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Let’s use this patriotism wisely

Suddenly, Canada is in the economic crosshairs of its closest partner, the US. It feels like betrayal.

President Donald Trump’s threat of punitive tariffs and his stated desire to annex Canada has thrown most Canadians for a loop. The challenge to our economy is serious enough, but the threat of losing our sovereignty entirely has prompted widespread anger.

Trump’s rhetoric is unlikely to change any time soon, but it has elicited a show of Canadian patriotism not seen in years, maybe not since the construction of the railroads, the summit series between Canada and the USSR, or the establishment of the Canada Pension Plan in 1965.

Now, in 2025, the aggressive nationalism of our neighbours has forced Canadians to reflect on our own values. What is this country really about? History tells us we are by no means perfect, and definitions of “Canadian-ness” will differ, as they should in such a diverse country, but there has been a resurgence of the collective, a cross-provincial, cross-party sense of unity, of many becoming one. How Canada uses that, beyond simply excluding US groceries from the weekly shop, will be key.

[T]he aggressive nationalism of our neighbours has forced Canadians to reflect on our own values

As Greg Hurst explains on page nine, this could prompt pension standard regulators to consolidate, to streamline oversight, and to make the plans more efficient. It’s a symbolic point of view. If trade with the US will be harder from now on, Canada needs to make interprovincial business more appealing. Regarding employee benefits, which are, of course, designed to support the prosperity and well-being of Canadians, this must be a priority.

Nationalism may not be the long-term answer in such a connected world, but used correctly, it can give Canada the momentum to not only stave off the threat of Trump but also optimize its economy and renew its sense of self.

The Maple 8 lead this industry, and they find themselves in a tricky spot, having long come under pressure from politicians to invest more in Canada. Independence is a pillar of their success, but that will now be put to the ultimate test. Can they balance public and political demand for more investment within our borders while maintaining their envied funded status? Patriotism, however contagious, should not spill over into misguided decisions that, ultimately, hurt the average employee.

This feels like an inflection point. Can we harness this resurgence in national pride to improve the way we operate and make better decisions for our people and our employees? The threat of having to untangle our reliance on the US is scary, but it could be the motivation we need to strengthen our own economy, working conditions, and benefits. Here’s hoping.

James Burton, managing editor

EDITORIAL

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EDITORIAL ADVISORY BOARD

Celine Chiovitti, OMERS

Katie McNulty, CAAT Pension Plan

Greg Hurst, Greg Hurst & Associates

Robert Weston, Pharos Platform

Kevin Minas, Mawer Investment Management

Mark Newton, Newton HR Law

Jim Helik, James Helik Consulting

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CANADIANS’ 2025 FINANCIAL PRIORITIES

Canadians face inflation and cost-ofliving challenges but are focusing on day-to-day expenses, savings, and debt repayment to improve financial stability.

49%

view inflation and cost of living as the biggest financial challenge

61% do not have a financial plan for 2025

FINANCIAL STRUGGLES IN CANADA

Over

56% will prioritize managing day-to-day expenses

30% will focus on paying down debt

Source: Menopause Foundation of Canada, October 2024

HEALTH COVERAGE GAPS

Rising health costs and coverage gaps affect 2.7 million self-employed Canadians and retirees, highlighting challenges in accessing affordable care.

52% of selfemployed individuals have health benefits plans

WHY EMPLOYEES LEAVE THEIR JOBS

Aon’s study shows that most Canadian employees are considering a job change, prioritizing work-life balance and personalized benefits over skill development.

60% of employees are considering leaving their jobs in the next 12 months

2025 SALARY INCREASE FORECAST

INDUSTRY ICON

BE WARY OF CREDIT MARKET COMPLACENCY

Experienced portfolio manager at Mawer Investment Management outlines the opportunities and dangers in this ‘expensive’ market

BRIAN CARNEY believes the current state of the credit market is one that demands attention.

While it’s typically overshadowed by equity markets, the credit market plays a crucial role in global finance because it’s where corporations, governments, and institutions secure funding. For investors, it represents a broad spectrum of opportunities and risks.

“The last crisis we had was COVID,” he says. “We had the central banks and the government step in. That stabilized things, but we’re now in a period where central banks have been normalizing.… The farther we get away from the last crisis, the more complacent market participants get,” says Carney, portfolio manager at Mawer Investment Management.

“They start to do something called ‘reaching for yield.’ They’re looking for investments. They want to be in the market.”

When asked to describe the credit market, he simply says, “It’s expensive.”

“Historically, the average spread that lower-quality companies had to pay over and above US Treasuries or Government of Canada bonds to borrow was a little more than five percent. Today, those lower-quality companies are paying an average of about three percent,” he explains.

That narrowing spread between high-yield bonds and government debt suggests that

investors are accepting less compensation for risk than they have historically. It’s great for borrowers but less appealing for lenders, says Carney, because “the narrower the spread, from a lending point of view, the riskier it is.”

Carney makes the point that markets also tend to forget past crises. Institutional investors, who often prioritize capital preservation and steady income, could be underestimating the dangers lurking ahead.

The shift to private credit

One of the biggest trends in recent years has been the rise of – or shift to – private credit. With the public high-yield market offering slim spreads, many institutions have turned to private lending as an alternative source of returns. But private credit comes with its own challenges.

“Private credit is high-yield without the protections of daily mark to market, credit

“Unfortunately, as you go through those phases – crisis, stabilization, normalization – the likely next phase is a crisis. We don’t know what it’s going to be, when it’s going to be, but something always happens”

Despite the warning signs, the market hasn’t yet reached a breaking point. However, history repeats itself and, as previous market history suggests, credit markets operate in cycles, and downturns tend to arrive suddenly.

“Unfortunately, as you go through those phases – crisis, stabilization, normalization –the likely next phase is a crisis. We don’t know what it’s going to be, when it’s going to be, but something always happens,” Carney says.

ratings, transparency, and broad distribution. Liquidity is limited to non-existent. Add to that [the fact that] many private credit funds employ leverage, which can amplify returns in strong markets but magnify the damage in down markets,” he explains.

This illiquidity means that investors who commit capital to private credit funds can’t easily exit their positions. The additional spread, roughly 200 basis points above public high-yield bonds, might not be

INDUSTRY ICON

enough to justify the opacity and risk of these investments, highlights Carney.

The rapid growth of private credit has also drawn in a mix of experienced and inexperienced managers. While industry giants like Blackstone and Apollo have deep expertise, newer entrants may lack the same level of risk controls.

Carney says in some cases, outright fraud has tainted the space.

“Unfortunately, in Canada, we’ve seen outright fraud where people knowingly took money from retail investors to enrich themselves,” he notes.

The risks of complacency

Carney pointed to the shift in lending terms as another warning sign. In periods of market exuberance, borrowers gain the

value before potentially walking away.

“If you’re a private equity firm, one of the ways to maximize your return is to take money out of those companies, lever them up, pay yourself a dividend, and, in the worst case, just hand it back to the lenders,” explains Carney.

One additional wild card Carney highlights is the deteriorating fiscal position of the US government. Treasury yields are the foundation upon which all credit markets are built, and any instability there could have widereaching consequences.

“There’s a real question about the basic credit quality of the US government,” Carney says, pointing to the huge deficits and potential policies of the new Trump administration.

“In the private credit markets, companies are executing deals with six times leverage and limited protections in the form of covenants at 500 bps over the benchmark. That’s a lot of leverage and limited room for error”

upper hand in negotiations, securing easier terms, higher leverage, and tighter spreads.

“Everything has swung in favour of the borrower,” he says. “If you get a bit of an economic downturn, I think a lot of companies are going to start to be in trouble,” warns Carney.

“In talking to people in the private credit markets, companies are executing deals with six times leverage and limited protections in the form of covenants at 500 bps over the benchmark. That’s a lot of leverage and limited room for error,” he says.

Many of these loans are being extended to companies owned by private equity firms, which have an incentive to extract maximum

“They suggest that maybe those deficits are going to go higher,” he notes.

Given the risks, Carney believes institutional investors need to take a more dynamic approach to credit allocation by “actively managing their credit exposure through the cycle,” he asserts.

This means recognizing when risk premiums are too low and reducing exposure to high yield and private credit. Conversely, when spreads widen during periods of market distress, there may be opportunities to earn equity-like returns in the bond market, explains Carney.

“Managing based on where that that risk premium is, to me, makes a lot of sense.”

Ultimately, while timing the market is

CANADIAN CREDIT MARKET SEES DELINQUENCIES

More Canadians borrowed and used credit in the third quarter of 2024, pushing the total consumer credit debt to a record $2.5 trillion, a 4.1% year-over-year (YoY) increase

The number of Canadians with at least one credit product rose to 32.2 million, a 3.1% increase YoY

The number of Canadians with an outstanding balance also rose to 29.7 million, a 2.8% increase YoY

Approximately 45% of the total household debt in Canada is held by millennial and Gen Z consumers, who hold $1.1 trillion in outstanding balances

Credit:TransUnion’sQ32024CreditIndustryInsightsReport(CIIR)

impossible, assessing whether investors are being adequately compensated for risk is crucial. Right now, though, Carney isn’t seeing many bargains. This is a market where the priority should be on capital preservation.

PENSION PLANS

Cut trade barriers, defend against US aggression

Regulatory unity when it comes to pension standards could result in productivity gains

ON FEBRUARY 7, Prime Minister Justin Trudeau told business and labour leaders at the Canada-US Economic Summit in Toronto that US President Donald Trump is serious in his wish to annex Canada. From there, the summit moved on to discuss “three key things” to mitigate this new challenge of threatened US economic aggression in the form of punitive tariffs.

The Trump tariff threat amounts to a declaration of an economic war of aggression by the US against Canada, apparently fuelled by an expansionist “Manifest Destiny” agenda. Although Canada won a small victory by winning a brief 30-day reprieve, it seems unlikely that the threat of tariffs will abate. If Canada’s response is retaliatory tariffs or other punitive economic measures, Trump’s playbook is to demonize his adversaries, and this will most certainly sway sentiments of large numbers

of Americans against Canadians.

Along with measures to build considerably more diversity in our international trading partnerships, a prominent idea is that Canada can improve its chances to prevail and protect its sovereignty by unifying the provinces together with the federal government to minimize and even eliminate our internal trade barriers. One barrier to free trade is in the form of provincial regulation of pension standards, a long-standing irritant to pension plan administrators. Each province and the federal government has its own regulatory regimes and bureaucracies, and all share common principles and objectives, with few actual differences.

They also share a common challenge of being under-resourced and underfunded in carrying out their work, with inefficiencies and delays for the stake -

holders who are subject to regulation. Regulators have made sincere efforts to simplify regulatory processes, using multi-jurisdictional forums to create agreements for some streamlining of regulatory oversight. One example is regulation of multi-jurisdictional pension plans carried out by the jurisdiction with the most plan members on behalf of the other jurisdictions.

Although provinces likely won’t cede their jurisdiction over these areas under Canada’s constitution, it would be possible to consolidate regulatory activities with a common set of principles overseen by a board consisting of appointed representatives and the federal government under a multi-lateral agreement among governments.

This approach applied to pensions, and perhaps also securities and financial services regulation, would improve Canadian productivity by reducing regulatory costs for both governments and stakeholders along with regulatory pensions, securities, and financial services red tape that impedes multi-jurisdictional organizations, improving the climate for investors in Canadian businesses. The costs of the current fragmented regulatory environment in these areas are not trivial. Achieving unity in these areas could result in noticeable productivity gains.

