Solvency ratio for Canadian DB plans climbs to 107.4% amid market gains: Telus Health
December 05, 2025
Canadian defined benefit pension plans improved their funding positions on both solvency and accounting bases in September, according to the latest report from Telus Health.
The company’s pension index report, which follows the progress of a typical Canadian DB plan, found that the solvency ratio rose to 107.4% at the end of September, up from 105.8% in August. Meanwhile, the accounting index rose to 107.5%, up from 107.2% the previous month.
The report attributed the boost to strong equity and bond market performance, driven by a 5.1% return in Canadian equities and a 5% return in global developed and emerging markets sectors.
However, Amy Pun, Associate Partner in Telus Health's Consulting team, sounded a note of caution about the results, pointing to ongoing concerns around inflation, growth and evolving tariff policies.
"Despite the positive performance, underlying macroeconomic signals remain mixed, with persistent uncertainty clouding the outlook," she added.
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