2014 Public Service Pension Plan Annual Report

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1 2014 Public Service Pension Plan Annual Report

2

3 2014 Public 2013 Service MEPP Annual Pension Report Plan Annual Report Table Table of Contents of Contents Governance Public Service Statement... Pension Board 4 Administration Report... 6 Governance Statement... 4 Plan Performance and Investment Report... 9 Appendix: Financial Message Statements from... the Chair MEPP Alberta 10 Year Pensions Plan Summary Services... Corporation 44 Administration Report... 8 Alberta Treasury Board and Finance Plan Performance and Investment Report Appendix Financial Statements Management Employees Pension Plan Annual Report Public Service Pension Plan Annual Report 3

4 2013 Governance MEPP Annual Statement Report This section provides the Governance Statement for the Public Service Pension Board Table of Contents Governance Statement... 4 Administration Report... 6 Plan Performance and Investment Report... 9 Appendix: Financial Statements MEPP 10 Year Plan Summary Management Employees Pension Plan Annual Report Public Service Pension Plan Annual Report

5 Governance Statement Public Service Pension Plan Management of the Public Service Pension Plan The Public Service Pension Plan (PSPP, or the Plan) is governed by rules found in the Public Sector Pension Plans Act and Regulations. The Public Service Pension (PSP) Board is the legal owner of the PSPP assets. The President of Treasury Board and Minister of Finance (the Minister) holds the assets of PSPP in trust and is responsible in legislation for the administration of the Plan and investment management of its assets. The Minister has delegated the day-to-day tasks of operating the Plan: Alberta Pensions Services Corporation (APS) has been delegated all functions in relation to the administration of the Pension Plan for members, pensioners and employers. APS is a provincial crown corporation governed by a board of directors, with representatives from the private sector, pension boards and the Government of Alberta. Alberta Investment Management Corporation (AIMCo), a provincial crown corporation, manages and invests the assets on behalf of the Minister and the PSP Board. Aon Hewitt provides actuarial services and investment consulting services to the PSP Board. Aon Hewitt performs actuarial valuations of PSPP and recommends contribution rates to the PSP Board. The Auditor General of Alberta conducts an independent audit of the financial statements of PSPP to ensure they are presented fairly in all material aspects and in accordance with Canadian accounting standards for pension plans. Because there are a number of different organizations involved in the governance and operations of the Plan, ongoing communication, cooperation and collaboration are required of all parties. For that reason, PSPP has operating protocols with APS and with AIMCo that detail how the organizations will work together. The PSP Board The PSP Board is a body of six individuals. The Government of Alberta nominates three employer nominees and the Alberta Union of Provincial Employees (AUPE) nominates three employee nominees. Based on rules found in the Public Sector Pension Plans Act and Regulations, the PSP Board is responsible for: setting policy guidelines for the investment and management of PSPP s assets; setting policy guidelines for the administration of PSPP; setting contribution rates based on recommendations of the PSPP actuary; making arrangements to have an actuarial valuation completed and filed with Canada Revenue Agency at least once every three years; making recommendations for plan rule changes; and reviewing administrative decisions. The Board has also established an Investment Committee comprised of the Whole of the Board and two or three external members experienced in the investment industry. For more information on the PSP Board, visit Governance Statement 2014 Public Service Pension Plan Annual Report 5

6 2013 Message MEPP Annual from the Report Chair This section provides the message from the Chair of the Public Service Pension Board Table of Contents Governance Statement... 4 Administration Report... 6 Plan Performance and Investment Report... 9 Appendix: Financial Statements MEPP 10 Year Plan Summary Management Employees Pension Plan Annual Report Public Service Pension Plan Annual Report

7 Message from the Chair On behalf of the Public Service Pension (PSP) Board, I am pleased to present the annual report for the fiscal year ending December 31, Your pension matters. Please take the time to read this report and get back to us with any questions or comments. What was the global economic picture in 2014? The global economy had mixed results in 2014, the fourth consecutive year in which global output slowed relative to the prior year. Despite the tepid performance of the global economy, your Plan s 2014 investment performance was positive: the Plan s investments returned 12.2% after expenses. While assets grew to almost $10 billion, the deficit remains at $803 million. The Plan s ability to pay future benefits continued to improve. What were the Plan highlights in 2014? Based on information from an interim actuarial valuation completed for 2013, the Board decided not to increase contribution rates in We also decided not to increase contributions in The current contribution rates are aimed at getting the Plan to a fully funded status by To help preserve the purchasing power of our members receiving pensions, ongoing cost-of-living adjustments were made to their pension benefits in The Board was involved in extensive discussions on pension reform in This included consideration of changes to the Plan as proposed in a bill of the legislature. The legislative session ended in the fall with no changes being made to the Plan. We did enter into one new agreement with the Minister, a mandate and roles document, which updates some of the Board s responsibilities and is posted on our website ( ca/board). What will 2015 bring? The PSP Board is now carrying out an experience study to look at the rates at which key events happen to members of the Plan. This includes things like when they leave their jobs, retire or receive merit and promotion increases. This information helps the Board and our actuary make assumptions about future member activity. With the results of the experience study in hand and as part of our ongoing monitoring responsibilities Aon Hewitt, our actuary, will prepare an actuarial valuation at December 31, The actuary will analyze the financial health of the Plan by comparing the Plan s assets and liabilities at that date. The Board uses this information to help set contribution rates and, in general, to continue to act in the best interests of the Plan. What s inside? This annual report includes the following: a Plan governance statement (prepared by the Board); an administration report summarizing Plan services (prepared by the Alberta Pensions Services Corporation); a report detailing the Plan s performance and investment results (prepared by Alberta Treasury Board and Finance); and Plan financial statements (prepared by Alberta Treasury Board and Finance). Public Service Pension Plan Whom do we thank? For the effective day-to-day functioning of our Plan, we owe a debt of thanks to the Alberta Investment Management Corporation for its investment management services and to Alberta Pensions Services Corporation for providing administrative and Plan member communication services. We thank our Board staff for their ongoing support as we carried out our responsibilities in In addition, we thank you Plan members and employers for the trust you have placed in the Board. In conclusion The Board will continue to focus on your best interests in the ongoing management of the Plan and its investment policies. With this approach, the Plan is best positioned to weather future economic events and to retain its value to enhance the retirement of its members. Message from the Chair Larry Murray Chair Public Service Pension Board 2014 Public Service Pension Plan Annual Report 7