Trudeau’s assessment of Trump’s dream of annexing Canada only scratches the surface of the international crisis Trump has sparked with his return to the US presidency. If such continues, the world will no longer have confidence in trading with the US or even that the US can securely hold information sensitive to national security interests of other nations.

It will take years for the US to repair the damage to their international standing.

Greg Hurst has held administrative, actuarial, consulting, and leadership roles within the pension industry since 1982. Since 2010, he has been an independent practitioner providing niche services relating to GST/HST as it applies to pension and benefits programs, underwriting of employee benefits utilizing a captive insurance company, and other innovative solutions for pension and benefits administration.

PENSION PLANS

Unlocking lifetime financial wellness

CAAT Pension Plan’s Jillian Kennedy highlights how employers can rethink retirement planning for their workforce

WHILE DEFINED contribution (DC) arrangements, group RRSPs, and similar retirement savings plans have been effective in helping individuals build savings, they often leave gaps when it comes to ensuring financial security during retirement and improving financial confidence along the way.

This creates significant stress for employees, adding complexity for employers striving to support financial wellness in their workforce. Decumulation isn’t just the real technical challenge of converting savings into a sustainable retirement income. It’s also a deeply human one.

Without a predictable, secure source of retirement income, Canadians face the unsettling possibility (and often reality) of outliving their savings, ultimately leading to financial stress.

Studies show this stress costs Canadian employers over $20 billion annually in lost

productivity, equating to seven to 14 working days per employee per year. This loss can lead to increased workforce turnover, higher organizational and recruitment costs, productivity issues, and fewer opportunities for younger talent to advance.

Moreover, as new regulatory guidelines reshape expectations for employers offering retirement arrangements like RRSPs and DC plans, companies are facing heightened responsibilities. The updated guidance brings a renewed focus on governance, risk management, and employee support – areas that demand thoughtful and often resource-intensive adjustments to align with best practices.

These challenges and shifting requirements underscore the need for retirement solutions that support both employees and employers, ensuring a secure, structured path to retirement for individuals. Additionally, they highlight the importance of fostering holistic employee wellness programs that address financial, physical, and mental well-being.

Supporting retirement readiness: strategies for employers

In a climate where retirement security, employee wellness, and business resilience are increasingly intertwined, finding sustainable, cost-effective solutions has never been more essential.

We’ve heard from business leaders across the country who are looking for ways to offer employees a deeply valuable benefit – one that enhances financial security, supports well-being, and strengthens their overall employee value proposition.

Similarly, they need a solution that fits within their budget, reduces administrative complexity, and helps them navigate workforce challenges. Without reliable retirement pathways, organizations can face productivity disruptions and talent bottlenecks, making it harder to retain experienced employees and develop future leaders.

Rethinking retirement support for Canadians

Throughout my career, I’ve seen firsthand the impact traditional retirement arrangements can have on both employees and employers. Helping employees fill the gap in financial preparedness, especially around retirement planning, not only supports individual wellness but also strengthens organizational culture. This creates an environment where employees feel supported, regardless of how long they stay with an organization.

Considering these issues, the conversation around retirement planning is evolving. Rather than focusing solely on

values around employee care, and offering benefits that genuinely enhance the employee value proposition.

Building a better retirement experience

In my work in the pension sector, I’ve witnessed the transformative impact of innovation in the industry. I’ve seen how modern and well-designed solutions have evolved to offer flexibility andchoice and drive wellness for employees, while still helping organizations drive better outcomes. They not only improve the employee experience and strengthen workplace

Without reliable retirement pathways, organizations can face productivity disruptions and talent bottlenecks, making it harder to retain experienced employees and develop future leaders

saving, there’s a growing interest in modern solutions that emphasize the importance of saving, retirement transition, and the significance of predictable income and longevity protection. By providing stability, these innovative solutions can give employees peace of mind about their future, regardless of market fluctuations.

Importantly, these approaches can also relieve employers of some of the administrative and financial burdens, allowing them to offer meaningful employee benefit support without sacrificing their primary business objectives.

For both employees and employers, the ultimate goal is to establish a balanced approach to retirement that fosters resilience and well-being across the workforce. This extends beyond just securing income – it also means supporting healthier retirement transitions, aligning with corporate

engagement but also mitigate many of the challenges employers face.

Employers who prioritize robust retirement options are not only helping to secure their employees’ futures but they’re also investing in a strong and adaptable organization. By embedding stability and support into retirement planning, we can create a more predictable, equitable retirement landscape that meets the expectations of today’s workforce and paves the way for a more secure future for all Canadians.

PRIVATE CREDIT

Navigating every market cycle with Fidelity’s private credit

With deep relationships and the power of its platform, Fidelity positions itself as an all-weather provider of private credit across business life cycles

IN THE past few years, businesses looking to finance new ventures or buyouts have often found themselves dissatisfied with traditional bank terms. Once seen as a niche product, private credit has quietly ballooned into a $1.7 trillion industryi that’s risen to prominence as a key alternative to banks.

Since the 2008 financial crisis, and more recently the regional banking crises, this sector has become the go-to for businesses in need of flexible financing, offering capital to everything from real estate developers to tech startups. With pension funds, sovereign wealth funds, and other institutional investors now pouring capital into private credit, it’s clear this isn’t a passing trend – it’s a permanent fixture in capital markets.

“What makes this asset class so appealing is its predictability. You don’t have to worry about wild market swings, but you can still capture returns that are often as good as, if not better than, equities,” says Therese Icuss, managing director of Fidelity Investments’ direct lending investment team.

Institutional investors are not betting on stock appreciation – they’re securing consistent, predictable payments, backed by the borrowers’ assets. David Gaito, head of direct

lending at Fidelity Investments, explains, “You’re not looking for big wins in private credit. You’re looking to get your money back, with interest, every single time. That’s what makes it so powerful.”

Building for the long haul Fidelity Investments’ direct lending platform is carving out its own space in this booming industry, and Gaito and Icuss are doing things differently from their peers. Rather

than chasing AUM growth or rushing to scale quickly, they’re focused on building a viable and lasting business – deal by deal.

Fidelity’s approach? Steady, disciplined, and always asking the tough question, What could go wrong? It’s a strategy rooted in quality over quantity, perfectly aligned with Fidelity’s long-term investment philosophy of stability and strength.

“Private credit’s a bit of a backwards investment strategy – you figure out how you might lose money before you even think about getting your principal plus a little interest,” says Gaito. “There is no upside like in equity, so you’re always asking, ‘What could go wrong?’”

The company’s strategy is rooted in understanding risk, building lasting relationships, and staying consistent through market cycles – three pillars that make Fidelity Investments well suited to the private credit market.

Fidelity has been a dominant force in the investment management world for over 75 years. “We think in decades, not days,” Gaito explains. Unlike many companies that dash haphazardly to grow AUM or scale through acquisitions, Fidelity’s approach is different: it doesn’t buy; it builds.

As Icuss notes, Fidelity has been in high-income credit for over 45 years. “We were one of the first to launch a high-yield fund back in 1977, and the first to roll out a broadly syndicated loan fund in 2000. Today, we’re the largest player in the space, with over US$90 billion in public and liquid high-income credit.”ii

Laying the foundation: Expertise and relationships

The most successful companies take what’s known as the “middle-market approach,” where direct relationships with private-equity sponsors enable the lender to be a true partner. These relationships are forged not just over good deals, but through difficult ones – when things don’t go as planned and the lender has to step in, restructure,

and manage risk.

As Icuss points out, “It’s not just about financing; it’s about having the resources, expertise, and relationships to make the right calls. And when you can get those things right, you’re positioned to lead.” It’s these relationships that provide the strongest competitive edge, allowing firms to source the best deals and maintain selectivity, even in a crowded market.

In contrast, the upper mid-market can often be more transactional, driven by how

Sponsored by

deep dive into each potential investment: “It’s easy to say yes to the obvious opportunities and no to the clear risks, but the real skill is in that middle 60 percent. That’s where the research makes the difference.”

But research alone isn’t enough. Scale also plays a major role in the success of private credit firms. The largest players have built institutional infrastructures that provide them with the back-office strength to operate smoothly. Having a strong infrastructure means Fidelity Investments can focus on

“A covenant default doesn’t mean the sky is falling – it means there’s an opportunity to address issues early, before they become more severe. For our industry, stress is actually good for the best of the best”

David Gaito, Fidelity Investments

much a lender can hold or how aggressive they can be on rates and structure. Gaito notes that while those markets have their place, Fidelity Investments prefers the core and lower mid-market where relationships take precedence.

Research and scale

Private credit is a relationship-driven business, but it’s also data-driven. Behind the scenes, players in this area rely heavily on their research teams, accessing insights that go far beyond traditional due diligence.

“The best credit managers aren’t just relying on their gut – they’re relying on deep research,” says Icuss. “In our case, we have nearly 400 analysts across every sector imaginable.iii That’s what gives us the confidence to make the right calls, time and time again.”

Gaito emphasizes the importance of this

what matters – making smart investments and protecting clients’ capital.

“The three keys in direct lending,” Icuss explains, “are having a unique sourcing capability, a consistent and independent underwriting process, and an active portfolio management process.”

For Fidelity, sourcing is about relationships and reputation. The firm is a lender, not an allocator, highlighting the importance of being selective and building deep relationships. Fidelity doesn’t pigeonhole itself into being just a lower mid-market or an upper mid-market firm. It starts with who the owner is, underwrites to their strategy, and positions Fidelity as a partner throughout their business life cycle.

This adaptability allows Fidelity to finance smaller companies as they grow, providing solutions that many other firms

PRIVATE CREDIT

LEGACY CREATORS

IN THE second annual Elite Women list, Benefits and Pensions Monitor celebrates 43 exceptional women leaders in the benefits, pensions, and institutional investment space.

After a rigorous review of the nominees’ achievements and industry impact, the BPM team has recognized the 2025 women leaders for driving innovation and inclusion, ushering in a new era of equitable leadership and transformative change.

The March 2024 Barely Breaking Ground report from the Business Data Lab at the Canadian Chamber of Commerce highlights the advancements made by women in corporate Canada and the areas where continued efforts are needed to achieve full equality. Canada’s share of women managers, at 35.6 percent, is behind

nearly half of all OECD countries.

The report’s analysis revealed that women in Canada have yet to reach parity in employment, especially in management positions.

“[They] face not one glass ceiling but several; not one broken rung in the promotion ladder but many, all of which hinder their ascent to full equality,” the report states.

The report found:

• While women have made substantial gains in overall employment, rising to 48 percent in 2023, they fare much worse in management occupations, accounting for only 35 percent of such jobs.

• Within management jobs, the largest

representation gains for women have been in specialized middle management, up 14 percentage points (ppts) from 34 percent in 1987.

• Women in senior management have also seen slow progress, remaining 20 ppts behind equality.

• Boardroom representation is also lagging, with the share of women on boards showing little progress. As of 2020, only 21 percent of directors and 24 percent of top officers (chairpersons or presidents) were women.

If current trends continue at their present pace, Canadian women won’t reach equal representation until 2129, with the map showcasing the target year in each province.

