HOOPP's CEO on Renewing the Pension Promise for Healthcare Workers
The CEO of one of Canada’s largest pension plans says new nation-building infrastructure projects announced by the federal government last week represent a “first step” to creating the kind of investment opportunities long sought by the country’s globe-trotting institutional investors.
“Historically, we haven’t seen as much of those opportunities, particularly with the national level commitment, as we would have liked,” Annesley Wallace, chief executive of the Healthcare of Ontario Pension Plan (HOOPP), said Wednesday following a speech in Toronto.
“And so the recent announcements around the major projects are very exciting.”
She said infrastructure is a natural draw for pensions, but Canada’s nation-building projects will need to be designed with “commercial models” and the right mix of government involvement to drum up significant interest.
“There is a long way to go in terms of being able to advance these projects. Hopefully the (new) major projects office will be able to help navigate through some of those next steps,” she said.
“To the extent there are commercial models that are created around these projects, and with government support, there will be lots of capital that comes to the table for investing.”
On Aug. 29, Prime Minister Mark Carney launched the Major Projects Office to streamline regulatory approvals and help structure financing, in coordination with provinces, territories, Indigenous groups and private investors. The first series of projects including a liquid natural gas project in British Columbia and a nuclear project in Ontario, were unveiled Sept. 11.
Wallace said the Canadian pension plans could help create a competitive advantage for the country if domestic projects match their investment criteria, which includes ensuring they can meet their obligations to retirees over the long term.
“We have capital that we, at HOOPP anyways, would love to invest in Canada to help that economic engine and help improve productivity going forward,” she said.
“Canada needs to be competitive in order to attract not just Canadian pension plan capital, but global capital.”
Prior to joining HOOPP as CEO on April 1, Wallace was a senior executive at TC Energy Corp. Before that, she was executive vice-president and global head of infrastructure at the Ontario Municipal Employees Retirement System (OMERS), another of Canada’s large pensions, which are known informally as the Maple Eight.
Wallace said the trade war initiated by the administration of U.S. President Donald Trump earlier this year is making investing “more complicated” for pensions including HOOPP that invest there. As of Dec. 31, the healthcare pension fund had 27 per cent of its assets in the U.S.
“The same way we’ve seen market correlations break down, we’ve seen global alliances start to break down, and that has economic implications and lots of other implications,” she said.
HOOPP’s recent embrace of “a more defined total portfolio approach” should help the pension deal with the added complexity and pinpoint where dislocation presents new investment options, she said.
“Taking a whole-fund view is designed to set us up such that we can be successful irrespective of what ultimately evolves,” she said. “The more frequent economic cycles that we may go through … in the future, that can ultimately provide us more opportunity so long as we’re prepared to take advantage of it.”
Earlier today, HOOPP's CEO Annesley Wallace addressed the Canadian Club Toronto and discussed the topic of "Renewing the Pension Promise for the Next Generation of Healthcare Workers."
I just finished listening to it tonight after I put my two-year-old to bed around 8 p.m. (he falls asleep in 5 minutes flat with me).
Annesley's speech was excellent going over the Ontario healthcare system, the growing demands on healthcare due to aging demographics and then goes into how HOOPP has to evolve to remain a stable and strong pension plan to make sure Ontario healthcare sector can continue attracting and retaining top talent.
She discusses why working in silos isn't their approach, they are focused on total fund returns and this will be more important going forward as the investment landscape becomes more challenging.
In her discussion, with Karli Farrow, President & CEO of Trillium Health Partners, she goes into why we need a lot more Canadian infrastructure projects and if they are done correctly, there will be lots of capital to invest in these projects.
She discusses why Canada needs to be competitive to attract not only Canadian capital but global capital.
On this topic, John Ruffolo wrote a great comment for The Hill Times stating Canada needs a real digital sovereignty strategy—not half measures (I agree but have strong doubts we can get our act together on this).
Annesley was also asked if they will expand HOOPP to other sectors to provide DB pensions for more Canadians but she said that they are going to remain focused on the healthcare sector.
Anyways, take the time to watch Annesley's speech and discussion with Karli Farrow, both are excellent. What impresses me is how poised, articulate, humble and intelligent HOOPP's new CEO is and she hasn't been there long (got there in March, started officially on April 1st right before Liberation Day).