8 2013 MEPP Administration Annual Report The PSPP Administration Report is prepared by Alberta Pensions Services Corporation (APS), Administrator of PSPP Table of Contents Governance Statement... 4 Administration Report... 6 Plan Performance and Investment Report... 9 Appendix: Financial Statements MEPP 10 Year Plan Summary Management Employees Pension Plan Annual Report Public Service Pension Plan Annual Report

9 PSPP Administration Report 2014 Public Service Pension Plan Alberta Pensions Services Corporation (APS) provides valued pensions services (as directed under a Pension Services Agreement with the President of Treasury Board and Minister of Finance) on behalf of Public Service Pension Plan (PSPP) members, pensioners, employers and plan governors. Services include: Contributions management Member, pensioner and employer information management Member, pensioner and employer communications Benefit calculations Benefit disbursements Policy development and implementation Compliance, regulatory and plan financial reporting Contributions to PSPP In 2014, total contributions to PSPP were $665,559 (thousands). Employer contributions Employee contributions Transfers from other plans 49% 49% 2% Payments from PSPP In 2014, total payments from PSPP were $531,864 (thousands). Pension Benefits Refunds 4% 11% Administration Report Transfers Member service and investment expenses 20% 65% 2014 Public Service Pension Plan Annual Report 9

10 Public Service Pension Plan Membership PSPP Members, Pensioners and Employers Based on year-end totals, PSPP has 31 employers and a total of 82,250 active and deferred members and pensioners. In 2014, 5,738 members joined the Plan, 430 re-joined the Plan, 1,491 members retired, 1,914 members deferred funds, and 3,156 members terminated and left the Plan. Active Deferred Pensioners 19% 29% 52% Average age of PSPP active members Average age of all retirees in Average monthly pension paid out (Dec. 2014) $1,274.2 Average retirement age in Percentage increase in membership over % Administration Report PSPP Member Service Expenses PSPP s share of APS operating and plan-specific costs are based on cost allocation policies approved by the President of Treasury Board and Minister of Finance. PSPP s share of APS costs was almost $12 million in Based on average membership, PSPP s per member service expense is $146 which includes APS operating costs, board costs, actuarial fees and other professional fees. Member Service Expenses ($ thousands) General administration costs 11,575 10,210 Board costs Actuarial fees Other professional fees Total 12,000 10,618 Member service expenses per member $ 146 $134 Cost-of-Living Adjustment (COLA) to Pensions in Pay After a member begins to receive a pension, a cost-of-living adjustment is applied every year there is an increase in the Alberta Consumer Price Index (ACPI). COLA is equal to 60 per cent of the yearly increase of the ACPI. As of January 1, 2014 the COLA granted to pensioners was 0.72 per cent. For those who retired during 2014, this increase was prorated depending on the month of retirement Public Service Pension Plan Annual Report

11 Public Service Pension Plan Activities in 2014 APS focused on the following initiatives in 2014 to further enhance services to our valued PSPP clients: Updated the online pension estimators to give PSPP members estimates of what their pension payments might be under new plan rules. Completed 27,347 PSPP member transactions, 6 per cent less than in Ongoing promotion of mypensionplan.ca, a secure website for members to access their pension information: As of December 31, PSPP had 3,247 new members registered on mypensionplan.ca and19,563 members registered in total. Completed the successful implementation of the first phase of our Next Generation business transformation project and migrated more than 23,956 pensioners to the new COMPASS system. Successfully paid more than 23,956 pensioners every month, for the last four months of 2014 through the new pension payroll system. Provided more proactive communication between APS and our members with incoming member calls dropping by 3.3 per cent, going from 90,161 calls in 2013 to 87,230 in Achieved a client satisfaction rate of 86 per cent for the second year in a row once again surpassing our goal of 82 per cent. Provided more than 34 educational webinars to more than 840 clients on topics such as retirement options and how to increase benefits. Provided more than 2,379 member-counselling sessions, including 1,453 in-house, one-on-one counselling sessions. More than 4,184 members attended education sessions, down 20 per cent from We attribute this drop to members having access to more information on our website and utilizing other communication channels such as webinars. In 2015, APS plans to: Introduce an on-line portal for pensioners, providing PSPP retirees the convenience of an online service. Retirees can view their monthly pension payments and deductions, see when their next payment is, change their personal information (address, banking, beneficiaries) and access and print their T4A slips. Pensioners can also provide documents through a new secure service, eliminating the need to post, fax or deliver information in person. Introduce a refreshed mypensionplan.ca for PSPP members. Provide all PSPP members a new member identifier number that they can use from membership through to retirement to access their member and pensioner information online, over the phone and in person. Provide employers with a new portal that gives them greater control of their information and increased flexibility and choice of data submission formats. Progress toward the 2016 completion of the Next Generation business transformation system. Enrich remote employer information sessions. Administration Report 2014 Public Service Pension Plan Annual Report 11

12 Plan 2013 Performance MEPP Annual and Investment Report Report The PSPP Plan Performance and Investment Report is prepared by the Ministry of Treasury Board and Finance Table of Contents Governance Statement... 4 Administration Report... 6 Plan Performance and Investment Report... 9 Appendix: Financial Statements MEPP 10 Year Plan Summary Management Employees Pension Plan Annual Report Public Service Pension Plan Annual Report

