Your retirement savings remain well protected in Ontario

TORONTO, Feb. 29, 2024 /CNW/ - The majority of Ontario's defined benefit pension plans continue to remain in strong financial positions despite ongoing global economic uncertainty and volatility.

Ontario's financial services regulator (FSRA) released its Q4 2023 Solvency Report which indicated the median solvency ratio reached an all-time high, and the average net investment return soared to 9.9%.

It also found that nearly 90% of pension plans are projected to be fully funded.

"It is encouraging to see the ongoing strength of defined benefit pension plans in the face of this global economic uncertainty and volatility," said FSRA's Andrew Fung, Acting Executive Vice-President, Pensions. "The results of our fourth quarter report are certainly positive for pension members. But I encourage plan sponsors and administrators to remain vigilant and continue to pay close attention to the potential risks and their robust strategic planning."

While the recent successes provide a strong foundation, new challenges will inevitably arise in this unpredictable global economic climate. FSRA advises plan sponsors and administrators to stay alert, focusing on potential risks and robust strategic planning.

FSRA releases a solvency report each quarter to assess the financial health of Ontario defined benefit pension plans. The report provides timely information to plan members about the performance of their plan and the state of the economy both nationally and internationally.

Learn more:

• Q4 2023 Estimated Solvency Funded Status of Defined Benefit Pension Plans in Ontario 

FSRA continues to work on behalf of all stakeholders, including pension beneficiaries, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.

FOR MEDIA INQUIRIES:

Russ Courtney
Sr. Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario