Learn about the Bank of Canada Pension Plan and access related reports, by-laws and other documents.
About the Plan
The Bank of Canada Pension Plan (the Plan) is a defined benefit plan covering over 4,300 members. The Plan is registered with the Office of the Superintendent of Financial Institutions for the purposes of the Pension Benefits Standards Act, which regulates the Plan’s design, funding, investment policy and operations.
The Plan is also registered with the Canada Revenue Agency for the purposes of the Income Tax Act, which regulates the maximum contributions payable to, and the maximum permissible defined benefits payable from, a tax-sheltered pension arrangement.
Assets are held in trust in the Pension Trust Fund (the Fund) and invested according to our investment strategy. Under the Pension Benefits Standards Act and the terms of the Bank’s Pension Plan (by-law 15), the Bank is the Plan administrator.
Annual reports
For terminology related to the Pension Plan Annual Report, refer to this glossary.
Financial statements
Governance
The Bank’s Pension Plan has strong governance structures in place that promote effective decision making, prudent resource management and regular communication. Our oversight, management and administration frameworks—which include the division of responsibilities among stakeholders, ensure that we adequately fund Plan benefits and properly manage risks.
Committees
The Bank's Plan is overseen by three commmittees:
Pension Committee
Established by the Bank’s Board of Directors to provide strategic direction for the activities and functions of the Plan administrator, the Pension Committee oversees the activities of the other two committees. For more details, read the Pension Committee’s terms of reference.
Members
- Carolyn Rogers, Senior Deputy Governor (Chair)
- Robert Campbell, Bank Director
- Raymond E. Ivany, Bank Director
- David Dominy, Bank Director
- Toni Gravelle, Deputy Governor
- Steve Thomas, General Counsel and Corporate Secretary
- Coralia Bulhoes, Managing Director and Chief Financial Officer
- Darcy Bowman, Senior Legal Counsel (Secretary, non-voting)
Pension Administration Committee
Provides expertise on the administration of the Plan, including communication with members, actuarial reviews, funding and accounting. For more details, read the Pension Administration Committee’s terms of reference.
Members
Members1
- Matthew Meagher (Chair)
- Katherine Murray
- Nicolas Lafontaine
- Pascale Robillard
- Jeremy Torobin
- Darryl Tessier
- Anne-Marie Lainesse (non-voting member)
Pension Fund Investment Committee
Provides expert advice related to investment of the Fund’s assets, including monitoring investment managers and their performance. For more details, read the Pension Fund Investment Committee’s terms of reference.
Members
Members1
- Ian Christensen (Chair)
- Wendy Chan
- Annick Demers
- Kevin Dunn
- Étienne Lessard
- Christopher Reid
- Patrick Roy
- Anne-Marie Lainesse (non-voting member)
Pension Plan Director
As Pension Plan Director, Anne-Marie Lainesse, works closely with the Chair of each committee and with other staff members to develop and implement the governance framework, which includes:
- the establishment of strategic objectives;
- the development of clear policies in all aspects of Plan administration;
- the assessment and monitoring of risks;
- the establishment and monitoring of performance objectives;
- the monitoring of compliance with regulations and policies;
- the conduct of periodic self-assessments of the performance of the Pension Committee.
Contact us
For members of the Bank of Canada pension plan: If you have questions about pension or benefits, contact the Benefits and Pension Administration Centre—provided by TELUS Health.
- Visit the website Selection Centrale
- Call 1-888-588-6111; 8:00 to 18:00 (ET); Monday to Friday
For Bank of Canada pensioners and members with deferred pensions: If you want to be able to send non-confidential questions by email, TELUS Health will validate your personal email address every 12 months.