13 Plan Performance Public Service Pension Plan 2014 Annual Report Public Service Pension Plan Public Service Pension Plan 2014 Annual Report Net PLAN Assets PERFORMANCE versus Pension Obligation Net PLAN Assets PERFORMANCE versus Pension Obligation The financial position of the PSPP continued Net Assets: $9.787 Billion to improve in At December 31, 2014, Net Assets versus Pension Obligation The financial the fair position value of of the the Plan s PSPP net continued assets to Net Obligation: Assets: $9.787 $ Billion improve in At December 31, 2014, the fair Billion increased by 14.3 per cent (or $1,228 value The financial of the Plan s position net of assets the PSPP increased continued by 14.3 to per million) to $9.787 billion. The increase in net Obligation: cent (or $1,228 million) to $9.787 billion. The Net Assets: $ Deficit: $9.787 $803 Billion improve in At December 31, 2014, the fair Million increase value of assets the in net Plan s was assets greater net was assets than greater increased the than increase the by 14.3 increase the per in the estimated pension obligation which grew by Obligation: Deficit: $803 $ Million Billion cent (or $1,228 million) to $9.787 billion. The Income and Contributions: $1.760 Billion 7.9 increase per by cent in 7.9 net (or per assets $777 cent million) (or was $777 greater to million) $ than to the billion. $ increase The Income and Plan s billion. deficit decreased The Plan s by deficit $451 decreased million to by $803 Deficit: Contributions: $803 Million $1.760 Billion in the estimated pension obligation which grew $451 by million, according to the 2014 audited financial Benefits and Expenses: $532 Million 7.9 per statements. million cent (or to $777 $803 million) million, to according $ to billion. the 2014 The Income Benefits and and Contributions: Expenses: $532 $1.760 Million Billion Plan s deficit decreased by $451 million to $803 million, audited according financial to the statements audited financial Benefits and Expenses: $532 Million statements. At December 31, 2014, the financial position of the Plan improved so that 92 per cent of the total pension At obligation December was 31, supported 2014, the by financial net assets position up from of the 87 per Plan cent improved in so that 92 per cent of the total pension obligation was supported by net assets up from 87 per cent in At December 31, 2014, the financial position of the Plan improved so that 92 per cent of the total pension obligation Per cent of was Pension supported Obligation by Supported net assets by up Net from Assets 87 per cent in (per audited financial statements) Per cent of Pension Obligation Supported by Net Assets (per audited financial statements) 100% 92% 87% 82% 78% 80% 75% 100% 92% 87% 82% 78% 60% 80% 75% 40% 60% 20% 40% 20% % In 2014, inflows 2014 from investment 2013 income and contributions 2012 totaling $ billion were more 2010 than triple outflows for benefit payments and expenses of $532 million. In In 2014, 2014, inflows inflows from from investment investment income income and and contributions contributions totaling totaling $1.760 $1.760 billion billion were were more more than than triple triple outflows PSPP Inflows for benefit and Outflows payments (in millions) and expenses of $532 million. (per audited financial statements) Income and Contributions Benefits and Expenses PSPP Inflows and Outflows (in millions) (per $2,000 audited financial 1,760 statements) 1,758 Income and Contributions Benefits and Expenses $2,000 1,760 1,758 1,310 1,024 $1,000 1, , $1, $ $ Plan Performance and Investment Report The chart below shows the gap between the total pension obligation and the net assets. By the end of 2014, Public the gap Service continued Pension to Plan narrow Annual as Report the growth in net assets outpaced the growth in the pension 13 The chart below shows the gap between the total pension obligation and the net assets. By the end of , the gap continued to narrow as the growth in net assets outpaced the growth in the pension

14 2 Public Service Pension Plan Plan Performance and Investment Report The chart below shows the gap between the total pension obligation and the net assets. By the end of 2014, the gap continued to narrow as the growth in net assets outpaced the growth in the pension Public Service Pension Plan 2014 Annual Report obligation. The total pension Public obligation Service is based Pension on Plan the estimated 2014 Annual net present Report value of future pension benefits paid to employees when they retire. Retirement benefits earned by employees provide a lifetime pension obligation. for The each total year pension of pensionable obligation service is based based on the on estimated a specified net percentage present value applied of future to the pension average salary benefits obligation. for paid the The to five total employees highest pension consecutive when obligation they years, retire. is based Retirement subject on the to estimated the benefits maximum earned net present benefit by employees limit value allowed of future provide under pension a the lifetime Canadian pension benefits for paid Income each to employees year Tax Act. of pensionable The when estimated they service retire. pension Retirement based obligation on a benefits specified increases earned percentage annually by employees applied for each to provide additional the average a lifetime year salary pension of for pensionable for the each five year highest service of pensionable consecutive earned by service years, employees. subject based The on to the a pension specified maximum obligation percentage benefit is an limit applied estimate allowed to because the under average the it is Canadian salary based for on the Income various five highest Tax assumptions Act. consecutive The estimated used years, by pension the subject Plan s obligation actuary. to the maximum increases For example, benefit annually an limit estimated for allowed each discount additional under the rate year of Canadian pensionable Income service Tax Act. earned The by estimated employees. pension The obligation pension obligation increases is annually estimate for each because additional is based year is on used various to determine assumptions the used present by the value Plan s of future actuary. retirement For example, payments. an estimated A lower estimated discount discount rate is used rate of pensionable service earned by employees. The pension obligation is an estimate because it is based to will determine on various increase the assumptions the present total pension value used of by obligation. future the Plan s retirement Similarly, actuary. payments. a For higher example, A estimated lower an estimated life expectancy discount will rate rate increase will is increase used the to pension the determine total obligation. pension the present obligation. Net value assets Similarly, of increase future retirement a higher when there estimated payments. are positive life A expectancy lower overall estimated investment will increase discount returns the rate pension and will when increase employee obligation. the total pension and Net employer assets obligation. increase contributions Similarly, when there a exceed higher are pension estimated positive benefits overall life expectancy investment paid. Net will assets returns increase decrease and the when pension when employee there are investment and obligation. employer Net losses. contributions assets increase exceed when pension there are benefits positive paid. overall Net assets investment decrease returns when and there when are employee investment and employer losses. contributions exceed pension benefits paid. Net assets decrease when there are investment losses. Net Assets Compared to Total Pension Obligation (in millions) (per Net audited Assets financial Compared statements) to Total Pension Obligation (in millions) (per audited financial statements) $12,000 10,590 $12,000 9,787 9,813 $10,000 10,590 9,787 8,559 9,813 $10,000 $8,000 8,559 7,300 $8,000 7,300 $6,000 $6,000 $4,000 $4,000 $2,000 $2,000 $0 $0 Net Assets Pension Obligation Net Assets Pension Obligation 8,945 8,271 8,945 8,234 8,271 8,234 6,481 6,167 6,481 6, As shown in the chart below, net assets increased by 14.3 per cent in 2014 compared to an increase in As shown in the chart below, net assets increased by 14.3 per cent in 2014 compared to an increase in As the shown pension in obligation the chart below, of 7.9 per net cent. assets increased by 14.3 per cent in 2014 compared to an increase in the pension obligation of 7.9 per cent. Per cent Change in Net Assets and Pension Obligation (per Per cent audited Change financial Net statements) Assets and Pension Obligation % change in net assets % change in pension obligation (per audited financial statements) 20% % change in net assets % change in pension obligation 17.2% 20% 14.3% 17.2% 14.1% 15% 14.3% 12.6% 12.4% 14.1% 15% 9.7% 12.6% 12.4% 10% 7.9% 9.7% 8.1% 10% 7.9% 8.1% 5.1% 5% 5.1% 5% 0.4% 0% 0.4% 0% INVESTMENT PERFORMANCE INVESTMENT PERFORMANCE Public Service Pension Plan Annual Report

