In This Report
Welcome
2010 at a Glance
Our mandate
Funding highlights
Membership snapshot
Investment performance and net assets
Funding assets, liabilities and surplus
Message from the Chair and Vice-Chair
Strategic approach
Plan governance
New President and CEO
Deficit management
Sound investment strategy
Responsible investing
A focus on service
Leadership changes
Investment Strategy and Performance
Long-term objective
Total fund performance
Diversification strategy
Diversification strategy (continued)
2010 asset mix changes
Managing investment risk
Responsible investment
Engagement on ESG issues
Proxy voting
2010 market overview
2010 returns - public markets
2010 returns - alternative investments
Pension Funding and Deficit Management
Shared risks and rewards
Funding policy
Meeting policy goals
Actuarial assumption review
Deficit management strategy
2010 funding valuation
Funding outlook
Membership Services
Member-focused initiatives
Gathering feedback
Service excellence
Direct contact
Online service and communications
Online service and communications (continued)
Enhancing service
Membership changes
Membership statistics
Financial Overview
Long-term perspective
Net assets available for benefits
Actuarial asset value adjustment
Accrued pension benefits
Surplus
Changes in net assets
Changes in net assets (continued)
Financial statement and funding valuations
Comparing valuations
Transition to IFRS
Plan Governance
Governance structure
Board of Trustees
Standing committees of the Board
Governance review
President and CEO
Shared services and finance
Compensation program
Compensation disclosure
Auditor independence
Trustees and Senior Management
Members of the Board of Trustees
Professional advisors and senior management
Consolidated Financial Statements
Auditors' report
Actuaries' opinion
Management's responsibility for financial reporting
Consolidated statement of net assets, accrued benefits and surplus
Consolidated statement of changes in net assets
Consolidated statement of changes in accrued benefits
Consolidated statement of changes in surplus
Notes to the Financial Statements
1. Description of the OPSEU Pension Plan
2. Significant accounting policies
3. Risk management
4. Investments
5. Accrued pension benefits
6. Actuarial asset value adjustment
7. Rate stabilization funds
8. Surplus
9. Net investment income
10. Contributions
11. Benefit payments
12. Administrative expenses
13. Guarantees, commitments and contingencies
Ten Year Review
How To Reach Us
Personal Perspectives
(page 11 of 13)
11. Benefit Payments
For the years ended December 31 ($ millions)
2010
2009
Retirement pensions
$
489
$
472
Transfers to the Ontario Pension Board
88
162
Transfers to other plans
12
35
Refunds and commuted value transfers
32
49
TOTAL BENEFIT PAYMENTS
$
621
$
718