributions fund 20–25% of pensions; the other 75–80% is funded by investment returns.
OPB had a 3.1% return in 2023, citing higher interest rates in global real estate, lower valuations and vacancies in office properties, and retail impacts from the COVID-19 pandemic as contributing factors to the lower return.[5]
The OPB states it is committed to environmental, social and governance (ESG) issues and to promoting diversity, equity and inclusion (DEI).
In July 2016, the Investment Management Corporation of Ontario (IMCO) was created to pool the assets of OPB, the Workplace Safety and Insurance Board (WSIB), to improve investment returns.[6] IMCO officially launched on July 24, 2017.[7]
