OMERS contributes $13.7 Billion annually to Ontario’s GDP, supports 143,000 jobs
One in 11 households in Ontario are impacted by OMERS
TORONTO - OMERS, the defined benefit pension plan for municipal sector employees in Ontario, contributes $13.7 billion annually to the province’s GDP, according to new research conducted by the Canadian Centre for Economic Analysis (CANCEA).
OMERS released the study on Pension Awareness Day (February 15) to highlight the importance of pensions to members, to all Ontarians, and to our province’s economy.
“By delivering on our commitment to our members, OMERS continues to create economic value in Ontario,” said Jonathan Simmons, OMERS Chief Financial and Strategy Officer. “OMERS retirees spending their pension payments, activity from our investments, and the impact of our operations support more than 143,000 jobs provincewide – up 19% from three years ago.”
Based on a review of 2023 data, OMERS overall contribution to Ontario’s economy grew by 14% in the past three years. One in 11 households in Ontario are impacted by OMERS in some way, whether directly through OMERS membership or its broader impact in the province, according to CANCEA.
The research highlights that approximately $8.7 billion of GDP is a direct result of OMERS retirees spending their pension payments. This spending supports local economies across Ontario and gives a significant boost to these communities. OMERS investments and operations in the province contribute an additional $5 billion of GDP.
"We are focused on delivering on our pension promise to members and their families,” said Celine Chiovitti, OMERS Chief Pension Officer. “With changing demographics and an increasing proportion of the population over the age of 65, access to a pension plan has never been more critical.”
“As a pension plan that pays billions of dollars per year in stable, secure retirement benefits to our members, our impact reaches beyond payments to individual members. We are proud OMERS is positively contributing to hundreds of thousands of households, both urban and rural, across Ontario.”
A backgrounder including a breakdown of OMERS impact in each region across Ontario is available here.
The full CANCEA study can be found here.
Media Contact:
Don Peat
media@omers.com
About OMERS
OMERS is a jointly sponsored, defined benefit pension plan, with 1,000 participating employers ranging from large cities to local agencies, and over half a million active, deferred and retired members. Our members include union and non-union employees of municipalities, school boards, local boards, transit systems, electrical utilities, emergency services and children’s aid societies across Ontario. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers, and originating and managing a diversified portfolio of high-quality investments in bonds, public and private credit, public and private equities, infrastructure and real estate.