“Women must spend more time ensuring their knowledge is much more powerful because that might be the lever you need”

Tami Dove, CSS Pension Plan

Source: Barely Breaking Ground: The Slow Stride of Progress for Women in Business Leadership and Entrepreneurship (March 2024), Business Data Lab, Canadian Chamber of Commerce

BPM’s 2025 survey insights

Women from across the sector shared their views on what qualities they feel define an Elite Woman. Some of the feedback included:

• “genuine with vulnerability and empathy”

• “intuitive to trust their instincts and self-aware, so they see others from a broader spectrum”

• “visionary thinker who sees the bigger picture and helps others see the vision”

• “balancing ambition with the desire to uplift those around them”

• “believes strongly and passionately in her core values, that she is willing to lead and inspire others to reflect on themselves and their values”

In addition, BPM’s respondents also revealed the type of struggles they have faced as women in their professional journeys:

• “When I took a year off for maternity leave, I faced resistance and comments that suggested my time away would diminish my value. Instead of letting that discourage me, it became my motivation. It fueled my determination to not only prove them wrong but to show that being a mother adds to my resiliency and capability.”

• “Women operate differently in this space, not better or worse, just differently. Women interpret, present, communicate, and network uniquely, and with this comes a bias which exists in this industry.”

Pioneering a new era in benefits, pensions, and institutional investments

Tami Dove –CSS Pension Plan (Co-operative Superannuation Society)

experience has stood out for helping people manage their financial futures.

From developing a new, modern portal to better engage CSS Pension Plan’s 55,000 pension plan members and pushing for more inclusive pension policies, to leading financial literacy initiatives across Canada, Dove has made retirement planning more transparent, fairer, and accessible.

“One of the most rewarding parts of my journey so far has been the opportunity to connect with people – and I do mean meaningful connections with their heart, their story, and the impact on their financial wellness,” she says.

“I believe that our work is setting a benchmark. The work we’re doing here at CSS, as well as in other groups I’m involved with, is establishing a new standard, one that prioritizes the member’s experience, focuses on the individual, and emphasizes the human side of their financial journey.”

Dove’s achievements and industry contributions include:

• serving as director on the National Board for the Canadian Pension and Benefits Institute, where she chairs the member and volunteer experience committee and serves on the

METHODOLOGY

With over 20 years in financial services, the Saskatoon, SK-based director of member

education programming committee

• leading the CSS Pension Plan’s member experience strategic initiatives and collaborating with pension and financial partners nationwide to bring financial wellness to the Canadian public and financial industry

• recently became a doctorate in business administration candidate, with her dissertation project focusing on how customer and employee experience theories can influence pension plan member outcomes and financial security in retirement

A significant part of her efforts has been advocating for diversity, equity, and inclusion (DEI) in pensions. She has passionately advanced more inclusive pension plan design and has spoken at industry events about making retirement plans work for everyone. Her inspiration to champion the issues stems from a belief that diverse perspectives will lead to better decision-making and more inclusive financial solutions.

“If we open up our mind to see the broader world of DEI, then we’re going to reach some members and help them in a different way, ensuring our services meet

In November 2024, Benefits and Pensions Monitor (BPM) invited professionals from across the country to nominate their most exceptional female leaders for the second annual Elite Women list. Nominees had to be working in a role that related to, interacted with, or in some way impacted the employee services industry, and to have demonstrated a clear passion for the benefits, pensions, and institutional investments industry.

Nominators were asked to provide details of their nominee’s achievements and initiatives over the past 12 months, including specific examples of their professional accomplishments and contributions to the industry as a whole.

The BPM team reviewed all nominations, examining how each individual had made a meaningful contribution to the industry, to narrow down the list to 43 Elite Women.

way,” she says. “We also have to speak differently, but investing time in developing one’s executive presence is also helpful. You don’t have to wait until you’re seen as a leader to invest in your presence.”

Challenges and opportunities

Leveraging technology is one of the most significant opportunity stories at CSS. The organization has invested in skill sets around AI and other emerging tech to enhance its ability to educate, engage, and provide financial literacy components to members so they can best understand and respond.

“For example, we are looking at the use of AI to provide personalized financial advice and retirement income planning solutions to improve those member outcomes in a quantifiable way,” Dove says.

“Truly listen to your clients. Pay attention to the context: through listening, you gain a deeper understanding of their primary and secondary goals, which leads to better outcomes”

Terra Klinck, Brown Mills Klinck Prezioso LLP

the needs of all members, regardless of their background,” Dove says.

When she turned her mind to DEI, one avenue focused on plan design, which is a unique approach in Canada. A complementary aspect involves leveraging DEI principles to engage and educate members from a plan design perspective to make pension plans more equitable for people at different life stages.

“To me, diversity and inclusivity are critical drivers to the future of pension plans and financial wellness across the country because you’re trying to build this resilient financial system and resilient

people, and also you want the language and the messaging to be fair and received by the person you’re communicating with.”

One of the most important lessons Dove has learned is the value of resilience and self-advocacy. Building a strong network of mentors on all sides of the gender equation and allies across the industry is equally important, as they provide support and honest communication.

“It’s essential that women entering this industry or any other industry, where they feel there might be an unintentional bias, believe in their capabilities and speak up for themselves and their ideas in a confident

The challenges revolve around adapting as the financial system evolves through regulatory shifts. Within the pension world, AI, cyber risk, financial services, and marketing are also changing under the lens of regulators. Dove points out that these developments ensure pension plans are sustainable in what might continue to be a volatile economic environment.

“To address some of these, we at CSS, and even across the industry, in pension groups and in those forums where people get together and speak, are looking at how to leverage innovative solutions, collaborate, and cooperate with our shared knowledge,” she says.

“Essentially, the goal at CSS is to remain at the forefront of the industry and to represent a standard to which other organizations working with pension plan members could look and say, ‘Oh, they got it. They understand the human side. They understand what they’re working on.’”

Karen Adams –Kii Health

Few people, men or women, would have stepped into the role this Elite Woman did in mid-2022.

ELITE WOMEN’S JOB TITLES

When Adams was asked to take over Kii Health (formerly CloudMD) during a financial and management crisis, the board chair had quit, the whole executive team had walked away, and the company was teetering on the brink.

“They told me, ‘It’s in crisis. You have to act quickly,’” she recalls.

Failure wasn’t an option for Adams, as 469 employees and over 5,000 clients depended on the organization’s survival. Among her key achievements are:

• Stabilizing Kii Health: Appointed as president and CEO in August 2022, she led the company through crisis, transitioning it from public to private and securing the employment of 469 people and thousands of therapists and healthcare providers. She also reduced costs by over $5 million and divested non-core businesses within 12 months.

• Driving healthcare innovation: Pioneered the concept of nurse navigators, improving employee health outcomes and driving 90 percent growth over three years. Developed and launched the industry-first mental health coach program, transforming mental health access through risk assessment and nurse-led treatment recommendations.

• Fostering employee engagement and inclusion: Maintained high employee engagement despite industry challenges, fostering trust, collaboration, and purpose-driven work. Introduced “diversity days” to support inclusion.

Drawing on her 25 years of industry experience and belief in transparency and clarity, Adams immediately set out to rebuild the organization.

“For me, it was about core values, collaboration, and empowerment,” she says. “Financial considerations were, of course, important, but developing core values that we could align to, and championing empathy, focus, and integrity were what resonated most. People felt we were in it together.”

Kii Health helps empower individuals to

manage their health journey through treatment plans and return to health, whether managing a disability, mental health challenge, or workplace injury. Unlike competitors that focus on adjudicating claims, the organization provides personalized direct treatment and recovery support.

Operating across North America, its team of occupational health doctors and nurses assesses, treats, and guides employees through recovery, ensuring their physical and mental health needs are met. By bridging gaps in mental health and disability services, it enables employees to take control of their health and recovery.

“It’s a rewarding business, and our people love what they do,” Adams says. “They go home knowing they’ve helped hundreds of people with healthcare issues.”

To turn the organization around, Adams made tough decisions, including restructuring and divesting non-core businesses, but she ensured that employees understood the cuts were business decisions, not personal ones.

Through frequent town halls and “transparent overcommunication,” she fostered trust and engagement, and despite the turbulence, employees remained engaged.

Notably, Adams reshaped how employees access healthcare benefits.

“We want to be that trusted health navigator for employee group benefit plans, helping employees use their benefits to solve health problems and, where appropriate, connecting them to the right resources.”

Breaking barriers

Despite breaking barriers as a woman leading a majority shareholder private equity firm, Adams remains focused on driving change.

“The number one attribute is resiliency,” she says. “I used to speak about resiliency to companies 10 years ago, but I didn’t fully appreciate its importance as a CEO until a year or two ago. Resiliency is the attitude that we can make a difference and find a solution.”

Early on, Adams sought out coaches, advisors, and industry mentors. One was Jim Reid, the former CHRO of Rogers, because she recognized she was in a people business,

“I had moments where I wasn’t feeling great emotionally, but my belief in the business and its ability to transform how people receive access to care for mental and physical health was the motivator to lead with strength”

Karen Adams, Kii Health

and strategy focused on people was crucial.

Her other mentors included investor Arlene Dickinson, founder and general partner of District Ventures Capital, who helped support her during difficult times.

“There were moments where I had no playbook: 35,000 shareholders were berating me online for the previous management’s missteps, the investment community wasn’t loaning us money, interest rates were rising, and the bank was deciding whether to renew our loan,” she recalls.

“We were up against the wall. In those moments, given the number of issues we were dealing with, I questioned how I could manage it all. Having mentors who helped me breathe, step back, and regain balance was invaluable.”

Terra Klinck –Brown Mills Klinck Prezioso LLP

With over 25 years of experience practising pension, benefits, and executive

compensation law, the Elite Woman co-founded Canada’s leading boutique law firm focused exclusively on pension, benefits, and executive compensation law in 2017.

As a senior partner, Klinck played a significant role in growing Brown Mills Klinck Prezioso LLP from four founding partners (along with Elizabeth Brown, Lisa Mills, and John Prezioso) and one associate, to its current composition of five partners and seven counsel and associates, making it the country’s largest private practice legal team in pension and benefits law.

“Our primary reason for starting the firm was a business opportunity,” Klinck says. “We saw successful boutiques in other jurisdictions and believed the model could work here, and it has turned out very well.”

She also sought to create a better private practice firm structure that balances flexible working arrangements with the highest standards of client service. As a boutique law firm, BMKP Law remains nimble, allowing it to accommodate team members’ career paths and professional needs.

BUFFY MILLS

A respected player in de-risking pension liabilities in Canada, Klinck worked on one of the first transactions involving transferring longevity and inflation risk from a pension plan to an insurer. She recently worked on one of the largest single pension annuity buy-out transactions in Canadian history.

Strategies that set her apart

Klinck has been fortunate to have had great mentors who have influenced her skills and problem-solving approach. As a mentor herself, she provides opportunities for BMKP Law’s junior associates to build their profiles by attending and speaking at conferences.

Another key approach that sets Klinck apart is thinking outside the box. In many major projects, she has gone directly to the government to seek regulatory changes to help achieve the best results for all parties.

“I pride myself on being practical and finding real, workable solutions that meet clients’ needs,” she says. When tackling a complex project, she focuses on understanding the client’s goals.

