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The Ontario Teachers' Pension Plan Board () is an independent organization responsible for administering defined-benefit pensions for school teachers of the
Canadian province Canada has ten provinces and three territories that are sub-national administrative divisions under the jurisdiction of the Constitution of Canada, Canadian Constitution. In the 1867 Canadian Confederation, three provinces of British North Amer ...
of
Ontario Ontario is the southernmost Provinces and territories of Canada, province of Canada. Located in Central Canada, Ontario is the Population of Canada by province and territory, country's most populous province. As of the 2021 Canadian census, it ...
. Ontario Teachers' also invests the plan's
pension fund A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides pension, retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the ...
and it is one of the world's largest
institutional investor An institutional investor is an entity that pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked ...
s, acting as a partner organization of the
World Economic Forum The World Economic Forum (WEF) is an international non-governmental organization, international advocacy non-governmental organization and think tank, based in Cologny, Canton of Geneva, Switzerland. It was founded on 24 January 1971 by German ...
. The plan is a multi-employer pension plan, jointly sponsored by the
Government of Ontario The Government of Ontario () is the body responsible for the administration of the Provinces and territories of Canada, Canadian province of Ontario. The term ''Government of Ontario'' refers specifically to the executive—political Minister ...
and the
Ontario Teachers' Federation The Ontario Teachers' Federation (OTF; , FEO) is the professional body representing over 160,000 teachers in Ontario's publicly funded schools. It operates the Ontario Teachers' Pension Plan (OTTP), which in 2021, was Canada's largest single-pro ...
. As of December 31, 2024, the OTPP had over $266 billion in net assets, with a one-year total-fund net return of 9.4%, and a 7.4% 10-year total-fund net return. The OTPP employs a Quality Service Index to measure its performance. In 2024, 93% of members sampled expressed satisfaction with the OTPP's service. OTPP is one of Canada's top eight pension funds, nicknamed the " Maple 8" or "Maple Revolutionaries".


History

Ontario Teachers' was established on January 1, 1990. Until then, Ontario teachers' pensions had been sponsored solely by the Ontario government. Assets of the plan had been invested in government bonds only. Currently, it invests globally in fixed income, public and private equity markets, real estate, infrastructure, natural resources, credit and venture capital through Teachers' Venture Growth (TVG).


Organization

As of December 2024, the OTPP had over $266 billion in net assets. The plan had 185,000 working members, and 158,000 pensioners with the average retirement age of 59, and a $50,700 starting pension. $8.1 billion was paid to retired Ontario teachers and their beneficiaries in 2024. Teachers contribute 10.4% of their annual salary below the
Canada Pension Plan The Canada Pension Plan (CPP; ) is a contributory, earnings-related social insurance program. It is one of the two major components of Canada's public retirement income system, the other being Old Age Security (OAS). Other parts of Canada's retir ...
limit ($71,300), plus 12% of any salary above the CPP. A teacher who earns $85,000 in 2025 will contribute $9,059 or $754/month. Contributions are matched by the
Government of Ontario The Government of Ontario () is the body responsible for the administration of the Provinces and territories of Canada, Canadian province of Ontario. The term ''Government of Ontario'' refers specifically to the executive—political Minister ...
. Total member and government contributions are unknown but in 2025 the OTPP announced a $29 billion funding surplus. In 2014, OTPP reported a funding surplus of $5.1 billion for the first time in ten years. Ontario Teachers' is headquartered in
Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
, with regional offices in
London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...
,
New York New York most commonly refers to: * New York (state), a state in the northeastern United States * New York City, the most populous city in the United States, located in the state of New York New York may also refer to: Places United Kingdom * ...
,
Hong Kong Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the wor ...
,
Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...
, and
Mumbai Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian state of Maharashtra. Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12 ...
.  In January, 2020, Jo Taylor succeeded Ron Mock as President and Chief Executive Officer. Jo Taylor, had his compensation reduced from $5.6 million in 2021 to $5 million in 2022. The Chair of Ontario Teachers' is Steve McGirr.


