The largest contributor to the growth of the TPP assets is typically investment income.
Our investment strategy, which is guided by the SIP&P, aims to maximize returns within a reasonable level of risk in order to meet our pension obligation. The target asset mix is a vital element of our investment strategy and is determined by the TPP Commission through an exercise called an Asset Liability Modelling Study (ALM Study). The last ALM Study was completed in 2022.
Asset Mix at March 31, 2026
| Asset Classes | Target Range | Benchmark | Actual Allocation as at March 31, 2026 |
|---|---|---|---|
| Cash & Short-Term Investments | 0.0% - 4.0% | 0.0% | 1.9% |
| Long Core Plus Bonds | 7.0% - 13.0% | 10.0% | 9.0% |
| Core Plus Bonds | 17.0% - 23.0% | 20.0% | 20.5% |
| Global Equities | 30.0% - 40.0% | 35.0% | 38.4% |
| Global Real Estate | 7.0% - 13.0% | 10.0% | 8.3% |
| Global Infrastructure | 7.0% - 13.0% | 10.0% | 10.4% |
| Private Debt | 7.0% - 13.0% | 10.0% | 8.0% |
| Private Equity | 2.0% - 8.0% | 5.0% | 3.5% |