 |
| |
2004 |
|
2003 |
|
2002 |
|
2001 |
|
2000 |
|
1999 |
|
1998 |
|
1997 |
|
1996 |
|
1995 |
|
|
| CHANGES IN NET ASSETS |
| Income |
| Net investment income/(loss) |
$ |
1,069 |
|
1,408 |
|
(688) |
|
(359) |
|
654 |
|
970 |
|
867 |
|
981 |
|
1,027 |
|
979 |
|
| Member contributions |
|
108 |
|
82 |
|
55 |
|
54 |
|
60 |
|
131 |
|
137 |
|
141 |
|
129 |
|
155 |
|
| Employer contributions |
|
148 |
|
145 |
|
124 |
|
127 |
|
132 |
|
132 |
|
137 |
|
127 |
|
40 |
|
63 |
|
| Unfunded liability payments |
|
|
|
|
|
|
|
40 |
|
38 |
|
36 |
|
34 |
|
24 |
|
|
|
|
|
| Transfers from other plans |
|
20 |
|
15 |
|
16 |
|
10 |
|
17 |
|
36 |
|
2 |
|
2 |
|
54 |
|
1 |
|
| Pension data purification project adjustment |
|
|
|
|
|
99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total income/(loss) |
|
1,345 |
|
1,650 |
|
(394) |
|
(128) |
|
901 |
|
1,305 |
|
1,177 |
|
1,275 |
|
1,250 |
|
1,198 |
|
|
| Expenditures |
| Pension payments |
|
370 |
|
341 |
|
316 |
|
283 |
|
250 |
|
213 |
|
177 |
|
140 |
|
105 |
|
74 |
|
| Termination payments and transfers |
|
123 |
|
135 |
|
201 |
|
145 |
|
202 |
|
135 |
|
93 |
|
154 |
|
38 |
|
17 |
|
| Operating expenses |
|
22 |
|
23 |
|
22 |
|
20 |
|
18 |
|
17 |
|
17 |
|
15 |
|
15 |
|
12 |
|
|
| Total expenditures |
|
515 |
|
499 |
|
539 |
|
448 |
|
470 |
|
365 |
|
287 |
|
309 |
|
158 |
|
103 |
|
|
| INCREASE/(DECREASE) IN NET ASSETS |
|
830 |
|
1,151 |
|
(933) |
|
(576) |
|
431 |
|
940 |
|
890 |
|
966 |
|
1,092 |
|
1,095 |
|
|
| NET ASSETS |
| Investments |
| Cash and short-term investments |
|
219 |
|
172 |
|
204 |
|
202 |
|
514 |
|
192 |
|
209 |
|
200 |
|
170 |
|
97 |
|
| Canadian bonds |
|
765 |
|
853 |
|
686 |
|
658 |
|
506 |
|
542 |
|
477 |
|
612 |
|
393 |
|
334 |
|
| Government of Ontario debentures |
|
1,953 |
|
2,090 |
|
2,200 |
|
2,243 |
|
2,313 |
|
2,296 |
|
2,631 |
|
2,554 |
|
2,449 |
|
2,400 |
|
| Equities Canadian |
|
2,792 |
|
2,601 |
|
2,017 |
|
2,192 |
|
3,184 |
|
2,873 |
|
3,279 |
|
2,310 |
|
2,021 |
|
1,598 |
|
| Equities foreign |
|
3,680 |
|
3,265 |
|
2,784 |
|
3,546 |
|
2,884 |
|
3,145 |
|
1,529 |
|
1,652 |
|
1,330 |
|
1,085 |
|
| Real return bonds |
|
804 |
|
582 |
|
549 |
|
493 |
|
528 |
|
440 |
|
419 |
|
340 |
|
293 |
|
88 |
|
| Real estate |
|
220 |
|
40 |
|
41 |
|
45 |
|
43 |
|
32 |
|
26 |
|
15 |
|
1 |
|
|
|
| Investment-related receivables |
|
122 |
|
108 |
|
23 |
|
26 |
|
26 |
|
24 |
|
39 |
|
24 |
|
27 |
|
20 |
|
|
| |
|
10,555 |
|
9,711 |
|
8,504 |
|
9,405 |
|
9,998 |
|
9,544 |
|
8,609 |
|
7,707 |
|
6,684 |
|
5,622 |
|
|
| Contributions receivable from: |
| Members |
|
11 |
|
10 |
|
7 |
|
6 |
|
7 |
|
7 |
|
13 |
|
14 |
|
11 |
|
11 |
|
| Employers |
|
24 |
|
21 |
|
25 |
|
21 |
|
19 |
|
22 |
|
19 |
|
21 |
|
20 |
|
19 |
|
| Other assets |
|
7 |
|
10 |
|
13 |
|
12 |
|
5 |
|
5 |
|
3 |
|
4 |
|
68 |
|
35 |
|
|
| TOTAL ASSETS |
|
10,597 |
|
9,752 |
|
8,549 |
|
9,444 |
|
10,029 |
|
9,578 |
|
8,644 |
|
7,746 |
|
6,783 |
|
5,687 |
|
|
| Liabilities |
| Accounts payable and accrued charges |
|
(25) |
|
(20) |
|
(44) |
|
(7) |
|
(15) |
|
(4) |
|
(3) |
|
(5) |
|
(5) |
|
(4) |
|
| Investment-related liabilities |
|
(98) |
|
(88) |
|
(12) |
|
(11) |
|
(12) |
|
(3) |
|
(10) |
|
|
|
(3) |
|
|
|
|
| NET ASSETS AVAILABLE FOR BENEFITS |
$ |
10,474 |
|
9,644 |
|
8,493 |
|
9,426 |
|
10,002 |
|
9,571 |
|
8,631 |
|
7,741 |
|
6,775 |
|
5,683 |
|
|
| Accrued pension benefits |
|
9,525 |
|
8,865 |
|
8,389 |
|
7,832 |
|
7,713 |
|
7,242 |
|
7,201 |
|
6,648 |
|
6,180 |
|
6,306 |
|
| Actuarial asset value adjustment |
|
(30) |
|
(704) |
|
(1,774) |
|
(774) |
|
316 |
|
701 |
|
844 |
|
993 |
|
935 |
|
658 |
|
|
| SURPLUS/(DEFICIT) |
$ |
979 |
|
1,483 |
|
1,878 |
|
2,368 |
|
1,973 |
|
1,628 |
|
586 |
|
100 |
|
(340) |
|
(1,281) |
|
|
| PERFORMANCE (%) |
| Rate of Return |
|
11.7 |
% |
17.3 |
% |
-7.2 |
% |
-3.5 |
% |
7.0 |
% |
11.4 |
% |
11.3 |
% |
14.7 |
% |
18.3 |
% |
21.7 |
% |
| After inflation |
|
9.6 |
% |
15.3 |
% |
-11.1 |
% |
-4.2 |
% |
3.8 |
% |
8.8 |
% |
10.3 |
% |
14.0 |
% |
16.1 |
% |
20.0 |
% |
| Benchmark |
|
11.5 |
% |
13.6 |
% |
-7.8 |
% |
-4.4 |
% |
3.3 |
% |
14.6 |
% |
13.2 |
% |
13.7 |
% |
17.1 |
% |
17.7 |
% |
| After inflation |
|
9.4 |
% |
11.6 |
% |
-11.7 |
% |
-5.1 |
% |
0.1 |
% |
12.0 |
% |
12.2 |
% |
13.0 |
% |
14.9 |
% |
16.0 |
% |
|
|
|