15 Investment Performance Public Service Pension Plan 2014 Annual Report Public Service Pension Plan 2014 Year in Review INVESTMENTS INVESTMENTS $9.772 billion RETURN $9.772 ON billion INVESTMENT 12.2 per cent RETURN ON INVESTMENT INVESTMENT 12.2 INCOME per cent $1,095 million INVESTMENT INCOME EXPENSE $1,095 $48 million The year started out well with PSPP earning 4.6 per cent on its investments in The the year 1st started quarter. out In well the 2nd with quarter, PSPP PSPP s earning investments 4.6 per gained cent on 2.6 its investments per cent followed in the by 1 st 2.2 quarter. per cent In the in the 2 nd 3rd quarter, quarter. PSPP s In the 4th investments gained 2.6 per cent followed by 2.2 quarter per cent PSPP s in the investments 3 rd quarter. gained In the th per quarter cent PSPP s for an overall investments annual gained return of per per cent, net for an of investment overall annual expenses. return of 12.2 per cent, net of investment expenses. INVESTMENT EXPENSE In 2014, PSPP earned $1,095 million, before investment expenses, compared to $1,109 million in Investment expenses totaled $48 million compared to $44 million in At December 31, 2014, the investments In 2014, PSPP totaled earned $9.772 $1,095 billion million, compared before to investment $8.542 billion expenses, at the beginning compared of to the $1,109 year. million At December in , Investment 2014, 49.6 expenses per cent totaled (2013: $ million per cent) compared of the to Plan s $44 million assets in were invested At December in equities 31, followed 2014, the by 32.3 investments per cent totalled (2013: $ per billion cent) compared in money market to $8.542 and billion fixed at income the beginning securities, of the 17.4 year. per At cent December (2013: 31, 2014, 49.6 per cent (2013: 54.4 per cent) of the Plan s assets were invested in equities followed by per per cent) cent (2013: in alternative 30.4 per investments cent) in money including market real and estate, fixed infrastructure income securities, and timberland 17.4 per cent and (2013: 0.7 per cent 14.6 (2013: per cent) 0.6 in per alternative cent) in strategic investments opportunities. including real estate, infrastructure and timberland and 0.7 per Overall, cent (2013: the 0.6 PSPP s per cent) investments in strategic gained opportunities per cent in 2014, net of investment expenses, down from 14.1 Overall, per the cent PSPP s in investments gained 12.2 per cent in 2014, net of investment expenses, down from The 14.1 chart per cent below in compares the market returns from various indices around the world. The U.S. equity market had the highest gain in 2014 at 23.9 per cent followed by a gain of 17.9 per cent in the long The chart below compares the market returns from various indices around the world. The U.S. equity government bond market and 10.6 per cent in the Canadian equity market. The Canadian real estate market had the highest gain in 2014 at 23.9 per cent followed by a gain of 17.9 per cent in the long market government gained bond 7.1 market per cent and while 10.6 the per equity cent market in the Canadian outside North equity American market. The gained Canadian 3.7 per real cent. estate market gained 7.1 per cent while the equity market outside North American gained 3.7 per cent month return March Summary of Returns for Major Market Indices (in per cent and Canadian dollars) 6 month return June 30 9 month return September Annual Return 2014 U.S. Equity Market (S&P 500) Bond Market (FTSE TMX Long Government Bond Index) Canadian Equity Market (S&P/TSX Composite Index) Real Estate Market (IPD Large Institutional Index) Europe & Far East Equity Market (MSCI EAFE) Plan Performance and Investment Report Long-Term Investment Objectives for Funding Purposes To date, accumulated investment income provides approximately 56 per cent of PSPP s total inflows with 2014 contributions Public Service from Pension employees Plan and Annual employers Report providing 44 per cent. Therefore, investment earnings are 15 a 3

