Letter from the President and CEO

At OMERS, our promise is clear and enduring: to deliver a sustainable, affordable and meaningful defined benefit pension plan for 665,000 members across Ontario. This clarity of purpose guides our entire organization, and it comes through in how we administer the Plan, how we invest and how we serve our members. We take this promise seriously and approach it with discipline and focus. Our members play a vital role in supporting our Ontario communities every day, and for nearly 65 years, we have had the privilege and responsibility of serving them and fulfilling our commitment to their retirement security. A promise is a promise!

I want to acknowledge that 2025 was a challenging year for many. Geopolitical tensions rose, long-dated friendships shifted and we all endured higher food prices and economic volatility, leading to many Ontarians feeling a persistent sense of uncertainty and fatigue. We know that during these turbulent times, having access to predictable and guaranteed income for life makes a tremendous difference to the financial security of working and retired members. At its core, this is why the OMERS Plan exists. The pension promise creates resilience for OMERS members, allowing them to maintain their standard of living and plan for the future. This is why my team and I come to work every day. Behind our pension promise is a deep sense of commitment and responsibility to be a significant source of peace of mind for each of you.

Financial highlights

OMERS earned a 2025 investment return of 6%, or $8.2 billion, net of expenses. Net assets grew from $138.2 billion at December 31, 2024 to $145.2 billion at December 31, 2025. The Plan’s smoothed funded status improved to 99%, from 98% in 2024, using a real discount rate of 3.70%. Over the past 10 years, OMERS has averaged an annual investment return of 7.1% net of expenses, adding $73.9 billion to the Plan, and contributing significantly to improving the Plan’s funded status.

OMERS performance in 2025 demonstrates the resilience of our Plan amidst a turbulent market. Since becoming CEO, I have been proud to lead a team committed to delivering enduring value for our 665,000 members by maintaining a disciplined investment approach. Over the past five years, we have generated an average annual net return of 7.7%. Our 2030 Strategy positions the Plan well for further success in the years ahead. We expect to have $200 billion in net assets by 2030, and will be more than 100% funded.

OMERS is diversified by asset class and geography, and this broad asset base helps to insulate the Plan through the challenges that each market cycle brings.

To learn more about our 2025 results, read the press release and see our Annual Report Highlights.

Building for the future

Funded status is a key measure of the Plan’s long-term financial health. As noted above, OMERS improved its smoothed funded status to 99% in 2025 (up from 98% in 2024). This was attained while at the same time strengthening provisions to pay pensions by an additional $2.2 billion to reflect longer life expectancies. Canadians are living longer and the Plan is ready to meet their retirement needs in the decades ahead.

We continue to consider climate change and make important progress against the commitments set out in our Climate Action Plan. OMERS is reporting a 65% reduction in its portfolio carbon emissions intensity relative to the 2019 baseline and increased its green investments (as defined in the OMERS Climate Action Plan) to $26 billion.

I am optimistic about our opportunity to invest more in Canada and to add greater value in our home market while honouring our fiduciary duty to members. Any transactions we might undertake will have to meet the high bar we set for managing the Plan on behalf of our members, but we aspire for near-term opportunities in Canada that will support both our objectives and the country’s growth.

Service highlights

In 2025, The Canadian Centre for Economic Analysis updated research reinforcing what we already know at OMERS – that pensions reach beyond the important work they do to support retirees – they fuel local economies, drive job creation and provide lasting stability for communities across Ontario.

OMERS 2025 activities in Ontario generated $15.3 billion in provincial GDP, supported more than 135,000 jobs and positively impacted one in 11 households. This new report highlights the value of a defined benefit pension like OMERS in uncertain times, identifying what CANCEA is calling the “stability dividend,” a tangible premium on well-being reported by OMERS members, with OMERS retirees reporting significantly higher levels of life satisfaction, financial security and overall well-being compared to the general population. Learn more in the press release.

Our dedicated Pensions team remained focused on providing strong service to all members, including fulfilling our promise to OMERS pensioners, paying 210,000 pensioners over $6.8 billion in total pension benefits paid on time and as promised.

We serve a growing and increasingly diverse membership, spanning five generations, in different professions and life stages. In 2025, we welcomed 44,000 new members to the Plan. Many of these members are non-full-time working women. That’s why in 2025, we launched the Pension Women’s Empowerment initiative, reinforcing our commitment to women’s financial well-being by introducing more flexible leave purchase options to help close the gender pension gap, and producing two women-focused episodes of The Pension Blueprint podcast focused on financial literacy, driving a remarkable increase in women listeners. Season 3 of The Pension Blueprint has been our most popular season to date, and we are glad that you are finding value in it.

The team also evolved its technological capabilities, delivering a seamless member experience across our digital platforms, travelled over 103,000 kilometres across Ontario to deliver education sessions and engaged with over 165,000 members through phone conversations. Providing exceptional service is a core expression of our stewardship of the Plan, and as a result we are grateful to report that in 2025, OMERS members gave us a 97% member service satisfaction rating – thank you!

