The Plan enjoyed a positive year in 2023, earning a 9.0% return, net of fees and expenses. We continue to remain confident about its long-term sustainability.
I am pleased to report that 2023 was a strong year for TTC Pension Plan. Having weathered the challenges of the market over recent years, the Plan emerged in a remarkably robust position. Performance continued to align with our expectations. The 10-year return of 6.9%, net of all fees and expenses, surpassed our benchmark by 0.1%, equating to an excess return of approximately $8 million. The Plan remains fully funded, ensuring our ability to fulfill both present and future pension commitments.
Thanks to our prudent investment approach and focus on long-term sustainability, the Plan is well designed to withstand the ups and downs of the market. Leveraging our solid financial footing, we proactively adjusted the Plan’s long-term asset mix to optimize the gains we’ve made.
With our 2023–2026 strategic plan finalized, we have set the foundation for driving TTC Pension Plan forward. Aligned with the core pillars of our strategic plan, we are undertaking the following initiatives:
- Enhancing our Member Engagement Communications Strategy, which focuses on expanding outreach and communications with our members, along with expanded KPIs to measure success
- Embarking on a comprehensive, multiyear ESG work plan that delves into bolstering our risk analytics capabilities concerning sustainable investing in the Plan
- Migrating all investments to a new custodian to ensure heightened accuracy in records, performance and investment analytics
- Continuing work on our pension administration system overhaul to get better information faster
- Bolstering our senior leadership team with the appointments of Titi Desbiens, Donna Miyasaki and Helen Redmond as Vice Presidents of TTCPP to help us lead our purpose-driven workplace culture
I wish to extend my appreciation to the Board and leadership team of TTCPP for their support over these past eight years. The Plan is in an excellent place, and I have the utmost confidence in the team to guide TTCPP through the next phase of its growth.
I’d also like to extend my gratitude to our dedicated staff for their unwavering commitment and tireless efforts in serving our members. From working to enhance our communication efforts to expanding our member outreach, our people are steadfast in their commitment to serving our members effectively.
I’m excited about the road ahead for TTCPP. On behalf of our team, we look forward to continuing to enhance the ways we serve our members and to deliver the secure retirement pension they count on for life.