16 4 Public Service Pension Plan Long-Term Investment Objectives for Funding Purposes To date, accumulated investment income provides approximately 56 per cent of PSPP s total inflows with Public Service Pension Plan 2014 Annual Report contributions from employees and employers providing 44 per cent. Therefore, investment earnings are a key PSPP funding source. Assets are managed with an objective to help provide promised benefits for the PSPP key PSPP beneficiaries. funding source. Assets are managed with an objective to help provide promised benefits for the To PSPP meet beneficiaries. the long-term funding needs of the PSPP, it is expected that investments earn a return of 6.20 per cent per annum. To meet the long-term funding needs of the PSPP, it is expected that investments earn a return of 6.20 per cent per annum. Annual Returns by Year and Per cent of Pension Obligation Supported by Net Assets According Annual Returns to the audited by Year financial and Per statements, cent of Pension the Plan s Obligation investments Supported generated by Net a return Assets of 12.2 per cent According 2014 and to 7.9 the per audited cent financial per annum statements, over the past the Plan s twenty investments years. At December generated 31, a 2014, return 92 of per 12.2 cent per of cent the Plan s in 2014 total and pension 7.9 per cent obligation per annum was supported over the past by net twenty assets years. compared At December to 87 per 31, cent, 2014, the 92 previous per cent year. of the Plan s total pension obligation was supported by net assets compared to 87 per cent, the previous year. Summary of PSPP Investment Returns Actual Returns (*annualized) Required return 6.20% 15% 14.1% 12.2% 11.4% 10.1% 10% 9.7% 6.9% 7.9% 5% 3.6% Per cent of Pension Obligation Supported by Net Assets 92% 87% 82% 78% 75% 100% 80% 60% 40% 20% Plan Performance and Investment Report 0% Yrs* 10 Yrs* Statement of Investment Policies and Guidelines (SIP&G) Statement Investment Management of Investment Overview Policies & Guidelines (SIP&G) PSPP assets are invested in accordance with the PSP Board s SIP&G. The Ministry of Treasury Board Investment and Finance Management holds the assets Overview of PSPP in trust and is responsible in legislation for the investment PSPP management assets are of PSPP invested assets. in accordance This responsibility with the has PSP been Board s delegated SIP&G. to The Alberta Ministry Investment of Treasury Management Board Corporation (AIMCo), a provincial corporation established on January 1, AIMCo provides the dayto-day investment services for the Plan s investment portfolio. AIMCo invests PSPP s assets in and Finance holds the assets of PSPP in trust and is responsible in legislation for the investment management accordance with of PSPP legislation assets. and This the responsibility investment policies has been set by delegated the Board. to Alberta The Plan Investment invests in Management units of Corporation pooled investment (AIMCo), funds a provincial created and corporation managed established by AIMCo. on Pooled January fund 1, units have AIMCo a market-based provides the unit day-to-day value that is investment used to allocate services income for the to Plan s participants investment the portfolio. pool and AIMCo to value invests purchases PSPP s and assets sales in of units. accordance There are thousands with legislation of securities and the held investment various policies pooled set funds. by the These Board. securities The Plan are invests bought in and units sold of and pooled managed investment by AIMCo funds on a created daily basis. and managed by AIMCo. Pooled fund units have a market-based unit value The SIP&G that is establishes used to allocate investment income principles to participants and guidelines, in the pool considering and to value PSPP s purchases benefit and design, sales of units. There demographics, are thousands risk tolerance of securities and liabilities. held in various The PSP pooled Board funds. reviews These the securities SIP&G at are least bought once and a year sold to and managed ensure that by the AIMCo PSPP on Fund a daily is managed basis. within an appropriate and prudent level of risk. The Proxy SIP&G Voting establishes investment principles and guidelines, considering PSPP s benefit design, demographics, The PSP Board risk considers tolerance proxy and voting liabilities. to be The a key PSP element Board of reviews responsible the SIP&G investing at least and once believes a year that to ensure thoughtful that voting the PSPP is a contributor Fund is managed to optimizing within the an long appropriate term value and of prudent investments. level of The risk. PSP Board delegates the proxy voting function to AIMCo. Research and proxy voting have been outsourced to an Proxy independent Voting adviser who specializes in providing proxy-related services to institutional investors. While AIMCo may review and utilize the recommendations of the research provider in making proxy voting The PSP Board considers proxy voting to be a key element of responsible investing and believes that decisions, they are in no way obligated to follow such recommendations. thoughtful voting is a contributor to optimizing the long term value of investments. The PSP Board delegates the proxy voting function to AIMCo. Research and proxy voting have been outsourced to an independent adviser who specializes in providing proxy-related services to institutional investors. While AIMCo may review and utilize the recommendations of the research provider in making proxy voting decisions, they are in no way obligated to follow such recommendations. Risk Management System PSPP is invested in a wide spectrum of asset classes to help improve the likelihood of achieving desired 16 results for a given level of risk. As such, investment risk management 2014 Public is a central Service thesis Pension for Plan PSPP s Annual Report investment manager. AIMCo seeks to measure and monitor both historic and possible future risks, 20 Yrs* %