Investments

As one of Canada's largest institutional investors, Ontario Teachers' reported having $249.8 billion in net assets as of June 30, 2023, and over $266 billion at the end of 2024. OTPP reported a 9.4% one-year total-fund net return, and a 7.4% 10-year total-fund net return for 2024. In 2023, the fund underperformed with a 1.9% one-year total-fund net return. Underexposure in equities, and valuation adjustments and higher interest rates in infrastructure and real estate portfolios were listed as contributing factors. In 2024, 36% of gross investments were in Canada, with 33% in the US, 17% in Europe, the Middle East and Africa, 8% in Asia Pacific, and 6% in Latin America, . Ontario Teachers' owns and manages a diversified portfolio of Canadian and international assets. Through its fully owned real estate subsidiary,
Cadillac Fairview The Cadillac Fairview Corporation Limited, branded as Cadillac Fairview, is a Canadian company that invests in, owns, and manages commercial real estate, mainly in Canada and the United States. As of March 2017, the company had 73 properties, enco ...
, Ontario Teachers' owns commercial properties that include the
Toronto-Dominion Centre The Toronto-Dominion Centre, or TD Centre, is an office complex of six skyscrapers in the Financial District, Toronto, Financial District of downtown Toronto owned by Cadillac Fairview. It serves as the global headquarters for its anchor tenant, ...
,
Toronto Eaton Centre CF Toronto Eaton Centre, commonly referred to simply as the Eaton Centre, is a shopping mall and office complex in the Downtown Toronto, downtown core of Toronto, Ontario, Canada. It is owned and managed by Cadillac Fairview (CF). It was named ...
, the Pacific Centre in Vancouver, the
Rideau Centre The Rideau Centre () (corporately styled as CF Rideau Centre) is a three-level shopping centre on Rideau Street in Ottawa, Ontario, Canada. It borders on Rideau Street, the ByWard Market, the Rideau Canal, the Mackenzie King Bridge, and N ...
in Ottawa, and
White City Place White City Place is the name given to the collection of buildings formerly known as BBC Media Village (more commonly simply as White City, London, White City or London W12, W12 within the BBC). White City Place is a collection of six building ...
in London, UK. It also has a growing portfolio of residential rentals in Montreal and Ottawa. Through its
private equity Private equity (PE) is stock in a private company that does not offer stock to the general public; instead it is offered to specialized investment funds and limited partnerships that take an active role in the management and structuring of the co ...
investment arm, Private Capital, Ontario Teachers' owns interests in companies such as Munchkin, PODS, Techem, GFL Environmental, and Shearer's Foods. In 2001, Ontario Teachers' Pension Plan and
Caisse de dépôt et placement du Québec The Caisse de dépôt et placement du Québec (, CDPQ; ) is an institutional investor that manages several public and parapublic pension plans and insurance programs in the Canadian province of Quebec. It was established in 1965 by an act of the ...
were the sole two investors in a US$360 million fund raised by Canadian company Cordiant Capital. Ontario Teachers' owned Camelot Group PLC, which held an exclusive licence to operate the UK
National Lottery National Lottery may refer to: *National Lottery (Ireland), the state lottery of Ireland *National Lottery (United Kingdom), the lottery franchise in the United Kingdom *South African National Lottery, established in 2000 *A number of countries con ...
until January 31, 2024. It acquired a share of the
Irish National Lottery The National Lottery () is the state-licensed lottery of Republic of Ireland, Ireland. Established in 1986 to raise funds for good causes, it began operations on 23 March 1987 when it sold its first scratchcards. It launched the weekly drawing ...
in 2014. In July, 2023, OTPP sold its majority shareholding in Premier Lotteries Ireland to La Française des Jeux, a lottery and online gaming operator. Ontario Teachers' owns a substantial portfolio of infrastructure assets, including stakes in
Birmingham Airport Birmingham Airport , formerly ''Birmingham International Airport'', is an international airport located east-southeast of Birmingham city centre, west-northwest of Coventry slightly north of Bickenhill village, in the Metropolitan Bor ...
,
Bristol Airport Bristol Airport , at Lulsgate Bottom, on the northern slopes of the Mendip Hills, in North Somerset, is an international airport serving the city of Bristol, England, and the surrounding area. It is southwest of Bristol city centre. Built ...
,
Copenhagen Airport Copenhagen Airport, Kastrup (, ) is an international airport serving Copenhagen, the capital of Denmark, as well as the wider Øresund Region, including Zealand and the southern Sweden, Swedish province of Scania. In 2023 it was the largest ai ...
, and
London City Airport London City Airport is an international airport in London, England. It is located in the Royal Docks in the London Borough of Newham, Borough of Newham, about east of the City of London and east of Canary Wharf. These are the two centres ...
, as well as international water and power utilities. Alongside PSP Investments, Ontario Teachers' owns Cubico Sustainable Investments, a leading provider of renewable energy. From 2003 to 2012, the fund was the principal owner of