Closing thoughts

It was a privilege again last year to join OMERS Chief Pension Officer Celine Chiovitti in travelling across Ontario, connecting with members, employers, sponsors and stakeholders in communities such as Hastings County, Oshawa and Barrie. Our members are the heart of their community; thoughtful, insightful, and some of the bravest and most selfless people I have had the privilege to meet. I return home each time inspired by the fact that OMERS has the chance to make a difference in their lives. It is a rewarding opportunity, and one that our world-class teams are aware of each and every day. I look forward to meeting with more of you throughout 2026.

As we look ahead, while we will undoubtedly continue to face large and small challenges globally, I am confident in our ability to overcome headwinds and excited for the opportunities on our horizon. With a clear sense of purpose and responsibility, I want you to know that we will continue to deliver our promise to you.

I am deeply proud to serve each of you and sincerely thank you for the trust you place in OMERS.

Sincerely,  

Blake Hutcheson

Governance Review update

The Minister of Municipal Affairs and Housing has ordered the Sponsors Corporation to create a plan to wind up its affairs and to implement that plan by March 31, 2026. OMERS Administration Corporation management is continuing to work directly with Plan sponsors to implement a smooth transition to the Sponsor Council model as outlined in the amendments to the OMERS Act made in late 2025.

Contribution rate changes starting January 1, 2027

In 2024, the OMERS Sponsors Corporation (SC) Board approved changes to its Contribution Rate Policy, and approved a reallocation of contribution rates, that will take effect on January 1, 2027.

What is changing

• OMERS contribution rates are changing on January 1, 2027

• Some members may pay a little more and some may pay a little less

• Generally, normal retirement age (NRA) 60 members will pay more, as well as NRA 65 members whose earnings are above the Year’s Maximum Pensionable Earnings (YMPE)

• NRA 65 members whose earnings are below the YMPE will generally have lower contribution rates (this does not apply to NRA 60 members)

Who the changes apply to

The new rates will apply to every member working for an OMERS employer and contributing to the Plan on or after January 1, 2027.

These changes do not affect:

• Members who retire before 2027

• Members who are no longer contributing to OMERS

• The calculation of the OMERS defined benefit pension

What does this mean for me?

You and your employer make regular contributions to the Plan in equal amounts. Contribution rates vary based on your normal retirement age (NRA 60 or NRA 65) and how much you earn (i.e., your OMERS contributory earnings).

The estimated impact on member contributions depends on your level of contributory earnings. See an illustration of the approximate impact on members on our Contribution Rates Review webpage.

What are the new contribution rates?

The SC Board approved the following adjusted contribution rates that are effective January 1, 2027:

*YMPE refers to the Year’s Maximum Pensionable Earnings and it changes each year. The 2026 YMPE is $74,600. The 2027 YMPE is expected to be published by the Canada Revenue Agency in the fall of 2026.

How can I learn more?

OMERS will ensure that you have clear, timely information about the contribution rate changes throughout the year ahead of the effective date. In each of our quarterly newsletters this year, we will share information focused on pay impact and what these changes mean for you. You can always read more about how your contributions are calculated on our Getting started webpage and explore a wide range of information sessions and webinars that will help you understand the Plan.

What to expect from your annual pension statement

Your annual Pension Statement is one of the most important pension documents you get from us. It includes all of your important information at a glance. It is important that you review your annual statement, ensure all of your pension information is accurate and up-to-date, and ask OMERS questions if you have them. Please use this resource as you plan for your future.

If you’re a retired member or survivor, you would have received your statement at the end of December 2025 along with the applicable information about inflation protection for your pension this year. For working members, statements are distributed as individual employers across Ontario finalize their 2025 figures with OMERS; make sure your contact information is up-to-date in myOMERS and that you have a personal email address on record. Keep an eye on your inbox and mailbox, you will receive your statement by email or mail between now and the end of June, if you haven’t received it already.

Don’t forget, you can also update your preferences in myOMERS to opt in for paperless communications.

We hope your statement helps you navigate retirement planning with clarity and confidence.

How OMERS supports Ontario socially and economically

• OMERS is a major economic engine, not just a pension plan: Our activities helped generate $15.3 billion of GDP in Ontario for 2025, an 11% increase since 2023

• Pensioner spending is powerful: Retirees spending their pension payments is the largest driver ($9.8 billion) of OMERS economic contribution

• Having a defined benefit pension makes you happier: OMERS retirees self-report a significantly higher level of life satisfaction (7.9/10) versus the general population (4.6/10)

• Keeping you warm and bright all winter long: One of OMERS major investment assets is Bruce Power, supplying more than 30% of Ontario’s electricity

• Positive intergenerational impact: 30,000 of the 135,000+ jobs that OMERS supports province-wide are held by workers under 30, highlighting our role in youth employment

• A key driver of prosperity for working families and retirees in Ontario: The Plan strengthens long-term economic resilience as well as social well-being in local communities, with one in every 11 households touched by OMERS

After more than 64 years of proudly serving hard-working members across Ontario, OMERS impact on the province’s economy and communities continues to expand. We are a pension plan that invests in high-quality assets and pays billions of dollars per year in stable, secure retirement benefits. The impact of that reaches far and wide, beyond individual members, by contributing to hundreds of thousands of households across the province.