Phone: 250 860 2426

Email: buffy.mills@acera.ca

Website: acera.ca

“The better you understand clients’ goals and priorities, the greater the chance of finding a solution that truly works,” she remarks. “It’s also important to consider other stakeholders’ interests. Knowing the facts and balancing everyone’s goals helps lead to the best outcome.”

The pension and benefits space has continuously evolved, making for a dynamic and rewarding career. When Klinck began practising, defined benefit (DB) surpluses were a focus, followed by years of helping employers navigate deficits. She is now assisting clients navigate DB surplus issues again. Demographic shifts have also influenced the field, with younger employees prioritizing savings for homeownership over retirement.

“Pensions are woven into the fabric of society, and as the economy and workforce change, so does how we deliver pension plans,” she says. “That presents both challenges and opportunities for industry professionals. DB plan coverage under single employer plans continue to decline in Canada, but we’re seeing innovation to address that shift.”

Buffy Mills is a dedicated Indigenous employee benefits consultant and a proud member of the Syilx Nation. With over seven years of experience in the employee benefits industry and 33 years of community-centered service, she is known for her innovative approach to providing culturally relevant benefits solutions for Indigenous organizations.

As an employee owner at Acera Indigenous Benefits, Mills is passionate about creating positive and lasting change for her clients and their communities. Her approach to benefits consulting is rooted in empathy, cultural understanding, and a commitment to excellence. She is invested in building strong partnerships that prioritize the well-being of organizations and their employees. Her expertise spans benefits design, implementation, and ongoing support, ensuring seamless and responsive service.

Mills is also a passionate advocate for Indigenous representation in the insurance and benefits industry. She mentors young professionals, empowering them to have a pathway to financial security and career growth. She is also a champion for Indigenous women and youth, supporting initiatives that amplify their voices and celebrate their achievements. Through her leadership and advocacy, Mills makes a meaningful impact, blending professional expertise with a strong connection to her cultural values.

CHRISTINE GRIFFIN

Head of Payer Services Express Scripts Canada

Phone: 905 580 6796

Email: christine.griffin@express-scripts.com

Website: express-scripts.ca

JENNIFER SINOPOLI

Executive Vice President and Head of Distribution CI Global Asset Management

Christine Griffin is a passionate senior leader with a diverse background in health benefits, sales, and account management. As a mother, mentor, dog lover, and arts advocate, she thrives in a collaborative environment and is dedicated to driving client engagement, operational excellence, and nationwide satisfaction.

In her role as leader of Express Scripts Canada’s Payer Services business unit, Christine is directly accountable for sales, account management for both private and public sector clients, product strategy and management, data insights and analytics, fraud waste and abuse, and claims teams. Her leadership ensures that the company’s clients receive seamless and comprehensive health benefits management solutions.

With nearly 25 years of client management experience, Christine has held numerous progressive positions within Express Scripts Canada. Her expertise in health benefits management and client service has enabled her to forge strong partnerships with existing clients while exploring new opportunities in the market.

She is also deeply involved in her community; she serves as a volunteer board member for the Mississauga Arts Council and is a past board member of Southern Connections Dog Rescue.

Phone: 416 681 7734

Email: jsinopoli@ci.com

Website: cifinancial.com

Jennifer Sinopoli is a highly accomplished asset management executive with extensive experience in leading distribution and driving business transformation.

As EVP and head of distribution at CI Global Asset Management, she oversees the firm’s national distribution strategy across both retail and institutional channels. She has been pivotal in transforming and leading CI GAM’s retail and institutional businesses, working closely with the investment management team to deliver innovative, growth-focused strategies.

Sinopoli’s leadership has played a key role in modernizing sales structures, enhancing data analytics capabilities, and expanding CI’s ETF business. In 2023, she was promoted to a broader leadership role, where she directly influences CI GAM’s strategic direction and success as part of the executive team.

She has also served as the executive lead for the Women’s Employee Resource Group within CI Financial’s Diversity & Inclusion Committee. With her forward-thinking leadership and industry expertise, she continues to drive CI Global Asset Management’s growth and success in a competitive and ever-evolving market.

JILLIAN KENNEDY Chief Strategy Officer

Phone: 416 673 9000

Email: jkennedy@caatpension.ca

Website: caatpension.ca

Jillian Kennedy has long been guided by a desire to make a meaningful difference in the retirement realm. As chief strategy officer at CAAT Pension Plan, she is committed to helping organizations achieve stronger business results through workplace retirement solutions.

She leads strategic initiatives to expand pension coverage across Canada. With her extensive experience in strategic leadership, Kennedy has a track record of driving organizational change and delivering impactful results.

“One of my proudest achievements has been spearheading initiatives promoting financial wellness for underrepresented groups, including sponsoring a groundbreaking study highlighting the 30 percent retirement savings gap women face,” she says. “This work shed light on systemic challenges and also fostered actionable conversations across the industry.”

Kennedy’s leadership role has enabled her to influence policies and solutions that address these disparities, benefiting Canadians on a broader scale. Her ability to connect complex systems with human impact shines through her work in designing inclusive strategies that address real-world challenges. She drives change by broadening access to secure retirement options, championing diversity and equity, and fostering innovation in workplace pension design.

Phone: 416-922-1106

Email: Terra.Klinck@bmkplaw.com

Website: bmkplaw.com

Terra Klinck has over 25 years of experience advising both provincially and federally regulated employers and plan administrators on all legal issues relating to defined benefit and defined contribution pension plans.

Klinck has a wealth of experience advising clients on pension governance, fiduciary responsibilities, regulatory compliance, pension fund investment, and surplus utilization. She advises employers on the restructuring of legacy pension arrangements, including de-risking initiatives, plan mergers, and plan windups, as well as advising on pension matters in corporate transactions, including insolvencies and restructurings. Her notable representative work includes:

• advising multiple employers on defined benefit pension de-risking initiatives through annuity buy-in and buy-out transactions, including a series of transactions where over $2 billion of defined benefit liabilities were transferred to Canadian insurance companies in 2023 and 2024

• acting as counsel to large employers in respect of their Canadian pension and savings plans, including governance, compliance and regulatory matters, plan consolidations, and M&A-related activities

• advising multiple employers on the conversion of their single-employer plans into a jointly sponsored pension plan, including the transfer of legacy defined benefit liabilities

2025

Buffy Mills

Indigenous Employee Benefits Consultant Acera Benefits

Phone: 250 860 2426

Email: buffy.mills@acera.ca Website: acera.ca

Christine Griffin

Head of Payer Services Express Scripts Canada

Phone: 905 580 6796

Email: christine.griffin@express-scripts.com Website: express-scripts.ca

Jennifer Sinopoli

EVP, Head of Distribution CI Global Asset Management

Phone: 416 681 7734

Email: jsinopoli@ci.com Website: cifinancial.com

Jillian Kennedy

Chief Strategy Officer

CAAT Pension Plan

Phone: 416 673 9000

Email: jkennedy@caatpension.ca

Website: caatpension.ca

Terra Klinck

Partner

Brown Mills Klinck Prezioso LLP

Phone: 416-922-1106

Email: Terra.Klinck@bmkplaw.com Website: bmkplaw.com

Karen Adams President and CEO

Kii Heath (Santé) Canada Inc

Email: karen.adams@kiihealth.ca Website: kiihealth.com

Rebecca Smith Director, Group Life and Disability Services Medavie Blue Cross

Phone: 416 695 6496

Email: rebecca.smith@medavie.bluecross.ca

Website: medaviebc.ca

Tami Dove

Director, Member Experience

Co-operative Superannuation Society

Phone: 306 477 8500

Email: tdove@csspension.com Website: csspension.com

Tara Anstey Director, Business Development Client Value Medavie Blue Cross

Phone: 902 496 7059

Email: tara.anstey@medavie.bluecross.ca Website: medaviebc.ca

Alison McKay Chief Executive Officer Saskatchewan Healthcare Employees’ Pension Plan

Amanda Coones Vice President, Investor and Plan Member Services CIBC Mellon

Anne-Marie Nawar Senior Director, Canadian Health and Benefits Insights and Solutions Leader WTW

Carolyne Eagan President of Benefits Alliance Group Benefits Alliance Group

Christine Chen General Counsel University Pension Plan

Cindy Rynne Partner, Senior Consultant PBI Actuarial Consultants

Erika Toth, CFA Director, ETF Distribution, Institutional and Advisory, Eastern Canada BMO Global Asset Management

Heather Tobin Senior Managing Director and Global Head of Capital Markets and Factor Investing CPP Investments

Ivana Zanardo Head of Plan Services Healthcare of Ontario Pension Plan

Janet Young Director, Well-being and Health Services, People and Culture TELUS Health

2025

Janice Holman Principal Eckler

Jill Fratpietro Partner, Group Consultant OneLife Benefits & Consulting

Jill Wagman Board Member Newcomer Women’s Services Toronto

Julie Gaudry Head of the Group Life and Health Business RBC Life Insuranc e

Kaksha (Kay) Patel Vice President, Relationship Management Northern Trust Corporation

Katherine Tweedie Country Head, Canada Ninety One

Kaycie Sjodin-Owen Director of Client Services Owen & Associates

Kim Page Director, Private Pension Plans Supervision Office of the Superintendent of Financial Institutions

Laura Barr Senior Manager of Global Benefits Irving Oil

Marie-Chantal Côté Senior Vice President, Group Benefits Sun Life

Mary Medeiros Chief Operating Officer Harvest ETF

Nancy Feniuk

Senior Governance Analyst Plannera Pensions & Benefits

Rana Ghorayeb Executive Vice President and Head of Real Estate CDPQ

Renee Bilodeau Director of Corporate and Plan Communications BC Pension Corporation

Sahar Rahman Director, Strategy Greenshield

Sandra Johnson Manager, Pensions WSIB

Sarah Beech Canada CEO Gallagher

Sarah Bull, CIM®, FCSI Partner and Portfolio Manager KJ Harrison Investors

Suchorita Sen Managing Director, Corporate Finance University Pension Plan Ontario

Susan Bird President McAteer Group of Companies

Susan Nickerson Head of Pensions, Benefits and Executive Compensation Group and Partner McCarthy Tetrault

Suzanne Paiement Partner, Health Normandin Beaudry

Tamara Demos Managing Director, Private Pension Plans Division Office of the Superintendent of Financial Institutions

Vandana Paliwal Vice President, Human Resources and Organizational Effectiveness FCT

Is there stability in Canadian bonds?

Fixed income experts highlight why Canadian bonds appear to be overperforming

THE FIXED income landscape has become increasingly divergent across major economies, a belief espoused by fixed income experts at FTSE Russell. Some from the organization say Canada’s monetary policy stands out among the rest of the world, presenting potential opportunities for institutional investors, particularly for pension funds.

Sandrine Soubeyran and Robin Marshall, directors of global investment research at FTSE Russell, outlined some of the key factors driving the global divergence in fixed income performance.

One such trend is around monetary policy divergence, as the US has maintained a “higher for longer” narrative on interest rates compared to other economies like Canada and Europe, which have been cutting rates more aggressively. This has led to more volatility in spreads between these markets. Meanwhile, central banks trying

FIXED INCOME REPORT

to nudge rates lower has resulted in yield curves normalizing, with short rates below longer-dated yields.

The resilience of Canadian bonds has also been a focal point. While long-duration bonds have underperformed globally, Canada has fared comparatively better. Soubeyran highlights that the backup in yields, while negative, has been less severe than the sell-off seen in US Treasuries and UK gilts.

