ONTARIO 💵 Ontario Pension Plans Remain Financially Healthy, Safeguarding Your Retirement

Sunday, 03 December 2023 04:23.PM

The majority of defined benefit pension plans in Ontario remain strong despite an uncertain global economy and negative investment returns.

In its Q3 2023 Solvency Report, the Financial Services Regulatory Authority of Ontario (FSRA) found that the median solvency ratio hit a historic peak and more than three quarters of these pension plans are projected to be fully funded.

"It's important to ensure pension plans are protected and benefits are available to members and their families when they are ready to retire," said FSRA's Andrew Fung, Acting Executive Vice-President, Pensions. "To remain in a position of strength, FSRA encourages all plans to adopt appropriate risk management strategies. FSRA has found that pension plans that focus on reducing risks show more positive results, especially during this period of global economic volatility."

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.

SOURCE: Financial Services Regulatory Authority of Ontario