HOOPP's $132 Billion Fund Shields Healthcare Workers' Retirement Amid Volatility

TORONTO, ON – March 10, 2026 – The Healthcare of Ontario Pension Plan (HOOPP) has fortified its position as a pillar of stability for the province's healthcare community, announcing strong 2025 results that saw its net assets climb to $132 billion. The fund delivered a net return of 7.7%, generating $9.7 billion in investment income and reinforcing its long-term financial resilience with a robust funded status of 109%.

These figures are more than just numbers on a balance sheet; they represent a crucial layer of security for the more than half a million nurses, medical technicians, and other essential healthcare staff who rely on the plan for their retirement. In a year marked by market shifts and economic uncertainty, HOOPP's performance underscores its ability to navigate a complex global landscape while delivering on its core pension promise.

“Our strong results reflect the strength of our foundation, including our scale, disciplined investment approach, independent governance model and, most importantly, our people,” said Annesley Wallace, HOOPP’s President and CEO, in a statement. “In an increasingly complex investment environment, we remained focused on prudent risk management and long-term value creation.”

Navigating a Complex Market Landscape

HOOPP's 7.7% return for 2025 places it in a solid position among its Canadian pension peers. The performance was largely driven by a strategic allocation to public equities, which benefited from resilient corporate earnings, and to fixed-income assets, which performed well as the Bank of Canada began cutting interest rates later in the year. This contrasts with the experience of some other major funds that faced headwinds in specific asset classes.

For instance, while the Ontario Teachers' Pension Plan (OTPP) and OMERS reported negative returns in their private equity portfolios for 2025, at -5.3% and -2.5% respectively, HOOPP managed to generate positive, though moderate, returns from its private market investments. This highlights the effectiveness of its diversified and risk-managed approach in a challenging valuation environment.

HOOPP’s return outpaced OMERS (6.0%) and OTPP (6.7%), though it trailed the stellar results from PSP Investments (12.6%) and the Canada Pension Plan Investment Board (9.3%), both of which saw particularly strong performance in their private equity and infrastructure holdings. However, HOOPP's 10-year annualized net return of 7.8% continues to exceed its benchmark, demonstrating consistent long-term value creation. The plan’s fully funded status of 109% remains a critical indicator of its health, ensuring it has more than enough assets to meet all its current and future pension obligations.

A Canadian Economic Powerhouse

Beyond securing pensions, HOOPP plays a significant role as a major domestic investor. In 2025, approximately 49% of the fund’s $132 billion portfolio was invested in Canada. This translates to over $64 billion injected into the national economy through holdings in public equities, fixed income, infrastructure, real estate, and private credit.

This substantial domestic presence supports economic activity, infrastructure development, and job growth in the very communities where its members live and work. The fund’s strategy is designed to balance this support for the Canadian economy with the global diversification necessary to manage risk and meet long-term pension commitments.

“We are proud to invest in the communities where our members live and work, while maintaining the global reach and discipline required to deliver on our long-term pension commitments,” Wallace stated. The economic impact is further amplified by the $4.1 billion in pension benefits HOOPP paid out in 2025, providing a stable source of income for retirees that flows directly into local economies across Ontario.

Securing the Future for a Growing Membership

The plan's reach and importance within the healthcare sector continued to expand in 2025. Membership grew to over 504,000 individuals across more than 870 employers. A landmark achievement for the year was reaching 100% participation across all Ontario hospitals, a goal realized after welcoming The Hospital for Sick Children (SickKids) into the plan.

In a move to adapt to the evolving structure of the healthcare workforce, HOOPP also expanded eligibility to incorporated physicians, opening the door for more professionals to secure a defined benefit pension. This growth reflects the plan's deep integration with and commitment to the entire healthcare ecosystem.

For members, the plan's financial health translates into tangible benefits and peace of mind. Contribution rates have remained unchanged since 2004, a testament to the fund's efficient management and strong returns. Furthermore, eligible members received a 100% cost-of-living adjustment based on the Consumer Price Index (CPI), protecting their retirement income from the erosive effects of inflation.

The 2030 Strategic Roadmap

Looking ahead, HOOPP is not resting on its laurels. In 2025, it launched its 2030 Strategic Plan, a forward-looking roadmap designed to ensure the plan’s sustainability and value in an increasingly complex world. The strategy is built on three core priorities: maximizing value for members, enhancing the portfolio's adaptability and resilience, and evolving alongside Ontario’s healthcare community.

Initiatives are already underway to maximize member value through enhanced digital tools. In 2025, thousands of members utilized online resources like the Survivor Benefit Tool to make informed financial decisions. The fund also launched a new tool to help potential members understand the long-term value of joining the plan. These efforts reflect a commitment to member service and financial empowerment.

This strategic foresight, combined with a disciplined investment approach and a deep commitment to its half-million members, positions HOOPP to continue its mission of providing dependable retirement security for the dedicated individuals who form the backbone of Ontario's healthcare system.