Arrow pointing down

2021 at a Glance

male outdoors in botantical garden

15.7%

Net return

$16.4B

Net investment income

97%

Funded status (smoothed)

3.75%

Real discount rate

$5.4B

Total pension benefits paid in 2021

188,000

Retired members

HISTORICAL NET RETURNS FOR 3, 5 AND 10 YEARS
NET ASSETS ($ BILLIONS)
1 female and 2 males inside greenhouse at nursery

93%

Member satisfaction

86%

Employer satisfaction

$33,240

Average annual pension for members retiring in 2021

Net zero

Greenhouse gas emissions by 2050

81%

Employee engagement

PLAN MATURITY

Plan maturity is one of the headwinds facing the Plan. The ratio of active members to retired members is a common measure of plan maturity. Our ratio today is less than 2:1. It is expected to reach less than 1:1 in the late 2030s.

1981 | 5.6:1

plan maturity 1981

2001 | 2.3:1

plan maturity 1981

2021 | 1.6:1

plan maturity 1981

Late 2030s

plan maturity 1981
Refer to “Challenges Facing the Plan” in the MD&A in our full Annual Report
60TH ANNIVERSARY
OMERS 60th anniversary image

2022 marks OMERS 60th Anniversary

2021 Annual Report Highlights

This Annual Report is addressed to our members, employers, sponsors, unions, associations, and the many others who are interested in OMERS 2021 performance, and in our progress in making OMERS a sustainable, affordable and meaningful defined benefit Plan.

We Are OMERS

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. Contributions to the Plan are funded equally by members and employers.

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 public markets, private equity, infrastructure and real estate.

The benefits OMERS provides are funded equally from active members’ and their employers’ contributions, combined with investment income. We expect that the majority of future benefit payments for today’s active members will be funded by investment returns.

OMERS actively seeks out opportunities to engage with decision-makers to advocate for the advantages of the jointly sponsored, defined benefit pension model.


The OMERS Pension Plans comprise the OMERS Primary Pension Plan; the Retirement Compensation Arrangement (RCA) for the OMERS Primary Pension Plan; and the Supplemental Pension Plan for Police, Firefighters and Paramedics, which has no assets, liabilities or members. When we refer to the “OMERS Plan” or the “Plan” in our communications, it is the OMERS Primary Pension Plan that we are typically referring to, unless otherwise specified. For information on the RCA, refer to Management’s Discussion & Analysis. When we refer to the “OMERS Act”, it is to the OMERS Act, 2006, as amended.

Contribution Rates for 2021

EARNINGS UP TO $61,600

9.2%

NRA 60

9.0%

NRA 65

EARNINGS ABOVE $61,600

15.8%

NRA 60

14.6%

NRA 65

The current average contribution rate paid by members is 10.5%, which is matched equally by employers. Contribution rates and benefit accruals remain unchanged for 2022. Pension payments to retired members increased by a cost-of-living adjustment of 0.94% in 2021 and 2.74% in 2022, representing 100% of the eligible increase calculated in accordance with the Plan text.