“It feels really overdone for Canada,” she says, remarking that this presents an opportunity for investors. Both Soubeyran and Marshall are quick to point to the performance of Canadian high-yield bonds, which have delivered returns of around 11 to 12 per cent over the past year.

“That’s quite exciting compared to other fixed-income assets,” Soubeyran notes. “If we’re seeing inflation being mitigated and corporate profits improving, while I’m looking at my crystal ball, there could still be some sweet spots there in regard to credits.”

This resilience in the Canadian fixed income market is particularly relevant for the

country’s pension funds, which have traditionally faced challenges in the low-yield environment. Marshall explains that the higher discount rates applied to future liabilities because of rising rates can ease funding strains for pension plans. “From the point of view of funding your pension fund, that bit comes easier,” says Marshall.

Soubeyran acknowledges that while long-duration bonds have particularly underperformed, Canada’s milder environment has helped cushion the blow for domestic investors.

That said, Canada does face a limited supply of long-duration corporate bonds. With fewer issues, particularly in the finan-

“Canada is almost going down a slightly different route. It’s almost a rejection of Keynesianism”

Robin Marshall, FTSE Russell

They emphasized, however, that this is a double-edged sword, as pension funds must also navigate the impact of higher rates on their asset returns.

“The only bad news is if rates go up too much, then the returns on some of the assets, as opposed to the liabilities, come down from the higher discount rates. But if the rates then crush the returns on the assets, then you don’t do as well,” explains Marshall.

cial sector, and a relatively small number of bonds available, institutional investors are exploring alternative strategies.

Many are adopting a diversified approach that includes both Canadian and US corporate bonds to mitigate concentration risks while maintaining duration exposure, explains Soami Kohly, portfolio manager at MFS Investment Management.

Kohly highlights the renewed attractive-

ness of bonds for return generation. With yields at levels last seen in 2008, high-quality bond portfolios are now offering competitive returns relative to cash and GICs.

“Once the Bank of Canada finishes tightening, bonds tend to outperform cash, and we’re already seeing that trend play out,” he says. “The demand for bonds from a return standpoint is much better now than it’s been in the last decade.”

One other noticeable theme is the divergence in monetary policy approaches between Canada and its global counterparts. “Canada’s inflation has fallen a little bit and stayed at 1.9 per cent. It’s been very aggressive with its rate cuts,” Soubeyran explains.

Marshall expands on this point, contrasting Canada’s approach with that of the US and Europe. “In the US, we’ve seen a higher-for-longer narrative, whereas Canadian rates have been coming down quite a bit faster. Europe has also shown volatility among its fixed income sovereigns,” he says. This divergence has led to a decoupling of Canadian markets from their historical alignment with US Treasuries.

“The Bank of Canada has signalled that it’s not going to be a prisoner of the Fed,” adds Marshall. “If the domestic economy requires it, they will move rates down to neutral levels or even below.”

Meanwhile, during December’s small political crisis, the Canadian government announced a budget deficit of over $60 billion, blowing through its targeted limit of $40 billion. Despite the size of those numbers, and the political fallout of added deficit spending, international bond markets see Canada’s fiscal policy as relatively stable and even conservative.

Soubeyran and Marshall highlight the fact that deficit spending has skyrocketed globally, especially among developed economies. The International Monetary Fund projected last year that global public debt will exceed US $100 trillion by the end of 2024. In that context, Marshall drives home the fact that Canada’s debt-

“The demand for bonds from a return standpoint is much better now than it’s been in the last decade”

Saomi Kohly, MFS Investment Management

to-GDP ratio is the lowest in the G7.

“You could argue that Canada is almost going down a slightly different route. It’s almost a rejection of Keynesianism. That might be overstating it, but it’s worth considering,” he says, pointing out that fiscal policy has become “more active” since the COVID-19 pandemic.

Consequently, Marshall notes that while the US has continued to ease fiscal policy, Canada has not, whereas the US has kept its fiscal stimulus in place, with deficits over six percent of gross domestic product (GDP). “Canada has shown a desire to consolidate and roll back more of that fiscal stimulus,” he says.

Comparatively, Canada’s fiscal policies remain cautious in a global context, as Soubeyran notes Europe has a similar fiscal rule, which says deficits should be three percent of GDP. This conservatism has benefited Canadian bonds, which have avoided the significant selloffs seen in other markets. She points to Canada’s deliberate approach to balancing growth with fiscal responsibility.

“Looking at what they’re planning in government spending, it’s around $538 billion, only a couple of billion higher than this year,” she explains. “Debt per GDP is over 100 percent, but they’re clearly trying to rein that in and bring the whole financial situation into a much healthier state than elsewhere.”

Canada’s fiscal discipline has also contributed to its strong sovereign credit ratings, Soubeyran says, noting the debt levels in Canada aren’t anywhere near other countries. The Bank of Canada’s balance sheet, she notes, is at $230 billion, “compared to trillions in the US and Japan.” Meanwhile, Japan’s debt-to-GDP ratio currently sits at 263 percent and the United States’ ratio is around 123 percent.

As Canada enters an election year, political changes could bring shifts to fiscal policy. “It’s not like there’s going to be a violent swing in policies,” says Marshall. “The main drivers are going to continue to be growth, inflation, and interest-rate settings.”

FIXED INCOME DIRECTORY

ADDENDA CAPITAL INC.

Contact: Janick Boudreau, CFA

Executive Vice-President

Business Development & Client Partnerships

800 René-Lévesque Blvd. W., Ste. 2800 Montréal, QC, H3B 1X9

Phone: 514-908-1989

Fax: 514-287-7200

Email: j.boudreau@addendacapital.com

Website: addendacapital.com

Canadian plan sponsors managed: 49

Fixed income asset classes in CAD$M: Universe

$1,484.8; mortgages $906.2; long $1,832.9; corporate $234.5; liability-driven investments

$2,146.6; custom multi-style fixed income $194.4; impact fixed income $8.5; money market $25.6

Fixed income AUM for Canadian pension plans in CAD$M: $6,833.5

Manager style: Yield curve, immunized, index, actively managed, fundamental, top-down combined with bottom-up, core, active duration, impact

Ownership: Principals 3%; third-party 97%

Fixed income professional staff: 40

Established: 1985

Performance presentation standards: GIPS Minimum investment (CAD$M): Pooled $5; separate $20

ALPHAFIXE CAPITAL INC.

Contact: Stéphane Corriveau

President, Managing Director

1800 Ave. McGill College, Suite 2420

Montréal, QC, H3A 3J6

Phone: 514-861-3493

Fax: 514-861-4838

Email: s.corriveau@alphafixe.com

Website: alphafixe.com

Canadian plan sponsors managed: 50

Fixed income asset classes in CAD$M: Universe

$5,350; core plus $856; bank loans $372

Fixed income AUM for Canadian pension plans in CAD$M: $6,578

Manager style: Yield curve, structured products, immunized

Ownership: Principals 100%

Fixed income professional staff: 13

Established: 2008

Performance presentation standards: Relying on the flexibility of its proprietary portfolio management information system (Integra), Alphafixe has always offered clients the possibility to customize their investment mandates. As claiming GIPS compliance would have required that each of these mandates be included in one of the firm composites, we would have had to maintain many composites. This is why we are not claiming GIPS compliance. As such, although we do not claim GIPS compliance nor produce GIPScompliant performance reports, performance is calculated according to GIPS’ highest standards and methodology.

Minimum investment (CAD$M): Separate $50

AMUNDI CANADA INC.

Contact: Tanya Bishop

Senior Vice President

2000 McGill College Avenue

Montreal, QC, H3A 3H3

Phone: 647-201-4225

Email: tanya.bishop@amundi.com

Website: amundi.ca

Canadian plan sponsors managed: 8

Fixed income asset classes in CAD$M: Global bonds $1,144.30; high-yield $84.86; corporate $120.77; multi asset credit $171.05; currency $4,489.82; fixed income Canada government $74.89

Fixed income AUM for Canadian pension plans in CAD$M: $6,085.7

Manager style: Yield curve, structured products, index, quantitative

Ownership: Principals 69%; publicly held 29%; third-party 2%

Fixed income professional staff: 100+

Established: 1950

Performance presentation standards: GIPS

Minimum investment (CAD$M): Pooled $5; separate $20

BEUTEL, GOODMAN & COMPANY LTD.

Contact: Kimberley Woolverton

Senior Vice President, Client Service & Business

Development

2000-20 Eglinton Ave. West

Toronto, ON, M4R 1K8

Phone: 416-545-5367

Fax: 416-485-1799

Email: kwoolverton@beutelgoodman.com

Website: beutelgoodman.com

Canadian plan sponsors managed: 54

Fixed income asset classes in CAD$M: Universe

$7,992; long $305; core plus $380; corporate $605; short-term $223; money market $660; sustainable Canadian bonds $11m

Fixed income AUM for Canadian pension plans in CAD$M: $10,750

Manager style: Yield curve, interest rate anticipation (duration), credit sector allocation, security selection, foreign pay bonds

Ownership: Principals 51%; third-party 49%

Fixed income professional staff: 9

Established: 1967

Performance presentation standards: GIPS

Minimum investment (CAD$M): Pooled $10; separate $25

BMO GLOBAL ASSET MANAGEMENT

Contact: Daniel Stanley

Head of Institutional Sales & Service

100 King Street West

Toronto, ON, M5X 1A1

Phone: 416-418-2354

Email: daniel.stanley@bmo.com

Website: institutional.bmogam.com/ca-en

Canadian plan sponsors managed: 3

FIXED INCOME DIRECTORY

Fixed income asset classes in CAD$M: Universe

$115.79; long $753.58; fixed income ETFs $15

Fixed income AUM for Canadian pension plans in CAD$M: $884.36

Manager style: Yield curve, passive, structured products, index, immunized, quantitative, credit, ESG. Passive indices: FTSE Canada 20+ Strip Bond Index, FTSE Canada Universe Bond Index, FTSE Canada Long Term Federal Bond Index, Bloomberg US Inv Gr 5-10 Corp Index, US IG 5-10 Corp TR Hed CAD Index, FTSE Canada Short Term Corporate Bond Index, FTSE Canada Discount Bond Index, FTSE Canada Mid Term Corporate Index, FTSE Canada All Government Bond Index, FTSE Canada Mid Term Provincial Index, Bloomberg High Yield Total Return Index, Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped Index CAD Hedged, FTSE Canada Short Term Provincial Bond Index, FTSE Canada Short Term Federal Bond Index, FTSE Canada Long Term Corporate Bond Index, FTSE Canada Mid Term Federal Bond Index, FTSE Canada Short Term Corporate Bond Index, FTSE Canada Mid Term Corporate Bond Index, FTSE Canada NHA MBS 975, FTSE Canada Long Term Provincial Bond Index, Bloomberg US Treasury TIPS 0, FTSE Canada Non-Agency Real Return Bond Index, FTSE Canada All Corporate Bond Index, US Inv Gr 1-5Y TR Hed CAD, FTSE Canada Short Term Overall Bond Index, Bloomberg US Inv Gr 5-10 Corp Bond Index, Bloomberg US Treasury 20+ Y Bond Index, FTSE Canada Short Term Corporate Bond Index, Bloomberg Treasury 1-5 Yr Index, Bloomberg MSCI Canada Corporate Bond Index, Bloomberg US Treasury 5-10 Y, Bloomberg MSCI US HY Liq Corp, FTSE Canada Short Term Federal Bond Index, Bloomberg US Treasury 1-5 Yr Index, Bloomberg MSCI US Corporate Sustainable Bond Index, FTSE Canada 1-10 Year Corporate Bond Index, Bloomberg U.S. Treasury 5-10 Y, Bloomberg U.S. Treasury: 20+ Y, Bloomberg US Govt Inflation-Li, Bloomberg U.S. Treasury: 20+ Y, FTSE Canada Short Term Provincial Bond Index, Bloomberg US Treasury TIPS 0, FTSE Canada 1-10 Year Corporate Bond Index, Bloomberg MSCI US HY Liq Corp, Solactive Canada Bank Income I, Bloomberg US Aggregate Total Return Bond Index

