The Nova Scotia Teachers’ Pension Plan is reporting a one-year investment return of 9.76 per cent, according to its annual report.
At the end of 2024, the plan’s total net assets increased to $6.17 billion, compared to $5.75 billion in 2023. The actuarial liabilities at the plan reached $7.61 billion in 2024.
Read: N.S. Teachers’ Pension Plan’s funded status dips to 75.1%: annual report
The investment return beat the assumed actuarial return of 5.8 per cent. However, it underperformed its policy benchmark (12.54 per cent) due to weakness in the global equity, international equity and real assets portfolios. Over a 10-year period, the investment return reached 6.19 per cent.
The funded status of the plan increased to 81.1 per cent from 78.1 per cent compared to its previous reporting period. The investment organization expects to close 2025 with a funding target range between 80 per cent to 90 per cent.
During 2024, it kicked off a new asset liability study, which is expected to conclude halfway through 2025. As part of this study, the plan introduced a private equity allocation within the equity portfolio. It also launched a new portable alpha program, new investments in natural resources and renewable infrastructure.
“Our investment approach delivered meaningful growth while continuing to mitigate risks in a volatile market environment,” said John Rogers, board chair at the Teachers’ Pension Plan Trustee Inc., in a press release.
Read: Nova Scotia Pension Services Corp. assets increase to $13.7BN in fiscal 2024