17 Public Service Pension Plan Risk Management System PSPP is invested in a wide spectrum of asset classes to help improve the likelihood of achieving desired results for a given level of risk. As such, investment risk management is a central thesis for PSPP s investment manager. AIMCo Public seeks Service to measure Pension and Plan monitor 2014 Annual both historic Report and possible future risks, allocating risk as a scarce resource to the most promising investment opportunities. AIMCo maintains a quantitative investment risk system designed to operate across all asset classes and take into account a Public Service Pension Plan 2014 Annual Report allocating variety risk of risks as a types scarce such resource as credit to the risk, most price promising risk, interest investment rate risk, opportunities. currency risk AIMCo and liquidity maintains risk. a quantitative investment risk system designed to operate across all asset classes and take into account a variety of risks types such as credit risk, price risk, interest rate risk, currency risk and liquidity risk. allocating risk as a scarce resource to the most promising investment opportunities. AIMCo maintains a Policy quantitative Asset investment Mix risk system designed to operate across all asset classes and take into account a PSPP Long-Term Policy Asset Mix The variety asset of risks class types structure such as shown credit on risk, the price right risk, interest rate risk, currency risk and liquidity risk. Policy supports Asset the Mix Money PSPP investment strategy, which The asset class structure shown on the right supports Alternative market PSPP Long-Term Policy Asset Mix focuses on funding PSPP over the long-term. investments 0.5% the Policy PSPP Asset investment Mix strategy, which focuses on funding 23.5% Money PSPP The AIMCo over asset is the class given long-term. structure the following shown broad on the ranges right supports to Alternative market investments 0.5% the invest PSPP within investment each asset strategy, class: which Equities focuses (41 on to funding % Liability AIMCo PSPP is over given the the long-term. following broad ranges to invest per cent); Alternative investments (20 to 30 per Equities Matching within each asset class: Equities (41 to 55 per cent); Liability AIMCo cent); money is given market the following (0 to 3 broad per cent); ranges liability 47.5% 20.0% Alternative investments (20 to 30 per cent); to money invest Equities Matching market within matching (0 each to 3 (12 asset per to cent); 25 class: per liability Equities cent); matching and (41 other to 55 (12 per fixed to cent); 25 per 47.5% Other 20.0% fixed cent); Alternative income and other securities investments fixed (6 income to (20 12 to per securities 30 cent). per cent); In (6 addition, to money 12 per income cent). market (0 to 3 per cent); liability matching (12 to 25 per Other fixed AIMCo In addition, may invest AIMCo up to may 3 per invest cent up of to the 3 per Plan s cent of 8.5% cent); and other fixed income securities (6 to 12 per income the cent). investments Plan s investments In addition, in strategic strategic AIMCo may opportunities opportunities invest up to that 3 per are that are cent of 8.5% outside the asset classes listed above. the outside Plan s the investments asset classes in strategic listed above. opportunities that are outside the asset classes listed above. The table below shows the long-term policy asset The mix table for below each asset shows class the long-term compared policy to the asset actual mix holdings for The each table at asset December below class shows 31, compared the 2014 long-term and to the policy actual holdings asset mix at for December each asset 31, class 2014 compared and to the actual holdings at December 31, 2014 and Asset Class Benchmark 2014 Min Max Actual Benchmark 2013 Min Max Actual MONEY Asset MARKET Class Benchmark 0.5% Min 0.0% Max 3.0% Actual 0.5% Benchmark 0.5% Min 0.0% Max 3.0% Actual 0.6% Deposits MONEY MARKET and short-term 0.5% 0.0% 3.0% 0.5% 0.5% 0.5% 0.5% 0.0% 0.0% 3.0% 3.0% 0.6% 0.6% Deposits and short-term 0.5% 0.0% 3.0% 0.5% 0.5% 0.0% 3.0% 0.6% FIXED INCOME SECURITIES FIXED INCOME SECURITIES Liability matching 20.0% 12.0% 25.0% 15.2% 20.0% 12.0% 25.0% 16.2% Liability matching 20.0% 12.0% 25.0% 15.2% 20.0% 12.0% 25.0% 16.2% Long Bonds 15.0% 12.0% 18.0% 10.1% 15.0% 12.0% 18.0% 9.7% Long Bonds 15.0% 12.0% 18.0% 10.1% 15.0% 12.0% 18.0% 9.7% Real Return Bonds 5.0% 0.0% 7.0% 5.1% 5.0% 0.0% 7.0% 6.5% Real Return Bonds 5.0% 0.0% 7.0% 5.1% 5.0% 0.0% 7.0% 6.5% Other fixed income 8.5% 6.0% 12.0% 16.6% 7.0% 6.0% 12.0% 13.6% Other fixed income 8.5% 6.0% 12.0% 16.6% 7.0% 6.0% 12.0% 13.6% Private Private mortgages mortgages 5.0% 5.0% 3.5% 3.5% 7.0% 7.0% 4.9% 4.9% 5.0% 5.0% 3.5% 3.5% 7.0% 7.0% 3.5% 3.5% Private Private debt debt and and loan loan 1.5% 0.0% 0.0% 3.0% 3.0% 0.6% 0.6% Universe Universe bonds bonds 2.0% 0.0% 4.0% 4.0% 11.1% 11.1% 2.0% 2.0% 0.0% 0.0% 4.0% 4.0% 10.1% 10.1% EQUITIES 47.5% 41.0% 55.0% 49.6% 47.5% 47.5% 41.0% 41.0% 55.0% 55.0% 54.4% 54.4% Canadian 12.0% 10.0% 17.0% 11.7% 12.0% 12.0% 10.0% 10.0% 17.0% 17.0% 11.9% 11.9% Global Global 26.0% 21.0% 29.0% 30.1% 30.1% 26.0% 26.0% 21.0% 21.0% 29.0% 29.0% 35.0% 35.0% Emerging Emerging markets markets 5.0% 0.0% 0.0% 7.0% 7.0% 5.1% 5.1% 5.0% 5.0% 0.0% 0.0% 7.0% 7.0% 5.0% 5.0% Private Private equity equity 4.5% 4.5% 0.0% 0.0% 6.0% 6.0% 2.7% 2.7% 4.5% 4.5% 0.0% 0.0% 6.0% 6.0% 2.5% 2.5% Plan Performance and Investment Report ALTERNATIVE INVESTMENTS 23.5% 20.0% 30.0% 17.4% 25.0% 20.0% 30.0% 14.6% ALTERNATIVE INVESTMENTS 23.5% 20.0% 30.0% 17.4% 25.0% 20.0% 30.0% 14.6% Canadian real estate 12.5% 10.0% 15.0% 9.4% 12.5% 10.0% 15.0% 6.8% Canadian real estate 12.5% 10.0% 15.0% 9.4% 12.5% 10.0% 15.0% 6.8% Foreign real estate 2.5% 0.0% 4.0% 1.3% 2.5% 0.0% 4.0% 1.0% Foreign Infrastructure real estate 8.5% 2.5% 5.0% 0.0% 12.0% 4.0% 5.2% 1.3% 10.0% 2.5% 5.0% 0.0% 15.0% 4.0% 5.1% 1.0% Infrastructure Timberland 0.0% 8.5% 0.0% 5.0% 4.0% 12.0% 1.5% 5.2% 0.0% 10.0% 0.0% 5.0% 4.0% 15.0% 1.7% 5.1% Timberland 0.0% 0.0% 4.0% 1.5% 0.0% 0.0% 4.0% 1.7% STRATEGIC OPPORTUNITIES % % STRATEGIC Total OPPORTUNITIES 100.0% % 0.7% 100.0% % 0.6% Total Investments by Currency 100.0% 100.0% 100.0% 100.0% Investments At December 31, 2014, 61 per cent (2013: 57 per cent) of the Plan s investments were denominated in 2014 Public Service by Currency Pension Plan Annual Report At December Canadian currency 31, 2014, and 6139 per per cent (2013: per cent) in of foreign the Plan s currencies. investments Investments were denominated U.S. in 17 Canadian currency and 39 per cent (2013: 43 per cent) in foreign currencies. Investments in U.S.

