2013/14 Corporate Annual Report
Our performance: Financial overview
Here are our financial results for the year ended
March 31, 2014. Please read these along with our audited financial statements.
We met our financial performance targets, while achieving our service delivery objectives and advancing our nine-year strategic plan, From 12 to 21: Our Way Forward.
For the second year in a row, we came within one per cent of our financial performance budget target, which drives our service delivery charges to pension plans. This year, charges were $58.2 million, only $471,000 under our budget target of $58.7 million.
Slightly lower charges than planned in benefit administration service and pension board secretariat service were offset by higher charges in acquisitions of tangible capital assets. This year, capital acquisitions were primarily related to the costs of transitioning our data centre to HP Advanced Solutions. This third-party service provider will further enhance our security, reduce risk and improve network availability.
Meeting our financial targets will:
- ensure compliance with legislation and plan service commitments,
- further enhance plan members’ experience with their plan,
- allow us to manage pension data and knowledge more effectively, and
- strengthen a high-performing workforce.
“For the second year in a row, we came within one per cent of our financial performance budget target.”
– Trevor Fedyna, vice president of finance and chief financial officer
Total service delivery charges to pension plans increased six per cent, or $3.3 million, to $58.2 million from $54.9 million in 2013. This is due to additional staffing to meet growing demand for services, costs to strengthen network systems and security, and other expenditure increases to support our strategic plan initiatives. Within that charge, capital acquisition charges decreased from 2013 by $2.5 million (46 per cent) over 2013 due to the completion of our retired member system development project in the prior year.
Although overall costs have increased, we continue to be one of the lowest-cost service providers when benchmarked to our peers. See How we measure up.