The provincial government pooled pension fund saw its asset value drop by $1.6 billion in calendar 2008, dropping to $5.1 billion on 31 December 2008 compared to $6.7 billion at year-end 1007, according to CBC Here and Now.
Public sector pensions are not in danger of imminent collapse but the story does illustrate the impact the global economic crisis is having on government’s financial position.
The table at left - taken from the pension fund committee’s most recent annual report (August 2008) shows the annual rate of growth for the funds investments. The average since the fund was created in 1981 is 10.8%.
The fund manages a varied portfolio of assets, including real estate through a corporation called Newvest.
The mortgaged properties include:
- the Bayview Chateau, an apartment complex in White Rock, British Columbia
- 440 Eglinton East apartments in Toronto (right).
- Silver Maple Court, apartment complex in Brantford Ontario.
- Park and Tilford Shopping Centre in North Vancouver
- TD Creekside Corporate Centre, Mississauga Ontario
- 2001 Bantree, Ottawa Ontario
- Thunder Centre, Thunder Bay Ontario, and
- Centre 5735 in Calgary.