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Pension Fund Investment in Canada Trends, Regulation and Pension Governance. March 15, 2001 Santiago, Chile. Rudy R. Dabideen, CFA Chairman - PIAC. Presentation Outline. PIAC Canada’s Capital Markets Pension Assets Growth of assets Asset mix Regulations Investment Trends

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pension fund investment in canada trends regulation and pension governance

Pension Fund Investment in CanadaTrends, Regulation and Pension Governance

March 15, 2001

Santiago, Chile

Rudy R. Dabideen, CFA

Chairman - PIAC

presentation outline
Presentation Outline
  • PIAC
  • Canada’s Capital Markets
  • Pension Assets
    • Growth of assets
    • Asset mix
  • Regulations
  • Investment Trends
  • Fund Governance
slide3
PIAC

Pension Investment Association of Canada

  • 200 Members
  • Total Assets of PIAC members: $550 Bill
  • Asset Focus
  • 4 Committees
    • Investment
    • Member Services
    • Government Relations
    • Corporate Governance
  • Web Site: WWW/PIACWEB.ORG
capital markets overview
Capital Markets Overview

Capitalization in US $$’s

  • Equity Markets
    • Canada $ 520 B UK 2.4 T
    • USA $ 13.0 T Japan 3.0 T
  • Bond Market
    • Canada $ 540 B UK 940 B
    • USA $ 14.6 T Japan 5.7 T
capital markets overview1
Capital Markets Overview

Capitalization in US $$’s

  • Population
    • Canada 31 M UK 60 M
    • USA 276 M Japan 127 M
  • GDP
    • Canada 700 B UK 1.3 B
    • USA 10.1 T Japan 4.7 T
total pension asset growth canada
Total Pension Asset Growth - Canada

Total Pension Assets (US Bill)

Source: Intersec

total pension asset growth
Total Pension Asset Growth

Total Pension Assets (US Bill)

Source: Intersec

asset growth 1985 1999
Asset Growth 1985 - 1999

% of GDP

$ Billions

Source: Statistics Canada

top 10 pension plans in canada
Top 10 Pension Plans in Canada

Cdn $’s Bill

As of Dec 1999

Source: Benefits Canada - April 2000 Issue

average piac asset mix 1999
Average PIAC Asset Mix - 1999

Source: PIAC Data Base of Pension Funds

asset mix change 1990 1999
Asset Mix Change - 1990 & 1999

1990

1999

Source: PIAC Data Base of Pension Funds

typical market indices
Typical Market Indices
  • TSE 300 Canadian Equity
  • MSCI World Global Equity
  • MSCI EAFE International
  • SC Universe Canadian Bonds
  • S&P500 / MSCI USA US Equity
  • MSCI Japan Japan Equity
regulation
Regulation
  • Limit on global investments
    • 30% outside of Canada (2001)
  • Statement of Investment Policies & Procedures (SIP&P)
  • Harmonization of regulators
  • Pension Benefit Act
    • Prudent Person Rule
  • Actuarial Valuations
  • Financial Statements
foreign investments 1990 1999
FOREIGN INVESTMENTS1990 - 1999

% of total assets

Source: Statistics Canada

investment trends
Investment Trends
  • Increase in Foreign Investments
    • Derivatives to go beyond the legal limit
  • Alternative Investments
    • Private Equity
    • Hedge Funds
  • Reduced Bond Market
    • Government Surplus
    • Increase credit analysis
investment trends1
Investment Trends
  • Risk Management
    • Risk Budgeting
    • VAR
  • Defined Benefit to Defined Contribution Plans
  • Social Investing / Ethical Investing
  • Settlement Improvements
    • T + 1
governance
Governance
  • Pension Plan Governance Model
    • PIAC / ACPM / OSFI
  • Structure of Pension Plans
    • Trustee’s Role
    • Management’s Role
    • Monitoring
    • Feedback