I'm going to ask HOOPP to please provide a transcript of her speech on their website here so I can add it here.
One last note, I am the son of a (retired) psychiatrist with over 50 years clinical experience, my younger brother is also a psychiatrist, my friends are specialists ranging from radiology to orthopaedic surgery, mostly here in Quebec but some work across Canada and they all say it's past time that all of Canada's doctors have access to a DB pension.
Don't get me wrong, I'm not crying for them, they're all part of the top 1% and doing very well with their personal corporations but they're right, many of them will have to work to 70 to enjoy a comfortable retirement and the demands that are being placed on them are increasingly onerous (they're gearing up to fight Quebec's government which is trying to squeeze them and they will win, no doubt about it).
What else? I personally think HOOPP should own all of Ontario's radiology clinics as part of its private equity portfolio. They are highly, HIGHLY profitable and that's a discussion I might have with Annesley one day if I get to meet her.
Below, Annesley Wallace, President & CEO of HOOPP, joins Canadian Club Toronto for a conversation on the critical role HOOPP plays in securing the financial futures of its members.
As HOOPP’s new leader, Annesley is charting an ambitious strategic plan to maximize the value of the Plan, strengthen the resilience of its investment portfolio, and adapt with the healthcare community to remain its pension plan of choice.
She is joined by Karli Farrow, President & CEO of Trillium Health Partners and a member of HOOPP’s Board of Trustees. Karli has led innovative strategies to engage staff and community partners, and brings a deep understanding of healthcare leadership and governance to the discussion.
Update: After reading my comment, Scott White of HOOPP was kind enough to send me Annesley's entire speech:
Thank you to everyone in the room and those tuning in for taking the time today.
And thank you to Steve Perry, CEO of Carefor Health & Community Services, for such a kind introduction.Carefor has been a member of HOOPP since 2023, reflecting our ongoing commitment to ensuring retirement security for Ontario’s diverse healthcare workforce. Their membership also highlights our growing focus on the community-based healthcare sector, as we continue working to expand pension access across the province.
I also want to recognize members of the HOOPP Board of Trustees here today, including our Board Chair, Anthony Dale. As many of you know, Anthony is the President & CEO of the Ontario Hospital Association. Earlier this year, I was proud to announce that SickKids joined HOOPP—meaning every hospital in Ontario now offers pensions to our healthcare community.
Following my remarks, you will also hear from another member of the HOOPP Board – Karli Farrow. Karli is the President and CEO at Trillium Health Partners.
Even before I officially started in this role, I had the chance to visit Karli at Mississauga Hospital and take a tour. It was my first opportunity to understand the healthcare community from a different perspective, as CEO of HOOPP and not a patient. The tour was led by a Clinical Manager in orthopaedic surgery and a proud HOOPP member. She spoke about the value she sees in her HOOPP pension today—but also about how she wished she had understood that value earlier.
When she first joined as a part-time employee, she didn’t immediately enroll in the pension.
Her story highlights a gap that we have a responsibility to fill. We need to reach more healthcare workers, earlier in their careers, so we can help them start building a stronger financial future from the beginning. Closing this information gap and continuing to build on HOOPP’s already superior value proposition could make a meaningful difference in so many people’s lives.
Why does this matter?
Before joining HOOPP, my only experience with hospitals was as a patient or as the family member of one. With twin eight-year-old boys, I have had more than a few visits to the doctor’s office or emergency department. In those moments of worry and vulnerability, the compassion and care we received made all the difference.
Those experiences have stayed with me. It is a reminder of the extraordinary people at the heart of our healthcare system and why the work we do at HOOPP matters so deeply.
Today I want to begin to close that information gap by sharing:
- First, a bit about the challenges that the healthcare community faces and the value proposition that HOOPP offers today;
- Second, how we are evolving to help the system meet these challenges through our investment approach and pension model, and
- Lastly, how that translates to our vision for 2030 to deliver retirement security, enable the healthcare system, and strengthen Canada’s economy.
We are facing extraordinary challenges in healthcare driven by demographics and increased
longevity. Demand for healthcare is rising—the number of Ontarians over age 80 is expected to double by 2040.
