Message from our Chair, Steve McGirr
I want to express my gratitude to the working and retired teachers of Ontario for their continued trust in the plan. For more than 30 years, we have remained focused on helping to ensure the plan is well funded and sustainable for our members now and for the years ahead. We continue to pursue this goal with dedication and care.
At a glance
- Board Chair Steve McGirr discusses Ontario Teachers’ performance in 2024 Annual Report.
- We were able to deliver positive performance and service excellence in a year marked by larger shifts on the world stage.
- Our portfolio showed resilience in 2024, securing a 9.4% total-fund net return and ending the year with more than $266.3 billion in net assets.
- For the third consecutive year, 93% of members expressed satisfaction with the service we provide.
I am pleased to report that the plan remains fully funded for the 12th consecutive year with a robust preliminary surplus of $29.1 billion, ensuring stability in contributions and benefits for members. Our portfolio showed resilience in 2024, securing a 9.4% total-fund net return and ending the year with more than $266.3 billion in net assets. These results are testament to the prudence of our investment strategy, the hard work of our teams, the plan’s robust risk culture and sound governance practices.
Delivering excellence in member service
In addition to positive performance results, I am pleased to report that we have received excellent feedback from our members. On the service members receive, they say they feel confident when engaging with us; informed about their pension; and cite the ease with which they can communicate with us. For the third consecutive year, 93% of members expressed satisfaction with the service we provide.
In 2024, our teams worked to improve self-service options and offer programs to educate members on their pension benefits. We will continue to integrate advancements in technology at the lowest possible cost to better understand and address our members’ needs. We remain committed to engaging with our members in the methods best suited to them.
An evolving investing landscape
We were able to deliver positive performance and service excellence in a year marked by large shifts on the world stage. The global environment is shaping the investment landscape in unprecedented ways, with rising global conflicts, political shifts, economic disparities and policy changes. Most notably, the outcome of the U.S. election in 2024 has had broad implications for investors. In this economic environment, achieving the same level of returns that we have become accustomed to is more challenging and the expected rate of return is decreasing. As a long term investor, we position ourselves for success now and in the future.
Board priorities
Adapting to the macro environment remains a top priority for the board. Organizations must continuously assess their position in response to shifting circumstances. This is especially true for an organization like ours, which manages more than a quarter trillion dollars across five continents and in diverse sectors.
In 2024, we dedicated significant time supporting the senior management team in assessing the investing landscape and determining how the plan can evolve to both capture opportunities and mitigate risk. Building on a strong foundation, leveraging the advantages that have contributed to the plan’s success—our scale, ability to invest strategically, and long-term approach to investing will position the plan well into the future. From this strong footing, we have provided guidance to the senior management team in their development of a go-forward strategy that identifies new opportunities for continued success. Our mission remains the same as it has since the pension plan was created: to ensure that the plan remains fully funded for the long term. We are confident in the senior management team’s ability to execute on a strategy that we believe will mark the beginning of a new era of excellence for the plan.
Board update and renewal
As the board of your pension plan, we aspire to the highest standards of governance and integrity. We believe that renewal is a cornerstone of governing with excellence. As part of that commitment, we were pleased to welcome Jaqui Parchment who joined our board in January 2025. Jaqui brings more than 35 years of business leadership experience, including through serving on a range of boards and employers on pension, investment and human capital issues.
Patti Croft retired from the board in 2024, after making positive contributions to best-in-class governance practices, recruitment and board renewal. I thank her for her commitment to serving capably on the board.
On behalf of the board, I would like to express my gratitude towards our sponsors – the Province of Ontario and Ontario Teachers’ Federation – for their commitment to renewal and board member independence. Both the province and OTF have supported being at the forefront of good governance, which will serve our plans members, now and into the future.
Looking ahead
Change proved to be a constant in 2024, and we are prepared for even more change and uncertainty in 2025. The board has full confidence in Jo Taylor and the executive management to navigate an unpredictable future. Together we will continue to work diligently to help ensure the plan remains resilient and well-funded for the long term.
It is an honour to serve you as chair of the board of Ontario Teachers’ Pension Plan.
Steve McGirr
Chair