We’re pleased to announce the release of the 2025 Annual Report, which was approved by the TTC Pension Plan Board of Directors and members at our 65th Annual General Meeting (AGM) on June 27.
Find out how the plan performed in 2025 and review key highlights:
Watch the 65th AGM
Member questions submitted at the 2026 TTC Pension Plan Annual General Meeting
The following questions were submitted by members at the 2026 TTC Pension Plan Annual General Meeting. Due to time constraints, not all questions could be addressed during the meeting. Responses to questions not answered during the meeting are provided below.
- Has the TTCPP divested from funds such as Palantir, that are complicit in genocidal actions against those in Gaza? If not, why not?
Response: We must comply with Canadian sanctions laws. Palantir is not currently on Canada’s sanctions list. The plan has a very small indirect holding in Palantir through passive index investments and does not hold an active position in the company. - Will TTC Pension Plan allow additional voluntary contributions (AVCs)? If not, why not? Other plans like OMERS encourage members to make additional voluntary contributions. Is there a reason why TTC Pension Plan has not pursued AVCs?
Response: TTC Pension Plan does not currently offer additional voluntary contributions and has no plans to introduce them at this time. We have seen very little demand from members for this feature and adding it would create additional cost and administrative complexity. If member interest increases in the future, the board may revisit this decision. - Does Bill 98 affect our pension?
Response: Bill 98 does not affect the TTC Pension Plan. If the legislation eventually results in changes to TTC hiring practices, employment categories or workforce structure, there could be an indirect impact because the plan’s contributions and liabilities are tied to TTC employment. However, there is currently no impact on the plan’s funding, governance or member benefits.
- Will there eventually be a plan member website with a unique login that will allow members to access information and change personal information? If so, when can we expect it?
Response: Yes. We are working with our pension administration software vendor to develop a secure member portal that will allow members to access information and update personal details online. This is a long-term project and will not launch in 2026. We expect to share more information and updates on timing in 2027.
- Since our plan’s assets currently exceed its long-term liabilities, what is the board’s precise policy regarding surplus utilization? Specifically, given that the CPP is reducing its base contribution rate in 2027 without lowering benefits, will our plan consider a similar contribution reduction for active members, or will the surplus be held entirely as a stabilization reserve?
Response: TTC Pension Plan is governed by a funding policy that is reviewed annually by the board. Under that policy, surplus funds are first used to secure earned pensions, then to provide benefit improvements and, if appropriate, to reduce contributions. There are currently no plans to reduce contribution rates. Maintaining a strong reserve helps support the long-term stability of the plan and the ability to provide future benefit improvements. The board’s objective is to maintain stable contribution rates whenever possible.
- While an employee is on WSIB, what are the employee’s and employer’s responsibilities concerning contributions? Will the employee’s membership in the plan remain in good standing?
Response: TTC Pension Plan includes a provision called a protected leave, which covers periods when a member is receiving WSIB benefits or long-term disability benefits. During a protected leave, neither the member nor the employer is required to contribute to the plan. Your credited service continues to grow, there is no requirement to repurchase service when you return to work, and your membership remains in good standing.
- Follow up question: If someone is on WSIB for two years, do they have to do an extra two years of service before they can retire on a full pension?
Response: No. Your credited service continues to grow while you are on a WSIB leave, so you would not need to work an additional two years.
- How will a 2% increase for current pension recipients impact future recipients of the pension? Would this be included in calculations for current contributors at the time they retire?
Response: No. The 2% increase applies only to pensions already in payment and becomes part of those ongoing pension payments. When active members retire, their pension is calculated based on their earnings and pensionable service at retirement. Any future inflationary increases are applied after pension payments begin.
- What is the pension contribution rate?
Response: TTC Pension Plan uses a tiered contribution rate. Members contribute 9.25% of earnings up to the year’s maximum pensionable earnings (YMPE), and 10.8% of earnings above that limit.
- What is the plan or current action to divest from Israeli/AI/Epstein, or other morally objectionable projects?
Response: Some investments are held through passive strategies that track market indexes, such as the S&P 500. In those cases, we do not control the individual holdings and may have small exposures to companies included in the index. For actively managed investments, we work with our investment managers to make decisions that support the long-term interests of the plan.
- Why use private equity funds with the advantages of public equities? How do you manage liquidity and valuation concerns?
Response: Private equity represents approximately 10% of the fund. While it is less liquid than public equities, we carefully manage liquidity throughout the portfolio to ensure all pension obligations can be met. Private equity also provides diversification benefits and complements public equity investments, which have become increasingly concentrated in a small number of companies. Our exposure to private equity is based on recommendations from our asset-liability study and forms an important part of our long-term investment strategy.
- Is your pension roughly 60% of your yearly income when you retire?
Response: A simple way to think about the pension is that it provides approximately 2% of your average earnings for each year of credited service. For example, a member with 30 years of service could receive a pension equal to about 60% of their average earnings, subject to the plan’s pension formula. The amount you receive depends on your years of service and earnings history.
- What’s the pension’s average year yield for last 10 years, 20 years and 30 years?
Response: The plan’s annualized net investment return (after fees) for the 10 years ending December 31, 2025, was 7.1%. The annualized net investment return for the 20 years ending December 31, 2025, was approximately 6.8%. We do not currently report a 30-year return because historical performance data from earlier periods contains calculation issues that make the result unreliable.
- Looking at the administration fees, could you explain the increase of roughly 50% in the managers’ fees?
