Annual return/benchmark

The plan tracks returns annually and over the longer term.

• The board has set 6.25 per cent as BCI’s long-term investment return objective.
• For 2024, the plan’s investment return was 12.4 per cent against a benchmark of 15.5 per cent. The one-year underperformance was primarily caused by weakness in the real estate asset class, while the total fund benchmark benefited from exceptionally strong public equity returns driven by a few large technology stocks.
• For 2024, the five-year annualized return was 7.8 per cent, slightly underperforming the market benchmark of 7.9 per cent, but outpacing the rate of return we expect.

These longer-term results are important. The board’s primary objective is to ensure the long-term sustainability of the plan, making sure that all members, from those retired to those who just joined, receive a pension.