Ten Year Review

($ millions)   2010   2009   2008   2007   2006   2005   2004   2003   2002   2001
CHANGES IN NET ASSETS                                        
Increase in net assets                                        
Net investment
income / (loss)		 $ 1,530 $ 1,348 $ (2,435) $ 659 $ 1,537 $ 1,564 $ 1,069 $ 1,408 $ (688) $ (359)
Member contributions   218   179   177   173   161   153   108   82   55   54
Employer contributions   208   178   177   173   161   153   148   145   124   127
Transfers from other plans   12   33   75   16   13   17   20   15   16   10
Special and other payments   -   -   -   -   -   -   -   -   99   40
  $ 1,968 $ 1,738 $ (2,006) $ 1,021 $ 1,872 $ 1,887 $ 1,345 $ 1,650 $ (394) $ (128)
Decrease in net assets                                        
Pension payments   489   472   445   426   411   398   370   341   316   283
Termination payments
and transfers		   132   246   146   116   118   126   123   135   201   145
Operating expenses   19   18   17   17   19   22   22   23   22   20
    640   736   608   559   548   546   515   499   539   448
INCREASE / (DECREASE)
IN NET ASSETS		 $ 1,328 $ 1,002 $ (2,614) $ 462 $ 1,324 $ 1,341 $ 830 $ 1,151 $ (933) $ (576)
NET ASSETS                                        
Investments                                        
Cash and short-term investments   1,403   2,149   3,251   3,165   3,419   874   219   172   204   202
Government and
corporate bonds		   1,422   1,178   1,140   1,371   1,364   906   765   853   686   658
Real return bonds   1,280   1,179   1,234   1,257   1,277   1,103   804   582   549   493
Government of
Ontario debentures		   860   1,064   1,265   1,411   1,603   1,783   1,953   2,090   2,200   2,243
Public equities - Canadian   2,723   2,408   1,791   3,177   2,878   2,917   2,792   2,601   2,017   2,192
Public equities - Foreign   3,178   2,799   2,245   3,940   4,348   3,680   3,680   3,265   2,784   3,546
Real estate   1,780   1,582   1,521   1,201   777   542   220   40   41   45
Private markets   1,079   862   686   466   228   -   -   -   -   -
Investment related receivables   153   131   231   76   96   96   122   108   23   26
  $ 13,878 $ 13,352 $ 13,364 $ 16,064 $ 15,990 $ 11,901 $ 10,555 $ 9,711 $ 8,504 $ 9,405
Contributions receivable
from members		   20   17   17   15   12   12   11   10   7   6
Contributions receivable
from employers		   24   22   22   25   22   25   24   21   25   21
Other assets   2   2   3   3   4   5   7   10   13   12
TOTAL ASSETS $ 13,924 $ 13,393 $ 13,406 $ 16,107 $ 16,028 $ 11,943 $ 10,597 $ 9,752 $ 8,549 $ 9,444
Liabilities                                        
Accounts payable and accrued charges   (57)   (79)   (41)   (32)   (25)   (17)   (25)   (20)   (44)   (7)
Investment related liabilities   (550)   (1,325)   (2,378)   (2,474)   (2,864)   (111)   (98)   (88)   (12)   (11)
TOTAL LIABILITIES $ (607) $ (1,404) $ (2,419) $ (2,506) $ (2,889) $ (128) $ (123) $ (108) $ (56) $ (18)
NET ASSETS AVAILABLE FOR BENEFITS   13,317   11,989   10,987   13,601   13,139   11,815   10,474   9,644   8,493   9,426
Accrued pension benefits   12,923   12,313   11,631   11,114   10,460   9,944   9,525   8,865   8,389   7,832
Actuarial asset
value adjustment		   (489)   (1,523)   (2,428)   565   1,341   899   (30)   (704)   (1,774)   (774)
SURPLUS $ 883 $ 1,199 $ 1,784 $ 1,922 $ 1,338 $ 972 $ 979 $ 1,483 $ 1,878 $ 2,368
INVESTMENT PERFORMANCE (%)                                        
Rate of Return   13.9%   13.6%   (16.2%)   5.6%   13.4%   15.6%   11.7%   17.3%   (7.2%)   (3.5%)
After inflation   11.6%   12.3%   (17.4%)   3.2%   11.4%   13.4%   9.6%   15.3%   (11.1%)   (4.2%)
Benchmark   10.9%   14.3%   (16.8%)   4.2%   11.7%   14.6%   11.5%   13.6%   (7.8%)   (4.4%)
After inflation   8.6%   13.0%   (18.0%)   1.8%   9.7%   12.4%   9.4%   11.6%   (11.7%)   (5.1%)