CANADA - The Canada Post Pension Plan has reported benchmark beating returns of 14.3% on its defined benefit (DB) scheme in 2006, bringing its total assets to C$14.35bn.
Canadian, US and international stocks and bonds made up the plan’s portfolio that outperformed its stated 13.1% benchmark return in its sixth full year of operation.
In addition, Canada Post itself contributed C$288m to the fund, instead of the expected C$270m to fund a solvency deficit that had been created over recent years.
Vice-president of the pension fund and chief investment officer, Douglas Greaves, said: “We are pleased that our 2006 results have enabled the plan to return to a fully funded solvency position.”
Greaves added: “Canada Post continues to hold the financial strength to meet all its obligations.”
Helping the fund were modest increases in long-term interest rates which led to a decrease in the calculated pension.
The Canadian Post Pension plan has 74,000 active and retired members, deferred pensioners and beneficiaries.
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