Canada’s largest pension funds lost money last year

Canada’s 100 largest pension funds lost money last year for the first time in at least 22 years, according to a survey by Benefits Canada magazine.

As reported in Thursday’s Globe and Mail, pension assets fell 3.8% to $490 billion, the first drop since Benefits Canada began tracking the money-management industry in 1980.

The survey suggests that early retirement is becoming a promise that companies and governments can’t afford to keep.

It blames last year’s losses on poor investment returns — the TSE 300 composite index fell 13.9% last year — combined with pension payouts due to job layoffs.