Ownership: Principals 100%

Fixed income professional staff: 10

Established: 1982

Performance Presentation Standards: The performance of each of the BMO Mutual Funds and BMO ETFs complies with the requirements under Part 15 of NI 81-102

Minimum investment (CAD$M): Pooled $10; separate $100

BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. Commissions, management fees and expenses (if applicable) may be associated with investments in mutual funds and exchange traded funds (ETFs). Trailing commissions may be associated with investments in mutual funds. Please read the fund facts, ETF Facts or prospectus of the relevant mutual fund or ETF before investing. Mutual funds and ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. For a summary of the risks of an investment in BMO Mutual Funds or BMO ETFs, please see the specific risks set out in the prospectus of the relevant mutual fund or ETF. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO Mutual Funds are offered by BMO Investments Inc., a financial services firm and separate entity from Bank of Montreal. BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and portfolio manager and separate legal entity from Bank of Montreal. “BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

BURGUNDY ASSET MANAGEMENT LTD.

Contact: Mike Sandrasagra

Vice President, Global Head of Consultant Relations

181 Bay Street, Suite 4510

Toronto, ON, M5J 2T3

Phone: 416-869-3222

Fax: 416-869-1700

Email: msandrasagra@burgundyasset.com

Website: burgundyasset.com

Canadian plan sponsors managed: 17

Fixed income asset classes in CAD$M: Universe $388; high-yield $57; Canadian money market $24

Fixed income AUM for Canadian pension plans in CAD$M: $469

Manager style: Fundamental, bottom-up, quality-value

Ownership: Principals 100%

Fixed income professional staff: 3

Established: 1991

Performance presentation standards: GIPS Minimum investment (CAD$M): Pooled $5; separate $10

CANSO INVESTMENT COUNSEL LTD.

Contact: Jason Davis

Portfolio Manager, Vice President Client Service & Marketing

550-100 York Boulevard

Richmond Hill, ON, L4B 1J8

Phone: 905-881-8853

Fax: 905-881-1466

Email: clientservice@cansofunds.com

Website: cansofunds.com

Canadian plan sponsors managed: 27

Fixed income asset classes in CAD$B: Private debt $0.1; long $0.9; corporate $49.7

Fixed income AUM for Canadian pension plans in CAD$M: $7,805.5

Manager style: Credit analysis/bottom-up

fundamental security selection

Ownership: Principals 100%

Fixed income professional staff: 29

Established: 1997

Performance presentation standards: Modified Dietz method as recommended by GPS Minimum investment (CAD$M): Pooled $10 million; separate $250 million

FIXED INCOME DIRECTORY

CAPITAL GROUP CANADA

Contact: Brian Ziedenberg

Senior Vice President, Institutional Brookfield Place, 181 Bay St., Ste. 3100 Toronto, ON, M5J 2T3

Phone: 416-815-2172

Fax: 213-486-9223

Email: brian.ziedenberg@capgroup.com

Website: capitalgroup.com/ca

Manager style: Yield curve, immunized, credit and fundamental research

Ownership: Principals 100%

Fixed income professional staff: 92

Established: 1931

Performance presentation standards: GIPS

Minimum investment (CAD$M): Pooled $15; separate $120

CIBC ASSET MANAGEMENT

Contact: Carlo DiLalla

Managing Director & Head, Institutional Asset Management 161 Bay St., Ste. 2230 Toronto, ON, M5J 2S1

Phone: 416-980-2768

Email: carlo.dilalla@cibc.com

Website: cibcam-institutional.com

Canadian plan sponsors managed: 41

Fixed income asset classes in CAD$M: Universe $3,161.31; real return $994.75; long $2,981.68; core plus $405.43; corporate $1,003.32; LDI $7,829.89; MM $52.74; duration pools $180.44; fixed income US tips $72.22

Fixed income AUM for Canadian pension plans in CAD$M: $16,681.79

Manager style: Yield curve, structured products, immunized, passive, index, quantitative, multi-alpha. Passive indices: FTSE Universe Bond Index, FTSE Short-term Bond Index, FTSE Long-term Bond Index, FTSE Real Return Bond,

Customized Liability Benchmark

Ownership: Publicly held 100%

Fixed income professional staff: 31

Established: 1972

Performance presentation standards: GIPS

Minimum investment (CAD$M): Pooled $10; separate $25

CIDEL ASSET MANAGEMENT

Contact: Kate Nowak

Director, Institutional Business 60 Bloor Street West, 9th Floor Toronto, ON, M4W 3B8

Phone: 437-431-7068

Fax: 416-977-7650

Email: knowak@cidel.com

Website: cidel.com

Fixed income asset classes in CAD$M: Universe $692; US bonds $149; corporate $377; other $1.6

Fixed income AUM in CAD$M: $2.8B

Manager style: Yield curve, credit Ownership: Principals 90%

Fixed income professional staff: 5

Established: 1999

Minimum investment (CAD$M): Pooled $150,000; separate $1,000,000

CONNOR, CLARK & LUNN INVESTMENT MANAGEMENT LTD.

Contact: Brent Wilkins

Senior Vice President, Head of Institutional Sales (Canada)

Connor, Clark & Lunn Financial Group 1111 West Georgia Street, Suite 2200 Vancouver, BC, V6E 4M3

Phone: 416-364-5396

Email: bwilkins@cclgroup.com

Website: cclgroup.com

Canadian plan sponsors managed: 41

Fixed income asset classes in CAD$M: Universe

$2,530.8; high-yield $46.8; long $757.4; core plus $160.2; money market $55.1; blended benchmark $1,566

Fixed income AUM for Canadian pension plans in CAD$M: $5,116.2

Manager style: Yield curve, quantitative, credit Ownership: Principals 71%; third-party 29%

Fixed income professional staff: 17

Established: 1982

Performance presentation standards: GIPS

Minimum investment (CAD$M): Pooled $10; separate $15

DESJARDINS GLOBAL ASSET MANAGEMENT

Contact: Natalie Bisaillon

Vice President & Chief of Partnership & Institutional Client Relations

1 Complexe Desjardins, 20th Floor, South Tower Montreal, QC, H5B 1B2

Phone: 514-214-5742

Fax: 514-281-7253

Email: natalie.bisaillon@desjardins.com

Website: www.dgam.ca

Canadian plan sponsors managed: 2

Fixed income asset classes in CAD$M: Universe $108; long $2,060; other $6,565

Fixed income AUM for Canadian pension plans in CAD$M: $8,733

Manager style: Yield curve

Ownership: Third-party 100%

Fixed income professional staff: 13

Established: 1998

Performance presentation standards: GIPS

Minimum investment (CAD$M): Pooled $10; separate $25

FIERA CAPITAL CORPORATION

Contact: Sarah Aves

Co-Head of Canadian Institutional Clients

FIXED INCOME DIRECTORY

1981 McGill College Avenue, Suite 1500

Montreal, QC, H3A 0H5

Phone: 514-954-6468

Fax: 514-954-9692

Email: saves@fieracapital.com

Website: fieracapital.com

Canadian plan sponsors managed: 205

Fixed income asset classes in CAD$M: Universe $2,937.86; global bonds $44.77; real return $230.80; private debt $802.47; long $4,572.40; US bonds $50.18; core plus $378.49; corporate $461.04; other $5,744.56

Fixed income AUM for Canadian pension plans in CAD$M: $15,222.55

Manager style: Yield curve, immunized, passive, quantitative, active, security selection, sector allocation. Passive indices: FTSE CAN Provincial Short Term (CAD), FTSE CAN Provincial Mid Term (CAD), FTSE CAN Universe All Gov Provincial Bond Index (LT) (CAD), FTSE CAN Universe All Gov Provincial Bond Index (20+) (CAD)

Ownership: Principals 20%; publicly held 80%

Fixed income professional staff: 23

Established: 2003

Performance presentation standards: GIPS

Minimum investment (CAD$M): Pooled $5; separate $20

FRANKLIN TEMPLETON

Contact: Dennis Tew

Head of Sales, Canada

200 King Street West, Suite 1400 Toronto, ON, M5H 3T4

Phone: 416-957-6023

Email: dennis.tew@franklintempleton.ca

Website: franklintempleton.ca

Canadian plan sponsors managed: 22

Fixed income asset classes in CAD$M: Universe $722; global bonds $3,860; private debt $27; US bonds $74; core plus $134; corporate $11; emerging markets debt $1,634

Fixed income AUM for Canadian pension plans in CAD$M: $6,462

Manager style: Yield curve, immunized, index, quantitative, domestic fixed income (Canadian), emerging market debt, global sovereigns, local

asset management, mortgages/ABS, corporate high yield and investment grade, municipals, bank loans and low duration, private credit

Ownership: Principals 36%; publicly held 64%

Fixed income professional staff: 347 PMs and analysts, plus 57 fixed income traders

Established: 1947

Performance presentation standards: GIPS Minimum investment (CAD$M): Pooled$1; separate, varies by strategy

GUARDIAN CAPITAL LP

Contact: Robin Lacey

Head of Institutional Asset Management

199 Bay Street, Suite 3100

Toronto, ON, M5L 1E8

Phone: 416-947-4082

Email: rlacey@guardiancapital.com

Website: guardiancapital.com

Canadian plan sponsors managed: 12

Fixed income asset classes in CAD$M: Universe $166.3; core plus $5.3; corporate $1.3; structured $295.7; short-term $19.1

Fixed income AUM for Canadian pension plans in CAD$M: $487.7

Manager style: Yield curve, structured products, immunized, quantitative

Ownership: Third-party 100%

Fixed income professional staff: 8

Established: 1962

JARISLOWSKY FRASER

Contact: Jeff Horbal

Lead, Consultant Relations & Senior Institutional Portfolio Manager

Head Office:1010 Sherbrooke St. W., 20th Floor

Montreal, QC, H3A 2R7

Phone: 1-800-736-8666

Fax: 514-842-1882

Email: jhorbal@jflglobal.com

Website: jflglobal.com

Fixed income asset classes: Universe, global bonds, private debt, high-yield, long, US bonds, core plus, corporate, absolute return, liability-driven

Fixed income AUM for Canadian pension plans in CAD$M: $2.9B

Manager style: Yield curve, credit

Established: 1955

Performance presentation standards: GIPS Minimum investment (CAD$M): Pooled $10; separate $25

LEITH WHEELER INVESTMENT COUNSEL

Contact: Gary Wong

Associate Portfolio Manager #1500, 400 Burrard St. Vancouver, BC, V6C3A6

Phone: 604-683-3391

Fax: 604-683-0323

Email: garyw@leithwheeler.com

Website: leithwheeler.com/

Canadian plan sponsors managed: 75

Fixed income asset classes in CAD$M: N/A

Fixed income AUM for Canadian pension plans in CAD$M: $3,250

Manager style: Yield curve, immunized, active –fundamental

Ownership: Principals 100%

Fixed income professional staff: 10

Established: 1982

Performance presentation standards: GIPS Minimum investment (CAD$M): Pooled: $3M; Separate: $10M

MAWER INVESTMENT MANAGEMENT LTD.

