Message from our Chair, Steve McGirr
As we mark 35 years of serving Ontario’s teachers and retirees, I want to express my gratitude for the trust our members place in the plan. This milestone is a reflection of the enduring strength of the plan and the guiding principles that have shaped it since its inception in 1990.
At a glance
- Board Chair Steve McGirr discusses Ontario Teachers’ performance in 2025 Annual Report.
- The plan’s resilience has been built over time. Since its inception in 1990, the plan has generated a cumulative investment return of 9.2%, reflecting consistent performance across a range of economic and market conditions.
- Throughout the uncertain investment and market landscape in 2025, the board’s governance integrity served as a steady anchor, enabling the organization to respond with discipline, sound judgment and a long-term perspective.
For more than three decades, disciplined funding, prudent investment management, robust governance and a steadfast commitment to plan stewardship have underpinned its success. The plan’s results in 2025 reflects this enduring commitment.
The Plan remains fully funded
I am pleased to report that the plan remains fully funded for the 13th consecutive year, delivering a positive investment return in a year marked by continued uncertainty and market volatility. This positive outcome reinforces the soundness of a model built to withstand the types of external pressures that defined 2025.
The plan’s resilience has been built over time. Since its inception in 1990, the plan has generated a cumulative investment return of 9.2%, reflecting consistent performance across a range of economic and market conditions. Investment returns now account for approximately 80% of the plan’s total assets, with contributions from members, the Ontario government and designated employers making up the remaining 20%. This long-term balance, together with a strong surplus, should provide members and sponsors with confidence in the plan’s ability to pay pensions now and into the future.
Good governance is a steady anchor
Throughout the uncertain investment and market landscape in 2025, the board’s governance integrity served as a steady anchor. An independent and qualified board has been a defining differentiator of the plan throughout its history. It ensures stability through market cycles and external shocks, enabling the organization to respond with discipline, sound judgment and a long-term perspective. We expect that the governance structure that safeguarded the plan through past disruptions will continue to anchor it through the next era, ensuring that only the best interests of members remain at the core of decision-making.
Service excellence remains a priority
As the plan has evolved, so too has the way we support members throughout their careers and into retirement. Service excellence remained a priority for the plan in 2025, and I am pleased to report that our 346,000 members awarded us with satisfaction scores of 93% for the third year in a row, continuing a decade of best-in-class service ratings.
The plan’s continued investment in digital integration, pension literacy, and data-informed service allowed our teams to provide members timely, accessible and relevant support at the lowest possible cost. These efforts build understanding and confidence and reinforce the pension promise.
Board renewal strengthens the plan
In 2025, the board experienced a period of significant transition. I would like to thank Gene Lewis for his meaningful contributions and dedicated service to the plan. Gene concluded an eight-year term on the board at the end of 2025. I also extend my thanks to Patti Croft, who returned to the board in an interim capacity during the year, after previously completing nine years of service.
I would also like to express my sincere appreciation to Cindy Forbes for her dedicated leadership and invaluable service during her tenure as a board member of Ontario Teachers’ Pension Plan.
In 2026, we welcome Chris Goodsir and Bill Butt to the plan’s board, further strengthening an already capable and effective group. Both bring a breadth of experience and perspective that will support the plan as it continues to navigate an increasingly complex environment.
I also want to acknowledge the contributions of past board chairs, whose leadership and commitment to independence helped shape the strong governance culture that endures today. Their stewardship has strengthened the institution and positioned the plan to navigate complexity with confidence.
Positioned for the future
As we look to 2026, the board remains focused on safeguarding the long-term health of the plan and its mission of delivering retirement security and outstanding service for members. This includes continued oversight of how sustainability considerations, including climate-related factors, are incorporated into investment decision-making and risk management, consistent with our role as long-term stewards of capital.
I am confident in the leadership of Jo Taylor and the executive team to adapt and thrive in a continually evolving environment. While the environment will evolve, the plan’s strategy remains grounded in the same disciplined philosophy that has guided it since inception. The plan’s scale, long-term orientation and ability to invest strategically across asset classes continue to differentiate it and directly support the delivery of secure pensions to members.
Building on 35 years of stewardship
We honour 35 years of service by reflecting on where the plan came from and by reaffirming the principles that have defined its success. The plan’s rich history is buoyed by strong governance, independence and long-term thinking, which have been essential to navigating its success.
We remain committed to safeguarding a well-funded plan for decades to come, anchored by the organizational discipline that has guided us since inception. That foundation gives us confidence in our ability to steward the plan responsibly, prudently and with integrity, today and for generations to come.
It is an honour to serve you as chair of the board of Ontario Teachers’ Pension Plan.
Steve McGirr
Chair