Maple Leaf Sports & Entertainment Maple Leaf Sports & Entertainment Ltd. (MLSE) is a professional sports and commercial real estate company based in Toronto, Ontario, Canada. With assets that include franchises in four of the six major professional sports leagues in the United S ...
, the parent organization of the
Toronto Maple Leafs The Toronto Maple Leafs (officially the Toronto Maple Leaf Hockey Club and often referred to as the Leafs) are a professional ice hockey team based in Toronto. The Maple Leafs compete in the National Hockey League (NHL) as a member of the A ...
,
Toronto Raptors The Toronto Raptors are a Canadian professional basketball team based in Toronto. The Raptors compete in the National Basketball Association (NBA) as a member of the Atlantic Division (NBA), Atlantic Division of the Eastern Conference (NBA), E ...
,
Toronto FC Toronto Football Club is a Canadian professional Association football, soccer club based in Toronto. The club competes in Major League Soccer (MLS) as a member of the Eastern Conference (MLS), Eastern Conference. The team plays its home matc ...
and
Toronto Argonauts The Toronto Argonauts (officially the Toronto Argonaut Football Club and colloquially known as the Argos) are a professional Canadian football team based in Toronto, Ontario. The Argonauts compete in the East Division (CFL), East Division of t ...
. The franchise was sold to BCE Inc. and
Rogers Communications Rogers Communications Inc. is a Canadian communications and media company operating primarily in the fields of wireless communications, cable television, telephony and Internet, with significant additional telecommunications and mass media ass ...
in 2012. In 2017, it acquired Mémora Servicios Funerarias, a Spanish funeral provider, from 3i. In 2019, Ontario Teachers', along with
Amazon Amazon most often refers to: * Amazon River, in South America * Amazon rainforest, a rainforest covering most of the Amazon basin * Amazon (company), an American multinational technology company * Amazons, a tribe of female warriors in Greek myth ...
and others, assisted in financing to help the
New York Yankees The New York Yankees are an American professional baseball team based in the Boroughs of New York City, New York City borough of the Bronx. The Yankees compete in Major League Baseball (MLB) as a member club of the American League (AL) Am ...
regain ownership control of their
regional sports network A regional sports network (RSN) in the United States and Canada is a television channel that presents sports programming to a local media market or geographical region. Such channels often focus on one or a few teams who currently play in Major L ...
, the
YES Network The Yankee Entertainment and Sports Network (YES) is an American pay television regional sports network owned by Yankee Global Enterprises (the largest shareholder with 26%), Main Street Sports Group (which owns 20%), Amazon (which owns 15% ...
, resulting in a minority ownership in the network. In 2022, the pension fund was targeting investments in India, opening an office in Mumbai in September. In 2021 and 2022, Ontario Teachers' invested US$75 million in
FTX FTX Trading Ltd., trading as FTX (Futures Exchange), is a bankrupt company that formerly operated a cryptocurrency exchange and crypto hedge fund. The exchange was founded in 2019 by Sam Bankman-Fried and Gary Wang and collapsed in 2022 after ...
and US$20 million in FTX.US respectively, through its Teachers' Venture Growth platform. Following FTX's collapse in early November 2022, Ontario Teachers' stated that it will write off the entirety of its US$95 million investment by the end of 2022. In June 2024, after Canadian pension plans lost a combined $1.24 trillion in their property portfolios, the worst fiscal year performance since the
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
, CEO Jo Taylor, told Bloomberg, "What’s worked famously well for the last 35 years may not work so well for the next five to 10." OTPP reportedly shifted authority away from Cadillac Fairview and brought their real estate investments in-house. By December 2024, OTPP's
Cadillac Fairview The Cadillac Fairview Corporation Limited, branded as Cadillac Fairview, is a Canadian company that invests in, owns, and manages commercial real estate, mainly in Canada and the United States. As of March 2017, the company had 73 properties, enco ...
had over 1,160 residential rental units under construction, with projects at CF Carrefour Laval and 750 Peel Street in Montreal, and CF Rideau in Ottawa. In March 2025, it was reported that OTPP sold Amica Senior Lifestyles and its assets and affiliates for C$4.6 billion ($3.2 billion) to
Welltower Welltower Inc. is a real estate investment trust that invests in healthcare infrastructure. As of December 31, 2022, the company had investments in approximately 3,000 properties, all of which were in the United States, Canada, and the United Kin ...
. Welltower stated it purchased: 31 in-place properties at a "substantial discount"; seven properties under construction; and, nine development parcels in "highly affluent and supply constrained neighborhoods" in Ontario and British Columbia. OTPP bought the senior home operator, Amica, in 2015 for $578 million.


