Halifax, NS – April 29, 2025 – Teachers’ Pension Plan Trustee Inc. (TPPTI) today announced the release of the 2024 Annual Report for the Teachers’ Pension Plan (Plan), outlining a year of strong investment results, improving funded status, and continued focus on the Plan’s long-term sustainability.
As at December 31, 2024, the Plan’s funded status increased to 81.1%, from 78.1% one year prior. This marks meaningful progress toward the 80–90% funding target range set for the end of 2025. The Plan’s net assets totalled $6.172 billion, while its actuarial liabilities stood at $7.614 billion.
The Plan generated a net one-year investment return of 9.76%, outperforming the assumed actuarial return of 5.80%. Though this result underperformed the policy benchmark of 12.54%, it reflects a solid year driven by global market gains and underlines the value of diversification. The assets available for benefits increased by $413 million year over year. “Our investment approach delivered meaningful growth while continuing to mitigate risks in a volatile market environment,” said TPPTI Board Chair, John Rogers, KC, ICD.D.
Plan maturity remains a key area of focus. With more retirees than active members and a cash outflow of $150–200 million annually, the active-to-retiree ratio is among the lowest in the country at 0.98. “We continue to be hopeful that the Plan Sponsors will consider effecting fundamental changes to improve the Plan’s long-term financial sustainability,” added Rogers.
In 2024, TPPTI launched a new Asset Liability Modelling Study, expected to conclude in mid-2025. This work will guide future investment decisions and support the Plan’s long-term risk and return objectives. Other initiatives in 2024 included the launch of a portable alpha program, new investments in natural resources and renewable infrastructure, and preparations for a master trust pooled investment structure.
To read the full 2024 Teachers’ Pension Plan Annual Report, visit the Plan’s website at: https://www.nstpp.ca/investments/plan-performance
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For more information, contact:
Gisèle Taylor
Senior Communications Advisor
Nova Scotia Pension Services Corporation
taylorgd@nspension.ca | www.novascotiapension.ca