18 Public Service Pension Plan Investments by Currency At December 31, 2014, 61 per Public cent Service (2013: 57 Pension per cent) Plan of 2014 the Plan s Annual investments Report were denominated in Canadian currency and 39 per cent (2013: 43 per cent) in foreign currencies. Investments in U.S. currency comprised 20 per cent (2013: 23 per cent) of total investments followed by 19 per cent (2013: 20 per currency cent) comprised in other currencies 20 per cent outside (2013: North 23 per America. cent) of total investments followed by 19 per cent (2013: 20 per cent) in other currencies outside North America. PSPP Investments by Currency Plan Performance and Investment Report Canadian Dollar (CAD) - 61% United States Dollar (USD) - 20% Euro (EUR) - 4% Japanese Yen (JPY) - 2% British Pound (GBP) - 3% Australian Dollar (AUD) - 1% Swiss Franc (CHF) - 1% Other foreign currencies - 8% Investment Expenses Investment Expenses In In 2014, 2014, overall overall investment investment expense expense charged charged by by AIMCo AIMCo increased increased by by per per cent, cent, before before GST GST and and per cent, per cent, after after GST GST compared compared to an to increase an increase of 37.6 of 37.6 per cent per last cent year. last year. Average Average investments investments under under management increased by 15.7 per cent in 2014 compared to 15.1 per cent last year. ($ ($ millions) millions) Amounts Amounts charged charged by by AIMCo AIMCo for: for: Investment Investment costs costs (a) (a) $ $ Performance Performance based based fees fees (a) (a) GST GST (b) (b) Total Total investment investment expense expense $ $ Per Per cent cent increase increase in in investment investment expense, expense, before before GST GST 1.1% 1.1% 37.6% 37.6% Per Per cent cent increase increase in in investment investment expense, expense, after after GST GST 10.8% 10.8% 37.6% 37.6% Per Per cent cent increase increase in in average average investments investments under under management management 15.7% 15.7% 15.1% 15.1% Value Value added added (lost) (lost) by by AIMCo AIMCo -0.3% -0.3% 1.5% 1.5% Investment Investment expense expense as as per per cent cent of of each each dollar dollar earned earned 4.4% 4.4% 3.9% 3.9% Investment Investment expense expense as as per per cent cent of of each each dollar dollar invested invested 0.53% 0.53% 0.55% 0.55% a. (a) Please refer to to AIMCo s financial statements for for a detailed a breakdown of of the the types types of of expenses incurred by by AIMCo. Amounts recovered by by AIMCo for for investment costs costs include those costs that are primarily nonperformance related including external performance fees, external administration costs, employee salaries and nonperformance related including external performance fees, external administration costs, employee salaries and incentive benefits and overhead costs. Amounts recovered by AIMCo for performance based fees related to incentive external benefits managers and hired overhead by AIMCo. costs. Amounts recovered by AIMCo for performance based fees related to (b) external Two thirds managers of GST hired paid by in AIMCo and two-thirds of GST recorded as a receivable in prior years ( ) have been determined to be unrecoverable and expenses in b. Two thirds of GST paid in 2014 and two-thirds of GST recorded as a receivable in prior years ( ) have been PSPP determined Investment to be unrecoverable Performance and expenses in Summary The PSPP policy benchmark return is based on the policy asset mix weightings set by the PSP Board and 18 returns of related market benchmarks. The policy benchmarks are 2014 documented Public Service in Pension the SIP&G Plan for Annual the Report 6

19 Public Service Pension Plan Public Service Pension Plan 2014 Annual Report PSPP Investment Performance Summary The PSPP policy benchmark return is based on the policy asset mix weightings set by the PSP Board and PSPP. returns Investment of related performance market benchmarks. is measured The against policy PSPP s benchmarks policy are benchmark documented to determine in the SIP&G the impact for the of PSPP. the manager s Investment investment performance decisions. measured against PSPP s policy benchmark to determine the impact of the manager s investment decisions. According to the SIP&G, the PSP Board expects that the investment manager to earn a return, net of According to the SIP&G, the PSP Board expects the investment manager to earn a return, net of fees, fees, which exceeds the rate of return of the benchmark portfolio over a rolling four-year time horizon. which exceeds the rate of return of the benchmark portfolio over a rolling four-year time horizon. Over four years, the actual valued added added return return by by AIMCo AIMCo was was per per cent cent per per annum. annum. Over Over the the longer longer term of twenty years, the value added return by the investment manager was 0.1 per cent. term of twenty years, the value added return by the investment manager was 0.1 per cent. Table of Investment Returns A (A) December 31, 2014 Compound Asset Annual Returns % Annualized Fair Value Mix Return Note (in millions) (%) restated (B) 4 yr Total Fund Return $9, Policy Benchmark Return (Market Return) Value Added Return Consumer Price Index (C) Money Market FTSE TMX 91-Day T-Bill Index Other Fixed Income 1, FTSE TMX Universe Bond Index Liability Matching Assets Combined Benchmark Long-term Government Bonds FTSE TMX Long-term Government Bond Index Real Return Bonds FTSE TMX Real Return Bond Index EQUITIES Combined Benchmark Canadian Equity 1, S&P/TSX Composite Index Global Equity 2, MSCI World Index Emerging Markets MSCI Emerging Markets Index Private Equity MSCI All Country World Index INFLATION SENSITIVE Combined Benchmark Real Estate 1, IPD Large Institutional Index Infrastructure % DEX Real Return Bond Index / 50% MSCI All Country World Index Timberland % FTSE TMX Real Return Bond Index / 50% MSCI All Country World Index STRATEGIC OPPORTUNITIES A. Investment returns provided by AIMCo. Investment returns for assets classified as Level 3 in the financial A. Investment returns provided by AIMCo. Investment returns for assets classified as Level 3 in the financial statements are statements are based on estimates of fair value. Level 3 includes real estate, private equities, infrastructure, based on estimates of fair value. Level 3 includes real estate, private equities, infrastructure, timberland, hedge funds and timberland, private debt. hedge For these funds investments and private measurement debt. For these uncertainty investments exists because measurement trading activity uncertainty is infrequent exists and because fair values are trading derived activity using valuation is infrequent techniques and fair which values incorporate are derived assumptions using valuation that are based techniques on non-observable which incorporate market data. assumptions Reasonably that possible are alternative based on assumptions non-observable could market yield an data. increase Reasonably or decrease possible in the fair alternative value amounts assumptions and investment could returns yield reported an increase for these or types decrease of investments. the fair Any value change amounts in estimated and investment returns and returns valuations, reported resulting for from these new types of investments. information received Any change after the in estimated cut-off date returns for preparation and valuations, of the Plan s resulting financial from statements, new information will be reflected received in the after next the cut-off reporting date period. for preparation of the Plan s financial statements, will be reflected in the next reporting period. B. For 2013, the overall policy benchmark return was restated to 12.6 per cent from 12.7 per cent resulting from a decrease in B. For the 2013, estimated the overall real estate policy benchmark benchmark to 10.9 return per cent was from restated 13.0 per to 12.6 cent. per cent from 12.7 per cent resulting from a C. decrease The Consumer in the estimated Price Index real (CPI) estate is calculated benchmark and reported to 10.9 on per a one-month cent from lagged 13.0 per basis cent. due to a timing difference in reporting with Statistics Canada. C. The Consumer Price Index (CPI) is calculated and reported on a one-month lagged basis due to a timing MONEY difference MARKET in reporting AND with FIXED Statistics INCOME Canada. SECURITIES Plan Performance and Investment Report 2014 Public Service Pension Plan Annual Report 19 7

