By the end of June each year, after it's reviewed and signed by the Auditor General of Alberta, we publish an annual report on the Plan which includes audited financial statements of the previous year's activities. The Highlights and Management Discussion and Analysis (MD&A) which follow are updated to the newest report by the end of each July.
Previous annual reports can be found below through the blue dropdown button. Note: The 2021 Annual Report in the dropdown will be updated to include the MD&A (after approval by the Auditor General) that was previously only available on this page.
By the end of June each year, after it's reviewed and signed by the Auditor General of Alberta, we publish an annual report on the Plan which includes audited financial statements of the previous year's activities. The Highlights and Management Discussion and Analysis (MD&A) which follow are updated to the newest report by the end of each July.
Previous annual reports can be found below through the blue dropdown button. Note: The 2021 Annual Report in the dropdown will be updated to include the MD&A (after approval by the Auditor General) that was previously only available on this page.
2023 was a year of change, transition, and growth both for LAPP Corporation and for our members and employers.
2023 was a year of change, transition, and growth both for LAPP Corporation and for our members and employers.
Financially, 2023 was a successful year for LAPP. The year began with a great deal of uncertainty, as high inflation and the potential for significant economic slowdowns in the world’s major economies kept expectations modest. However, despite a volatile path at times, our overall investment performance was ultimately positive with our Fund growing to $63.3 billion.
Also, we were pleased to announce that on January 1, 2024, the Sponsor Board would be providing a 100% one-time Cost-of-Living Adjustment (COLA) to our retired and deferred members. In this difficult economic environment, we know how important it is to help our retirees keep pace with rising prices.
In addition, the Sponsor Board approved a decrease for employers and members to all contributions paid on pensionable earnings above the Year’s Maximum Pensionable Earnings (YMPE), freeing up more money for our members and employers. This was the fifth time in seven years that LAPP’s contribution rates have been reduced.
The LAPP Corporation Board of Directors was also pleased to announce the appointment of Troy Mann as President and CEO effective June 19. Troy has over two decades of pension industry experience including leading through plan design, governance, and organizational change. The Board is looking forward to working with Troy for many years to come.
On behalf of the Board, I would like to also thank Darcy Atkinson, LAPP’s Vice President of Finance and Risk, for his leadership and commitment as the Interim President and CEO for the first half of the year.
To our many stakeholders, including our valued members and employers, thank you for your trust in LAPP. We are honoured to provide retirement peace of mind to hundreds of thousands of Albertans through a guaranteed, secure retirement income for life.
Terry Agoto
Chair, Board of Directors
LAPP Corporation
2023 was a year of change, transition, and growth both for LAPP Corporation and for our members and employers.
2023 was a year of change, transition, and growth both for LAPP Corporation and for our members and employers.
Financially, 2023 was a successful year for LAPP. The year began with a great deal of uncertainty, as high inflation and the potential for significant economic slowdowns in the world’s major economies kept expectations modest. However, despite a volatile path at times, our overall investment performance was ultimately positive with our Fund growing to $63.3 billion.
Also, we were pleased to announce that on January 1, 2024, the Sponsor Board would be providing a 100% one-time Cost-of-Living Adjustment (COLA) to our retired and deferred members. In this difficult economic environment, we know how important it is to help our retirees keep pace with rising prices.
In addition, the Sponsor Board approved a decrease for employers and members to all contributions paid on pensionable earnings above the Year’s Maximum Pensionable Earnings (YMPE), freeing up more money for our members and employers. This was the fifth time in seven years that LAPP’s contribution rates have been reduced.
The LAPP Corporation Board of Directors was also pleased to announce the appointment of Troy Mann as President and CEO effective June 19. Troy has over two decades of pension industry experience including leading through plan design, governance, and organizational change. The Board is looking forward to working with Troy for many years to come.
On behalf of the Board, I would like to also thank Darcy Atkinson, LAPP’s Vice President of Finance and Risk, for his leadership and commitment as the Interim President and CEO for the first half of the year.
To our many stakeholders, including our valued members and employers, thank you for your trust in LAPP. We are honoured to provide retirement peace of mind to hundreds of thousands of Albertans through a guaranteed, secure retirement income for life.
Terry Agoto
Chair, Board of Directors
LAPP Corporation
It is an honour to write to you today as I reflect on my first year as President and CEO of LAPP Corporation. Since my first day, I have been grateful to know I am a part of an incredible pension plan that serves over 300,000 Albertans and provides them with a secure retirement income for life.
It is an honour to write to you today as I reflect on my first year as President and CEO of LAPP Corporation. Since my first day, I have been grateful to know I am a part of an incredible pension plan that serves over 300,000 Albertans and provides them with a secure retirement income for life.
Although 2023 was a year marked by economic turbulence and uncertainty around the world, it also served as a catalyst for growth and transformation for LAPP.
Canada’s defined benefit pension plans continued to stand as pillars of financial security and stability for retirees across the nation. LAPP held true to its long-term vision to be Canada’s leading pension plan helping members achieve their retirement goals.
Although 2023 was a year marked by economic turbulence and uncertainty around the world, it also served as a catalyst for growth and transformation for LAPP.
Canada’s defined benefit pension plans continued to stand as pillars of financial security and stability for retirees across the nation. LAPP held true to its long-term vision to be Canada’s leading pension plan helping members achieve their retirement goals.
In its role as the Administrator of the Plan and Trustee of the Fund, LAPP Corporation develops and maintains an investment policy documented in the Statement of Investment Policies and Procedures (SIPP).
The SIPP establishes investment principles, policy guidelines, and approaches to management of the Plan’s investment assets. Reviewed at least on an annual basis by the LAPP Corporation Board of Directors, the SIPP sets out the Plan’s asset mix, providing a blueprint for the structure of the Plan’s long-term investment strategy.
In its role as the Administrator of the Plan and Trustee of the Fund, LAPP Corporation develops and maintains an investment policy documented in the Statement of Investment Policies and Procedures (SIPP).
The SIPP establishes investment principles, policy guidelines, and approaches to management of the Plan’s investment assets. Reviewed at least on an annual basis by the LAPP Corporation Board of Directors, the SIPP sets out the Plan’s asset mix, providing a blueprint for the structure of the Plan’s long-term investment strategy.
LAPP’s total portfolio of assets is segmented into four general asset class categories: Fixed Income, Inflation Sensitive and Alternatives, Public Equities, and Private Equities. The returns of each asset class category and its underlying asset classes contribute to the overall return of the Fund — a table with return details on each asset class category and each individual asset class, as well as additional commentary, follows below.
LAPP’s total portfolio of assets is segmented into four general asset class categories: Fixed Income, Inflation Sensitive and Alternatives, Public Equities, and Private Equities. The returns of each asset class category and its underlying asset classes contribute to the overall return of the Fund — a table with return details on each asset class category and each individual asset class, as well as additional commentary, follows below.