Contact: Neeraj Jain

Institutional Portfolio Manager

79 Wellington Street West TD South Tower, Suite 3410, Box 276 Toronto, ON, M5K 1J5

Benefits and Pensions Monitor directories can be found at www.benefitsandpensionsmonitor.com

Phone: 416-865-3929

Fax: 416-865-3357

Email: njain@mawer.com

Website: mawer.com

Canadian plan sponsors managed: 30

Fixed income asset classes in CAD$M: Universe $1,020.47; other, includes fixed income assets managed as part of balanced mandates

Fixed income AUM for Canadian pension plans in CAD$M: $1,020.47

Manager style: Yield curve, credit

Ownership: Principals 100%

Fixed income professional staff: 7

Established: 1974

Performance presentation standards: GIPS

Minimum investment (CAD$M): Pooled $10; separate $50

MFS INVESTMENT MANAGEMENT CANADA

LIMITED

Contact: Andrew Kitchen

Senior Managing Director – Institutional Sales

77 King St. W., 35th Floor Toronto, ON, M5K 1B7

Phone: 647-253-9162

Email: akitchen@mfs.com

Website: mfs.com

Canadian plan sponsors managed: 21 as of September 30, 2024, pension plans. Please note that number of Canadian plan sponsors include pension plan clients that have a fixed income component as part of asset-mix portfolios.

Fixed income asset classes in CAD$M: Universe $829.8; global bonds $4.3; long $775.2; core plus $267; Canadian money market $21.4M. Core plus assets include both long plus and core plus strategies. Please note that assets provided include fixed income assets that are part of asset-mix portfolios.

Fixed income AUM for Canadian pension plans in CAD$M: $1,897.7

Manager style: Asset and sector allocation, security selection, duration and yield curve, region, currency

Ownership: Principals, up to 20%; third-party (Sun Life Financial Inc.) 80%

FIXED INCOME DIRECTORY

Fixed income professional staff: 114

Established: 1924

Performance presentation standards: GIPS Minimum investment (CAD$M): Separate accounts: Dependent on strategy

PICTET ASSET MANAGEMENT

Contact: François Forget

Head of Distribution – Canada

1000 de la Gauchetière West, Suite 3100 Montreal, QC, H3B 4W5

Phone: 514-518-8587

Email: fforget@pictet.com

Website: am.pictet

Manager style: Yield curve, index, emerging market debt, global sovereigns, absolute return fixed income, corporate high yield and investment grade, sustainable credit, strategic credit Ownership: Principals 100%

Fixed income professional staff: 110

Established: 1980 (parent in 1805)

Performance presentation standards: GIPS Minimum investment (CAD$M): Pooled $1m; separate $50m

PICTON MAHONEY ASSET MANAGEMENT

Contact: Connor Haslip

Vice President, Institutional Business 33 Yonge Street, Suite 320 Toronto, ON, M5E 1G4

Phone: 416-955-4108

Fax: 416-955-4100

Email: institutional@pictonmahoney.com

Website: pictonmahoney.com

Fixed income asset classes in CAD$M: Core plus $61.4; corporate $2,304.3

Event-driven credit in CAD$M: $377.50

Manager style: Active – long/short credit and event-driven credit

Ownership: Principals 100%

Fixed income professional staff: 8

Established: 2004

Minimum investment (CAD$M): Pooled $10; separate $25

QV INVESTORS INC.

Contact: Clement Chiang

Vice President & Portfolio Manager

Suite 1008, 222–3rd Avenue SW Calgary, AB, T2P 0B4

Phone: 403-265-7007 x 225

Fax: 403-266-6524

Email: cchiang@qvinvestors.com

Website: www.qvinvestors.com

Canadian plan sponsors managed: 1

Fixed income asset classes in CAD$M: Core plus $204

Fixed income AUM for Canadian pension plans in CAD$M: $47.5

Manager style: Fundamental credit and duration positioning

Ownership: QV is 100% owned by employees across all levels of the firm

Fixed income professional staff: 2

Established: 1996

Performance presentation standards: Verified by ACA Compliance Group

Minimum investment (CAD$M): Pooled $0.5M; separate $10

SLC MANAGEMENT

Contact: Catherine Jackman, CFA, Managing Director, Canadian Institutional Distribution 1 York Street, Toronto, ON, M5J 0B6

Véronique Lauzière, FCIA, FSA, CFA, Managing Director, Canadian Institutional Distribution 1155 rue Metcalfe, Montréal, QC, H3B 2V9

Phone: Jackman, 416-408-8729; Lauzière, 514-904-9694

Email: catherine.jackman@slcmanagement.

Benefits and Pensions Monitor directories can be found at www.benefitsandpensionsmonitor.com

com; veronique.lauziere@slcmanagement.com

Website: slcmanagement.com

Manager style: Our primary source of value-add within our fixed income teams is credit analysis. We typically do not take active interest rate positions.

Fixed income professional staff: 171

Established: 2013

Performance presentation standards: GIPS

STONEBRIDGE FINANCIAL

Contact: Angela Valdes, Vice President 20 Adelaide Street East, Suite 1201 Toronto, ON, M5C 2T6

Phone: 416-364-3001

Email: avaldes@stonebridge.ca

Website: stonebridge.ca

Manager style: Stonebridge Financial specializes in private debt and credit investments across infrastructure, renewable power, healthcare, real estate (commercial mortgages) and corporate sectors. More specifically, this includes both active and passive as well as long and short duration strategies across investment-grade, core and coreplus risk profiles.

Ownership: Originally founded with the support of three of Canada’s largest insurance companies which held a minority interest, Stonebridge Financial has been 100% independently owned since 2021.

Fixed income professional staff: 18

Established: 1998

Minimum investment: Pooled $5; separate $25

T. ROWE PRICE

Contact: Lauren Bloom

Head of Canada

77 King Street West, Suite 4240 Toronto, ON, MSK 1A2

Phone: 647-355-6887

FIXED INCOME DIRECTORY

Email: lauren.bloom@troweprice.com

Website: troweprice.com/en/ca

Manager style: We implement a bottom-up, fundamental investment approach across all of our fixed income strategies, performing deep and focused credit research. Capabilities include global bonds, high-yield, long, US bonds, US core/core plus, corporate, and emerging markets debt.

Ownership: Publicly held 100%

Fixed income professional staff: 246 Established: 1937

Performance presentation standards: GIPS Minimum investment (CAD$M): Pooled $5; separate, varies

TD GLOBAL INVESTMENT SOLUTIONS

Contact: Mark Cestnik

Managing Director

161 Bay St., 34th Floor Toronto, ON, M5J 2T2

Phone: 416-274-1742

Email: mark.cestnik@tdam.com

Website: tdgis.com

Canadian plan sponsors managed: 306 Fixed income asset classes in CAD$M: Universe $12,005; real return $1,180; mortgages $5,425; private debt $1,739; long $15,918; core plus $1,520; emerging markets debt $388; FTSE TMX Canada All Government Bond $542; FTSE TMX Canada mid-term provincial $317; client-defined benchmarks

$6,398; money market and short-term $4,020; overlay $26,058; structured $5,779

Fixed income AUM for Canadian pension plans in CAD$M: $81,288

Manager style: Yield curve, immunized, passive. Passive indices: FTSE Canada Universe Bond Index, FTSE Canada All Government Bond Index, FTSE Canada All Corporate Bond Index, FTSE Canada Long Term Overall Bond Index, Short Liability Driven Benchmark. The custom benchmark is a portfolio of provincial bonds that is structured to match the future obligations of a typical Canadian pension plan consisting

of a high proportion of retirees. Mid Liability Driven Benchmark: The custom benchmark is a portfolio of provincial bonds that is structured to match the future obligations of a typical Canadian pension plan consisting of a blend of retirees and active members. Long Liability Driven Benchmark: The custom benchmark is a portfolio of provincial bonds that is structured to match the future obligations of a typical Canadian pension plan consisting of a high proportion of active members. FTSE Canada Long Term Corporate Bond Index, 50% FTSE Canada Short Term Corporate Bond Index + 50% FTSE Canada Mid Term Corporate Bond Index, FTSE Canada Universe Bond Index, FTSE Canada 20+ Strip Bond Index, FTSE Canada Real Return Bond Index, FTSE Canada Long Term Government Bond Index, FTSE Canada Long Term Provincial Bond Index, 3x FTSE Canada Long Term Provincial Bond Index minus 2x one-month CDOR, 2 x FTSE Canada Real Return Bond Index – 1 month CDOR, FTSE Canada Mid Term Provincial Bond Index Ownership: Third-party 100%

Fixed income professional staff: 87

Established: 1987

Performance presentation standards: GIPS Minimum investment (CAD$M): Pooled $17; separate, $50 active and $200 passive

MENTAL HEALTH

Building organizational resilience and sustainability

How early intervention and

comprehensive

mental health programs at Co-operators benefit both employees and employers

SOCIAL MEDIA consumption, job insecurity, geopolitical risks, and climate events are challenging the mental health of Canadians. With these global pressures mounting, companies can no longer afford to treat mental health as an afterthought. Instead, as Joan Ganas, head of group benefits operations at Co-operators, explains, mental health support cannot be siloed from the rest of the business. “Mental health must be woven into the very fabric of an organization, from HR and leadership to the overall business model.”

Co-operators, a leading financial services co-operative, insures over 250,000 working Canadians and their dependents as a group benefits provider.

In her decades-long career at Co-operators, Ganas has seen the company’s approach to mental health evolve into a more holistic, inclusive strategy. But she’s quick to point out that it’s about more than just offering employee assistance programs (EAPs) or checking off a list of benefits.

A call for comprehensive workplace support

Workplace mental health is no longer just an individual concern – it has become a significant factor in overall organizational success. With one in five Canadians experiencing

mental health difficulties each year, the need for robust mental health support within organizations is more urgent than ever.

As Ganas highlights, “Nearly one-third of all our disability claims are related to mental health in some way, and what’s even more astounding is that this doesn’t account for multiple disabilities where mental health [problems] might be a secondary diagnosis.”

A critical part of this effort is ensuring that mental health support is accessible to all employees, regardless of their background or circumstances.

nizations are now beginning to understand that mental health must also be linked to broader cultural elements. “Addressing mental health must involve equity,” Ganas explains. “Removing barriers for marginalized groups and ensuring equitable opportunities for all employees is crucial.”

Ganas’s perspective is rooted in the belief that mental health challenges can’t be properly addressed without considering the unique experiences of different employees. Marginalized groups often face additional hurdles when accessing mental health

“Nearly one-third of all our disability claims are related to mental health in some way, and what’s even more astounding is that this doesn’t account for multiple disabilities where mental health [problems] might be a secondary diagnosis”

Joan Ganas, Co-operators

The connection between mental health and other aspects of the business, like inclusion, diversity, equity, and accessibility (IDEA), is central to this approach. Ganas believes orga-

support, whether due to systemic inequality, lack of access to resources, or the stigma still attached to seeking help. That’s why Co-operators embedded IDEA principles

into their group benefits products, so organizations can offer mental healthcare solutions that are tailored to meet the diverse needs of their workforce.

