Retirement fund posts rate of return

Assets grow by more than $3.1 billion during course of the year

Retirement fund posts rate of return
It was another year of growth for one major retirement fund in Canada – albeit the extent of that growth was some way short of the previous year.

The HealthCare of Ontario Pension Plan (HOOPP) saw a 5.12 per cent increase in its rate of return on investments during 2015: with assets rising by $3.1 billion during the year. This meant that its total assets finished 2015 at $63.9 billion – an increase from $60.8 billion as 2014 reached its close. This means that HOOPP was able to pass its benchmark by $700 million.

Though growth was encouraging, it was comparatively subdued compared to 2014: during that year, investment assets leapt by $9.1 billion.

HOOPP is now one of the 10 largest retirement funds in Canada based on its assets. Currently, it controls the assets of around 309,000 former and current employees of about 490 employers that are linked with the Ontario Hospital Association. Among the beneficiaries on its list are hospital staff, retired nurses and medical technicians.

Its website describes it as a defined benefit pension plan said to be dedicated to offering secure retirement income to workers within the healthcare sector of Ontario.