CANADA - The Canada Pension Plan (CPP) reserve fund grew C$4.7bn to $91.7bn in the third quarter of 2005.
The bulk of growth ($4bn) came from investments in publicly traded stocks, private equity, real estate, infrastructure and government bonds for a rate of return of 4.5% for the quarter (not annualised).
The $700m earnings came from CPP contributions not needed to pay current pensions. As of end Q3, the fund consisted of 55.5% ($50.8bn) publicly traded stocks, 30.8% ($28.3bn) of government bonds, 4.3% ($3.9bn) cash and money market securities, 5.6% ($5.2bn) real return assets and 3.8% ($3.5 bn) private equity. Based on actuarial projections, CPP contributions are expected to exceed benefits paid until 2022, providing a 17-year period before a portion of the investment income from the reserve fund is needed to help pay CPP benefits.
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