“Mental health isn’t one-size-fits-all,” Ganas says. “Previously, mental health was seen as a separate program, isolated from other business strategies. But now, integrating it with organizational cultural elements such as inclusion and diversity creates a more successful, inclusive workforce, and that leads to better business outcomes.”

Addressing stigma and access to mental health resources

While fear of stigma often prevents employees from seeking care, employers can help by developing proactive communication strategies that break down these barriers and simplify the process of accessing mental health resources. According to recent statistics, 60% of individuals with a mental health problem or illness will not seek treatment. This is often out of fear job loss, the associated stigma, or simply because they don’t know how to access available resources. This hesitation can lead to a worsening of their condition, eventually resulting in time away from work and, in many cases, long-term disability.

Employers need to develop robust communication strategies to ensure that employees not only know about their mental health benefits but also feel comfortable accessing them without fear of repercussions. Ganas emphasizes, “Employee benefits packages can be overwhelming. Often, employees don’t know where to go or how to access care, and that’s where proactive initiatives, such as strong benefits communication plans, come in.”

Employers must simplify this process and provide clear guidance on how and when to use mental health support.

When integrating mental health support, there is a misconception that it’s too costly or doesn’t offer an immediate return on investment. This mindset overlooks the long-term benefits of a mentally healthy workforce. Ganas notes, “It’s not something you’ll see a quick return on – it’s about building a resil-

ient culture that supports mental well-being over the long term.”

Ganas points out that early intervention in mental health is key to preventing long-term disability claims. Proactive mental health programs that address issues early can make a significant difference in the duration and severity of mental health-related disability claims. “The longer an issue goes unaddressed, the more it affects an employee’s ability to function and stay at work. By intervening early, we can reduce the number and duration of disability claims, helping employees return to work healthier and faster.”

services aimed at supporting the well-being of their plan members. Their Wellness Now online platform provides a comprehensive library of wellness resources, including social, mental, physical, and financial wellbeing tools.

Ganas says, “It’s all about giving employees meaningful tools along their wellbeing journey. By providing easy access to resources that meet them where they are, we’re helping employees take control of their mental health.”

The platform also offers a variety of wellbeing toolkits that address critical issues

“Mental health was seen as a separate program, isolated from other business strategies. But now, integrating it with organizational cultural elements such as inclusion and diversity creates a more successful, inclusive workforce, and that leads to better business outcomes”

Joan Ganas, Co-operators

Investing in early intervention: Building resiliency and reducing long-term disability claims

At Co-operators, the corporate focus on mental health resiliency is particularly evident in their efforts to support younger generations, who are increasingly at risk for mental health issues. “We know that young people are at risk,” Ganas notes. “We’re aiming to create mental health resiliency by connecting them to tools, education, and support.”

One example of this commitment is the company’s ongoing partnership with Enactus Canada, through which they launched the Mental Health Ambassador program in 2023. This initiative recruits one champion per Enactus team to promote positive mental health actions and connect peers to mental health resources.

Beyond partnerships, Co-operators offers a wide array of mental health products and

such as grief and loss, caregiving, divorce, addiction recovery, burnout, menopause, and even identity theft. These toolkits are designed to address a broad range of life challenges, providing practical support to employees dealing with personal and professional stressors.

Early intervention and proactivity are not just about supporting the individual but also about protecting the long-term health of the organization. “Co-operators is deeply committed to helping both our own employees and those of our clients access the support they need before [mental health issues] result in a decline in their performance or progress into something that takes them away from work for an extended period.” Ganas says. “This an opportunity to show your employees that you are invested in their careers and in their futures – that you want them to succeed.”

PENSIONS

What’s new under CAPSA’s guidelines?

Joe Connolly discusses CAPSA’s revised gold-standard guidelines, highlighting the updates that plan sponsors need to know

THE CANADIAN Association of Pension Supervisory Authorities (CAPSA) published its revised Guideline No. 3 Capital Accumulation Plans in September.

Capital accumulation plans (CAPs) include all employer-sponsored savings plans in which employees are empowered to decide how their savings are invested. This includes many defined contribution (DC) pension plans, as well as group RRSPs, employer stock purchase plans, and profit-sharing plans, where employees choose their own investment options.

The new guidelines represent the first revision in 20 years, updating the industry standards for plan administration and participant engagement, including responsibilities of plan sponsors, administrators, and service providers. They also clarifys expectations around best practices for CAPs.

For organizations that offer defined contribution plans or other CAPs to help their employees develop retirement readiness and financial wellness, this revision is big news.

Key changes

The original guidelines have been the gold standard since 2004. However, the 2024 revision introduces a wide variety of changes. While the guidelines are not a legal requirement, they do reflect what the regulators currently consider to be best practices and the standard of care in

the industry. As a result, plan sponsors should seriously consider following their recommendations.

While it can be overwhelming to review a new set of guidelines, the main additions and changes include:

Member education: It’s no longer enough to offer information on certain components. Instead, plan sponsors should demonstrate that they have an education strategy that spans each step from enrolment to termination. This information must be

Plan sponsors should review the new guidelines to determine the impact on their plan, consider any changes they may need to make, and document this work.

Governance framework: While the 2004 version did suggest a governance framework for some types of CAPs, the recent version recommends it for all CAPs. The guidance for governance is thorough and includes components on risk management and performance reviews, as well as a communication process for managing complaints and a code of conduct for negotiating conflicts of interest.

CAP oversight: Plan sponsors should periodically review all components of their plans, from investment options and fees to record maintenance and member education. Organizations may need to engage experts to help them with this oversight, as staying on top of best practices can be a challenge.

clear and understandable to all members. Additionally, the revision acknowledges that plan sponsors may offer financialplanning advice in conjunction with the savings vehicle to help members reach their financial targets.

Automatic features: Automatic features have been widely used to increase member participation, encourage higher contributions, and even suggest better investment choices. The guideline provides a framework for implementing these features responsibly.

Member communication: In short, member communications should now be aligned with the intended financial outcome of the CAP.

Investment options: Plan sponsors provide investment decision-making tools to assist members in achieving their targets without guaranteeing outcomes. The new guideline recommends that the investment options available to members should be suitable for those members. This includes selecting suitable default options for plan members in line with the plan members’ needs (e.g., target date funds). It further suggests plans not overwhelm members with too many investment options.

Fee and expenses: The revised guideline recommends the clear disclosure of fees and expenses that affect

plan members and any related-party transactions with respect to the selection of available investment options.

Member responsibility:

CAPSA recognizes that members have a responsibility to understand the plan’s features, to use the information and education provided by the sponsor, and to seek help where needed. They should be educated on the importance of maintaining contact details, so they do not become unlocated members in the future.

Planning for the future

CAPSA would like plan sponsors to

meet the revised standards by January 1, 2026. From a risk management perspective, plan sponsors should review the new guidelines to determine the impact on their plan, consider any changes they may need to make, and document this work. Business leaders should reach out to their advisors or retirement benefits experts to future-proof the savings plan as the landscape continues

Joe Connolly is senior vice president at HUB Investment Consulting. He has over 25 years in the investment industry and specializes in pension and investment consulting.

PENSIONS

A mixed year for pensions

Colin Ripsman on what pension funds should expect for the year ahead

A look back at 2024

2024 was an outstanding year for pension funds, with the median global balanced portfolio returning 17 percent over the 12-month period ending in Q4 2024. This strong performance benefited pension funds across regions. Large-cap developed market equity returns varied, ranging from a low of 13 percent (EAFE) to a high of 36 percent (US), with Canadian equities returning 22 percent. Fixed income also had a reasonable year, with Canadian universe bonds returning 4 percent, as interest rates began to decline mid-year, albeit mostly at the short end of the curve. However, real estate struggled, with the median Canadian private real estate fund

range from 4 percent to 11 percent, depending on the region. Bond portfolios should benefit from falling interest rates, as central banks continue to cut rates in response to a softening economic environment. We anticipate continued strength in US equities, driven by a resilient US economy and investor enthusiasm for artificial intelligence.

Fixed income

In 2024, central banks in developed markets began cutting interest rates as inflation eased. We expect further rate reductions in 2025, as central banks strive to stimulate economic growth. Inflation in both Canada and the US peaked in mid-2022 and has

We anticipate a more challenging equity market in 2025, driven by weaker GDP growth, declining consumer spending, and higher unemployment levels

returning 3 percent, reflecting the ongoing recalibration of valuations in sectors such as office and retail, which continue to adjust to post-COVID demand patterns.

Projections for 2025

Looking ahead to 2025, we expect mixed performance across regions and asset classes, as several significant headwinds may affect global markets. Equity returns are forecasted to

been steadily declining since then. Canadian inflation fell below the Bank of Canada’s long-term target of 2 percent in Q3 2024.

Given reasonable current yields and the expected continuation of interest rate cuts in 2025, we anticipate strong performance for Canadian fixed-income portfolios. Should mid-term rates decrease by 0.5 percent, we forecast returns of 6–7 percent. A prolonged economic slowdown could widen corporate

bond spreads, resulting in them potentially underperforming government bonds.

The Canadian yield curve flattened during 2024, reversing its inversion. In 2025, we expect short-term rates to continue falling, leading to a more traditional upward sloping yield curve. As a result, we expect universe bonds to marginally outperform long bonds.

Inflation levels in the EU and the UK peaked in early 2023 and are currently

running higher than in Canada but are still at reasonable levels, below 3 percent. This provides both the EU and UK central banks some room to further cut interest rates in 2025 to stimulate their economies.

Equities

In Canada, we anticipate a more challenging equity market in 2025, driven by weaker GDP growth, declining

consumer spending, and higher unemployment levels. We expect sluggish global economic growth to dampen demand and exert downward pressure on commodity prices, which will likely impact the energy and materials sectors – two significant drivers of the Canadian market. Additionally, new or increased tariffs from the US could further slow economic growth both locally and globally.

However, interest rate cuts may alleviate some of the debt burden on Canadian consumers and improve corporate earnings. As a result, we expect Canadian equities to return 4–6 percent in 2025.

In the US, we expect moderate economic growth and an avoidance of a recession. Strong US economic performance, particularly in the technology sector, should continue to stimulate equity growth, with our expected returns in the 9 percent to 11 percent range. Investors looking to shelter their portfolios from global uncertainties should consider increasing allocations to US equities.

Small and mid-cap equities may see some benefit from increased buyout private equity fund activity, along with corporate acquisitions, spurred by lower interest rates.

Recommendations for pension plan sponsors

Based on our capital market projections, pension plan sponsors should consider the following strategies:

• Increase allocations to fixed income while shortening the duration of fixed-income portfolios. For those pension funds that are not employing a duration-matching strategy, a mismatch strategy may allow them to take advantage of falling rates at the shorter end of the curve.

• Increase the regional allocation to US equities, relative to other equities, and reduce exposure to real estate equity, which may underperform other alternative asset classes, like infrastructure and private equity.

Colin Ripsman is the founder and president of Elegant Investment Solutions, a boutique investment consulting firm that supports DC and DB plans. Colin has 30 years of experience in the investment industry.

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