Response: The increase in investment management fees was driven primarily by two factors. First, management fees generally rise as plan assets grow because many fees are based on assets under management. Second, some investment managers receive performance-based compensation when they outperform their benchmarks. In 2025, one manager materially outperformed its benchmark, resulting in higher fees. While fees increased, the value added by the manager exceeded the additional cost, contributing positively to overall investment results.
- Is the board looking to continue covering eyewear for members over the age of 65, when they need it the most? If not, why?
Response: TTC Pension Plan is responsible only for administering the pension plan. Benefits such as eyewear coverage are administered separately by the TTC. Questions regarding health or benefit coverage should be directed to the TTC.
- I retired in April,2025. Will I get a payment retroactive from April to December 2025? And retroactive from January to July 2026?
Response: Your increase will be prorated based on your April 2025 retirement date, so you will not receive the full 2% increase this year. The adjustment is effective January 1, 2026 and will be paid retroactively with your August 15 pension payment.
- Will you be delegating funding to pension members who are in need of extended health care?
Response: The pension plan and extended health benefits are administered separately. Pension plan funds are used solely to provide pension benefits. Extended health benefits are determined and administered by the TTC. Questions regarding benefit coverage should be directed to TTC Human Resources.
- Could the plan provide information about what type of investments they are involved with?
Response: We publish our investment beliefs on our website. These outline the principles that guide how the plan’s assets are invested.
- Is the pension bulletproof? If the stock market becomes dire in the future for even a 10-year period, how does that affect the pension in the future for recipients?
Response: No pension plan can be described as completely bulletproof, but we work to make the plan as resilient as possible. Our investment portfolio is diversified across asset classes and markets to reduce risk and help withstand changing economic conditions. We regularly review risks and make prudent, long-term investment decisions to help protect members’ retirement income.
- I retired in February of 2026. Will I see an increase due to the inclusion of the 2025 income year?
Response: Yes. Now that the base period update has been approved, pension entitlements for members who retired in early 2026 will be recalculated. If your pension is affected, your monthly payment will be adjusted, and any applicable retroactive amount will be paid back to your pension commencement date.
- Once you retire, can you delay the start of your pension? If so, for how long? Will it continue to grow until you begin to collect your pension?
Response: If you stop working after age 50, you may postpone the start of your pension. Under the Income Tax Act, pension payments must begin no later than the year in which you turn 71. If you stop working between ages 50 and 60, delaying the start of your pension may allow you to avoid an early retirement reduction. If you postpone your pension, your entitlement will continue to grow until payments begin.
- When cashing out a lump sum (leaving the plan) before 50 years old, what’s the main factor affecting the amount you will receive, and what’s the lowest possible amount?
Response: The value of a lump-sum payment is different for every member, so there is no minimum amount that applies to everyone. The calculation is intended to reflect the value of your future pension and is primarily affected by interest rates, your age and the value of your pension benefit.
- What is the number of active number vs non active members?
Response: TTC Pension Plan has approximately 29,000 members, including about 17,000 active members and more than 11,000 pensioners and deferred members.
- When a pensioner passes away, does their spouses get their pension?
Response: Whether a pension continues to a spouse after a member’s death depends on the retirement option selected. Members with an eligible spouse choose a survivor pension option at retirement. If a survivor pension was selected, pension payments will continue to the spouse according to the option chosen.
- What percentage of pension investments are allocated to the USA, Canada, and other international markets? Which international markets have the highest investment?
Response: The fund is geographically diversified. Approximately 39% is invested in the United States and 36% in Canada, meaning about 75% of the fund is invested in North America. Approximately 13% is invested in Europe, with the remainder spread across regions including emerging markets, Japan and Australia.
- I have a few questions regarding my TTC pension during a Leave Without Pay (LWOP):
• Will my TTC pension membership be affected while I am on Leave Without Pay?
• During the LWOP period, will there still be employer and employee pension contributions, or will contributions be suspended?
• If pension contributions are suspended during the LWOP, how will this affect my pension benefits and pension payments after I retire?
• If there is an option to purchase or make up the pension service for the LWOP period after I return to work, could you please explain how that process works?
Response: Some leaves of absence are considered protected leaves, including maternity or parental leave and periods when a member is receiving WSIB or long-term disability benefits. During a protected leave, credited service continues to grow and no pension contributions are required.
For all unpaid leaves of absence, pension contributions are suspended. If the leave is not a protected leave, your credited service will not continue to accrue and you may have the option to repurchase the service when you return to work. The cost and deadlines for repurchasing service depend on the type of leave. Our team can provide details once you return to work.
- Is a survivor pension the same amount as the pension an employee would receive after retiring with 30 years of service and a 60% pension?
Response: The amount of a survivor pension depends on the option selected at retirement. A joint and survivor (J&S) 60% pension is the minimum required under Ontario pension legislation. Members may elect a higher survivor pension of 66 2/3%, 80% or 100%, which reduces the amount of their own monthly pension. Retirement estimates provided by our team show all available survivor pension options.
- If I pass away, can my remaining pension be paid to my living dependent?
Response: A named beneficiary may be eligible to receive either a lump-sum payment or a temporary monthly pension, depending on the circumstances. A lifetime survivor pension is available only to an eligible spouse and cannot be paid to another dependent, child or relative.
- I’m planning to retire in near future. Will I see the inclusion of the 2025 income year?
Response: Yes. Now that the base period update has been approved to include 2025, future pension estimates will automatically reflect the change when calculating the average of your best four years of pensionable earnings.
- One of my family members is not in the pension. How can I include him?
Response: Changes to your beneficiary information must be made by submitting an updated beneficiary designation form. The form is available on our website under Resources > Forms.