20 Plan Performance and Investment Report Public Service Pension Plan Public Service Pension Plan 2014 Annual Report Money Market And Fixed Income Public Service Securities Pension Plan 2014 Annual Report The Plan s money market and fixed income portfolio consists of money market securities, liability The matching Plan s assets money and market other and fixed fixed income income securities portfolio totaling consists 32.4 of per money cent market or $3.162 securities, billion of liability total The matching Plan s money market and fixed income portfolio consists of money market securities, liability investments assets at December and other 31, fixed 2014 income compared securities to 30.4 totaling per cent 32.4 or per $2.598 cent or billion $3.162 the billion previous of total year. matching investments assets at December and other 31, fixed 2014 income compared securities to 30.4 totaling per cent 32.4 or per $2.598 cent or billion $3.162 the billion previous of total year. investments at December 31, 2014 compared to 30.4 per cent or $2.598 billion the previous year. Money Market and Fixed Income Securities Money December Market and 31, Fixed 2014 Income (in millions) Securities December 31, 2014 (in millions) $53 MONEY MONEY MARKET MARKET $53 MONEY Deposits MARKET in the Consolidated Cash 2% Deposits in the Consolidated Cash Investment Trust Fund 2% Deposits Investment in the Trust Consolidated Fund Cash $1,619 Investment Trust Fund $1,619 51% LIABILITY MATCHING ASSETS 51% LIABILITY MATCHING ASSETS $1,490 $1,490 47% 47% 47% LIABILITY Long-term Long-term MATCHING government government ASSETS bonds bonds and and real Long-term real return return bonds government bonds bonds and real return bonds OTHER OTHER FIXED FIXED INCOME INCOME OTHER Universe Universe FIXED bonds bonds INCOME and and private private mortgages Universe mortgages bonds and private mortgages Money Market Money At December Market 31, 2014, money market securities comprised 0.5 per cent of PSPP total investments or $53 Money At Market million December compared 31, 2014, to 0.6 money per cent market or $55 securities million the comprised previous year. 0.5 per cent of PSPP total investments or $53 At million December compared 31, 2014, to 0.6 money per cent market or $55 securities million the comprised previous year. 0.5 per cent of PSPP total investments or $53 million Money compared market securities to 0.6 per primarily cent or include $55 million deposits the in previous the Consolidated year. Cash Investment Trust Fund (CCITF). Money The CCITF market is a securities portfolio of primarily investments include which deposits includes short-term the Consolidated and mid-term Cash Investment fixed income Trust securities Fund. The Money CCITF market securities primarily include deposits in the Consolidated Cash Investment Trust Fund. issued by is a banks, portfolio various of investments levels of government which includes and major short-term corporations and mid-term with a maximum fixed income term-to-maturity securities issued The of CCITF by is a portfolio of investments which includes short-term and mid-term fixed income securities issued by three banks, years. various levels of government and major corporations with a maximum term-to-maturity of three years. banks, various levels of government and major corporations with a maximum term-to-maturity of three years. Benchmark Actual FTSE Benchmark TMX 91-Day Value Added Return Actual FTSE T-Bill TMX Index 91-Day Value Return Added Money market Return % T-Bill % Index Return % One Money Year market 1.6 % 0.9 % 0.7 % Four One Years (annualized) Four Years (annualized) Liability Matching Assets Liability Liability matching Matching assets Assets totalled 15.2 per cent of the total portfolio or $1,490 million at December 31, 2014 Liability compared matching to assets 16.2 per totalled totaled cent 15.2 or $1,386 per cent million of the the total previous portfolio year. or The $1,490 liability million matching December assets 31, category compared compared includes to 16.2 to investments per 16.2 cent per or cent $1,386 in or units $1,386 million of AIMCo s million the previous the Canadian previous year. Long-term The year. liability The Government liability matching matching assets Bond assets Pool category totaling category $989 includes investments in units of AIMCo s Canadian Long-term Government Bond Pool includes million investments (2013: $832 units million) of AIMCo s and the Canadian Real Return Long-term Bond Pool Government totaling $501 Bond million Pool (2013: totaling $554 $989 totaling $989 million). million (2013: $832 million) and the Real Return Bond Pool totaling $501 million (2013: $554 (2013: $832 million) and the Real Return Bond Pool totaling $501 million (2013: $554 million). million). Pooled Fund Investments (by Issuer) compared to Benchmark Index (in Pooled percent) Fund Investments (by Canadian Issuer) compared Benchmark to Benchmark Index Benchmark December (in percent) 31, 2014 Long-term Canadian FTSE Benchmark TMX LT Benchmark FTSE TMX December 31, 2014 Government Long-term All FTSE Government TMX LT Real Return Real FTSE Return TMX Issuer Government Bond Pool All Bond Government Index Real Bond Return Pool Real Bond Return Index Federal Issuer Bond 7Pool Bond 34Index Bond 86Pool Bond 88Index Provincial Federal Municipal Provincial Corporate Municipal Under Corporate 1 year Under 1 year Public Service Pension Plan Annual Report

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