ESG and responsible investing

On June 6, 2018, a group of global institutional investors, led by
Ontario Ontario is the southernmost Provinces and territories of Canada, province of Canada. Located in Central Canada, Ontario is the Population of Canada by province and territory, country's most populous province. As of the 2021 Canadian census, it ...
Teachers' and CDPQ, in collaboration with the
Government of Canada The Government of Canada (), formally His Majesty's Government (), is the body responsible for the federation, federal administration of Canada. The term ''Government of Canada'' refers specifically to the executive, which includes Minister of t ...
, announced a project to advance key G7 objectives. Partner Institutions
AIMCo Alberta Investment Management Corporation (AIMCo) is a Canadian crown corporation and institutional investor owned by the Government of Alberta, established to manage several public funds and pensions headquartered in Edmonton, Alberta. AIMCo was ...
,
Allianz Allianz SE ( , ) is a German Multinational corporation, multinational financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management. Allianz is the world's largest List of largest insurance ...
,
Aviva Aviva plc is a British multinational insurance company headquartered in London, England. It has about 19 million customers across its core markets of the United Kingdom, Ireland and Canada. In the United Kingdom, Aviva is the largest general ...
,
CalPERS The California Public Employees' Retirement System (CalPERS) is an agency in the California executive branch that "manages pension and health benefits for more than 1.5 million California public employees, retirees, and their families".CalPERSFa ...
, CDPQ, Generali, Natixis Investment Managers,
OMERS The Ontario Municipal Employees Retirement System (OMERS) is a Canadian public pension fund, headquartered in Toronto, Ontario. OMERS is a defined benefit, jointly sponsored, multi-employer public pension plan created in 1962 by Ontario provinci ...
, Ontario Teachers',
OPTrust OPTrust, officially the OPSEU Pension Trust, is a legal trust formed by the contractual agreement between the two plan sponsors, Ontario Public Service Employees Union ( OPSEU) and the Government of Ontario. It manages one of Canada's largest pe ...
, and PGGM pledged to commit resources, expertise and networks to three initiatives: enhancing expertise in infrastructure financing and development of emerging and frontier economies; opening opportunities for women in finance and investment worldwide; and speeding up the implementation of uniform and comparable climate-related disclosures under the FSB-TCFD framework. On September 26, 2018, Ontario Teachers' joined finance, health and government leaders in signing the Tobacco-Free Finance Pledge (of the NGO Tobacco-Free Portfolios), which commits the pension plan to no longer invest in tobacco companies. On January 21, 2021, Ontario Teachers' announced its commitment to
net zero Global net-zero emissions is reached when greenhouse gas emissions and removals due to human activities are in balance. It is often called simply net zero. ''Emissions'' can refer to all greenhouse gases or only carbon dioxide (). Reaching net ze ...
greenhouse gas emissions by 2050, disclosing that its strategy will focus on financing climate solutions that replace fossil fuels and reduce emissions.


Media coverage

On the January 12, 2004 episode of ''
Rick Mercer Report ''Rick Mercer Report'' (also called the ''Mercer Report'' or ''RMR'') is a Canadian television comedy series which aired on CBC Television from 2004 to 2018. Launched as ''Rick Mercer's Monday Report'', or simply ''Monday Report'', by comedian ...
'', comedian
Rick Mercer Richard Vincent "Rick" Mercer (born October 17, 1969) is a Canadian comedian, television personality, Political satire, political satirist, and author. He is best known for his work on the CBC Television comedy shows ''This Hour Has 22 Minutes'' ...
had a short segment about the Ontario Teachers' Pension Plan, in which he humorously contrasted the plan's beneficiaries (i.e. teachers) with the investments the plan had made, including
shopping mall A shopping mall (or simply mall) is a large indoor shopping center, usually Anchor tenant, anchored by department stores. The term ''mall'' originally meant pedestrian zone, a pedestrian promenade with shops along it, but in the late 1960s, i ...
s and the
tobacco industry The tobacco industry comprises those persons and companies who are engaged in the growth, preparation for sale, shipment, advertisement, and distribution of tobacco and tobacco-related products. It is a global industry; tobacco can grow in any ...
. On December 2, 2008, New York lawyer Marc Stuart Dreier was arrested at Ontario Teachers' Toronto offices and charged with impersonating, through his words and by the use of business cards, Michael Padfield, a senior lawyer with the pension plan. A receptionist in the Ontario Teachers' offices had become suspicious and notified Toronto police. Dreier was attempting to close a sale of forged Ontario Teachers' promissory notes, worth US$44.7 million, by meeting with the buyers right in the Ontario Teachers' offices. A 2012 article in ''
The Economist ''The Economist'' is a British newspaper published weekly in printed magazine format and daily on Electronic publishing, digital platforms. It publishes stories on topics that include economics, business, geopolitics, technology and culture. M ...
'' titled "Maple Revolutionaries" about Canada's largest public pension funds features Ontario Teachers', saying it pioneered a new style of investing in the 1990s by managing more of its portfolio internally and doing more direct investing. Then Ontario Teachers' CEO Jim Leech called Canadian pension funds a "new brand of financial institution" likened to depoliticized sovereign-wealth funds.


See also

*
Teachers Insurance and Annuity Association of America The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA, formerly TIAA-CREF) is an American financial services organization that is a private provider of financial retirement services in the academic, resea ...


References


External links

* {{Authority control Financial services companies established in 1989 Public pension funds in Canada Investment companies of Canada Private equity firms of Canada Organizations established in 1989 Organizations based in Toronto 1989 establishments in Ontario Infrastructure investment