Strengthen your pension, secure your future

At a glance: What’s new for members

We are improving the leave experience for you by introducing changes that make leave purchases more attainable for all working members. This includes:

• More choice: You’ll be able to purchase all or part of your leave and have the option to start that process while you’re still on a leave.

• More time: You’ll have up to two full calendar years after a leave ends to make a decision about purchasing it and to complete your payments.

• More flexibility: You can use your banking and savings accounts to pay by lump sum, a payment plan or a combination of methods.

• More efficiency: Take advantage of the new online process through myOMERS to stay informed, save time and automate payments.

How to learn more

Along with our comprehensive member website, you can check out our short digital guide on leaves for a high-level overview or browse the leave purchases FAQ, where you’ll find answers to some of the most common questions from members.

As always, you can connect with the Member Experience team for more detailed one-on-one conversations, support and guidance by phone or through secure messaging via your myOMERS account.

There will also be a monthly session offered about leave purchases with a live Q&A at the end. The next webinar is scheduled for March 11. View our Information sessions & webinars page for additional dates this winter and spring, once available.

Stay vigilant and practice good cybersecurity hygiene

OMERS is committed to supporting your privacy. For transparency, we publish our privacy statements online, along with tips to help keep your personal data safe when using your myOMERS account.

It’s important to practice good cybersecurity hygiene. Here are some ways to better protect yourself, your loved ones and your finances (including your OMERS pension):

• Slow down and trust your gut. The number one strategy used by scammers is to create a sense of urgency that preys on your emotions and fear.

• Be suspicious of urgency. Emails and calls that require you to act immediately and request money for a family member in distress are a red flag.

• Be cautious of specific payment types. Scammers will ask you to wire money, send gift cards or use payment apps because they’re more difficult to trace.

• Get a second opinion. Reach out to a trusted family member or friend if you’re unsure what to do. Scammers typically ask you to keep the situation a secret – don’t!

• Create a family password. If anyone in your family is ever in a crisis, they can use the password to let you know the situation is real.

Remember that OMERS will always seek to verify your identity first before discussing any private information with you about your pension, whether online or during a phone call. If you’d like to have a trusted family member or friend help you communicate with OMERS, you can complete a form to provide authorization. We also accept Power of Attorney documentation where applicable.

About your pension

T4A in myOMERS

If you contributed to an Additional Voluntary Contributions (AVC) account by pre-authorized debit or received a monthly OMERS pension payment in 2025, you will be able to view and print your tax slip through your myOMERS account by the end of February. We will also mail your pension tax slip to your home.

To access your T4A, follow these steps:

1. Log in to your myOMERS account

2. On your dashboard, click “View reports & statements”

3. On the right side of the page, click on the “Reprint income tax slips” button

4. Select T4A and print

Save more for retirement with AVCs

As an OMERS member, you have an exclusive opportunity to save more for retirement by participating in our Additional Voluntary Contributions (AVC) program.

An AVC account receives the same net investment returns as the OMERS Plan. Our investment portfolio is strategically diversified across high-quality assets to take advantage of opportunities that will earn returns and help support members for generations to come.

Setting up an AVC account can be done quickly and easily online through myOMERS. Once you have an AVC account, there are two ways to contribute:

• Fund transfers: You can make lump-sum transfers during the annual transfer-in window between January 1 and June 30 until the year you turn 70. Fund transfers to your AVC account may come from an RRSP, a locked-in retirement account (LIRA) or other registered retirement vehicles.

• Automatic contributions: If you are a working member, you can make automatic contributions via pre-authorized debit from your bank account or payroll deductions (if your employer offers this service) until the end of the year you turn 70. Visit our webpage on AVCs to confirm your automatic contribution limits. You can also start, stop or modify your automatic contributions at any time through myOMERS.

Keep your address up-to-date in myOMERS

Keeping your address and contact information up to date in myOMERS will ensure you don’t miss important updates from us.

You can easily update your address, phone number and email address through your myOMERS account by logging in, selecting “My Account” from the drop-down menu and then “Profile and Settings.” Make sure you use a personal email address so that you always have access to your account, even after you leave your employer.

Join CoCreate and help us improve your experience

CoCreate is our active research community of 9,000+ participants who influence the development of OMERS products and services.

By opting in, you’ll have the opportunity to share your ideas and feedback with us through surveys, interviews, workshops and focus groups. Your voice can guide what we explore and develop next.

Participation is voluntary – and while not everyone who signs up will be contacted, every insight you share helps as we shape a better retirement experience for all members, together.

Explore the new CoCreate webpage or opt in under the communications preferences section of your myOMERS account.

Get answers to your pension questions

An OMERS pension is one of your greatest retirement assets and it’s never too early to learn more about it. Our Pension Education and Relationship Management team can answer any questions you may have throughout your pension journey, from hire to retire – and beyond. Register for an upcoming webinar or in-person session on the Information sessions & webinars page on our member site.