CANADA - The CAN$11.7bn (US$9.6bn) Canada Post pension plan lost almost 20% during 2008, its annual report reveals.
The scheme said this was the first time since it was formed eight years ago the plan underperformed against its benchmark.
The pension scheme said it ended the year in a better financial position than many of its peers, due to a funding surplus at the start of 2008, which declined to a funding ratio of 91% at the end of the year.
Canada Post chief investment officer and vice-president of the pension fund Douglas Greaves said: "While the short-term impact on investment returns has been negative, the Plan is designed to achieve the long-term returns required to fund pension benefits for members, retirees and beneficiaries."
The plan's president Moya Greene added: "As the plan sponsor, the financial risk in providing a defined benefit pension plan rests with Canada Post. Therefore the best security for members is a financially-strong plan sponsor. Our plan remains in good shape despite the current economic situation."
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