OPTRUST SURPASSES 100,000-MEMBER MILESTONE
TORONTO, November 24, 2021 – OPTrust, one of Canada’s largest defined benefit pension plans, has welcomed the 100,000th member to the Plan. Since inception, OPTrust’s membership has increased by more than 40 per cent from just under 70,000 in 1995. Today, OPTrust delivers retirement security to retirees in over 300 communities across Ontario and remits more than $1 billion in annual pension payments.
"OPTrust has a strong belief in the value of the defined benefit pension model and delivering a secure retirement to our more than 100,000 members is both a privilege and a great responsibility,” said Peter Lindley, President and CEO of OPTrust. “Our members know they can count on exceptional service and secure, predictable retirement income, and as our membership continues to grow, we remain relentlessly focused on that mission."
Recent growth in membership can in part be attributed to the growth of OPTrust Select, OPTrust’s defined benefit offering for organizations in Ontario’s nonprofit, charitable and broader public sectors. OPTrust Select began welcoming members in 2019 and has now enrolled 50 organizations, with roughly 1,700 members currently in the Plan.
"For the vast majority of OPTrust Select members, this is the first time they have had access to the stability and security of a defined benefit pension,” said Audrey Forbes, OPTrust’s Senior Vice President, Member Experience. “The fact that OPTrust Select has continued to grow so significantly throughout the COVID-19 pandemic speaks to the desire for that security, and we look forward to our overall membership continuing to grow in the years and decades to come."
With net assets of over $23 billion, OPTrust invests and manages one of Canada’s largest pension funds and administers the OPSEU Pension Plan (including OPTrust Select), a defined benefit plan with over 100,000 members. OPTrust was established to give plan members and the Government of Ontario an equal voice in the administration of the Plan and the investment of its assets through joint trusteeship. OPTrust is governed by a 10-member Board of Trustees, five of whom are appointed by OPSEU and five by the Government of Ontario.
Director, Public Affairs