Pension saving
iStockphoto/Galeanu Mihai

Led by bonds, the market value of workplace pension fund assets rose in 2023, according to data from Statistics Canada.

In a report Tuesday, the national statistical agency said pension assets rose 4.5% last year, gaining $95.9 billion to $2.2 trillion in total assets under management.

Bonds led the way, gaining $52.9 billion, up 9.9%, StatsCan reported, followed by equities at $26.1 billion, up 3.2%.

Other assets gained $20.1 billion and infrastructure assets were up $17.6 billion. Meanwhile, the value of real estate assets was down by $7.9 billion.

Bonds and infrastructure were the only domestic asset categories that increased year over year, StatsCan reported. Domestic bonds grew by $41.8 billion last year, while foreign bonds added another $11.2 billion.

Domestic equities lost $4.1 billion, real estate was down $3.7 billion, and short-term investments dropped by $10.5 billion.

Equities led the gains in foreign assets, adding $30.1 billion during the year, followed by infrastructure assets at $14.5 billion.

The real estate and short-term investment categories of foreign assets also saw declines in 2023, the data showed.

Alongside the asset trends, StatsCan reported that pension funds posted $28 billion in net income for the fourth quarter of 2023, as rising revenues outpaced higher expenses.