To avoid overburdening hospitals and ensure sustainable care delivery, the system will need to shift its focus toward decentralized and patient-centred models. The healthcare system is evolving and will continue to adapt and grow in-home, community, and long-term care.In parallel, HOOPP must continue to evolve to remain the pension plan of choice for Ontario’s healthcare workers.
In my parents’ generation, workplace pensions were common in both the public and private sectors.Over time, many employers stepped back, shifting to RRSP matching programs.
But RRSPs are not the same. They don’t provide the certainty of income for life—or the peace of mind that comes with it.
The result? More than half of working Canadians feel unprepared for retirement. That uncertainty weighs on families and communities alike.
This is where HOOPP stands apart. We are one of Canada’s strongest and most sustainable defined benefit pension plans. Our strengths include our funded status, our scale, strong returns, membership growth, and our governance model.
- Our contribution rates are among the lowest of all major Canadian pension plans, unchangedsince 2004.
- We are one of the fastest-growing pension plans in Canada.
- And uniquely among the Maple 8, we have one of the highest active-to-retired member ratios: more than two active members for every retired member.
The majority of our organization is also based here in Ontario—side by side with our members and seeing the significant impact HOOPP has on the healthcare community. This serves as a competitive advantage and a constant reminder of our mission.
But a strong foundation is not enough. We live in a world defined by change, and we must adapt and evolve.
For decades, Canadians enjoyed prosperity and stability—reciprocal trade, friendly alliances, reliable economic growth. But we are waking up to new realities and can no longer remain complacent without significant risk.
Like many people in this room, I’ve already lived through three “once-in-a-lifetime” events: 9/11, the 2008 financial crisis, and the COVID pandemic.
The old assumptions—low inflation, low interest rates, stable bonds—are gone. In their place, we face trade tensions, fractured alliances, volatile markets, affordability crises, and the disruptive force of artificial intelligence.
At the same time, the workforce itself has transformed. Defined Benefit Pensions were originally designed for a world of lifelong, full-time employment with a single employer.
In contrast, today’s workforce is increasingly characterized by more part-time and contract jobs, career breaks, shared financial responsibilities across diverse family structures, and multiple employers over time.
In this new reality, our question is clear: how do we continue to deliver for our members?
That question drives our strategy: an ambitious plan to deliver a stronger financial future for the healthcare community.
To succeed, we need a global investment platform that spans public and private markets, leverages strategic partnerships, and adapts to evolving conditions. The tailwinds that once supported strong returns may not persist. We are proactively positioning HOOPP to thrive in this more complex and uncertain environment.
At the heart of this is our Total Portfolio Approach (TPA), anchored in two principles: adaptability and integration. This shifts us from asset-class silos to a whole-fund perspective. It enables us to respond quickly to changing markets, geopolitical shocks, and new opportunities—balancing risk, return, liquidity, and exposure across the portfolio.
Let me give you an example of just one of our recent investments that highlights our ability to act quickly with flexibility, our focus on building strong relationships, and our commitment to investing in Canada.
We participated in the green bond financing of a state-of-the-art hyperscale data centre in Richmond Hill, owned and operated by Urbacon. Urbacon was founded in 1984 and has become a leader in digital infrastructure. Their data centre platform includes advanced and energy-efficient facilities across the country. This investment aligns with HOOPP’s climate plan to deploy $23 billion in green investments by 2030, and reflects the kind of long-term Canadian partnerships we value—built on innovation, sustainability, and shared purpose.
This is now one of our Canadian investments that in total make up over 50% of our current asset portfolio.
Our role as stewards of our members’ financial security is to construct the right portfolio to deliver on the pension promise, pay pensions, maintain contribution rates, provide cost of living adjustments, and to provide benefit improvements when prudent. We rely on trusted strategic partners to help execute, and where other investors may walk away, we lean in.
Adaptability means being ready to act decisively as risks and opportunities evolve. Integration ensures we manage the portfolio as a whole, rather than in isolation. Together, they make us stronger and more resilient.
The world is shifting, and HOOPP must continue to shift with it.
So, what does our mission mean for our healthcare system? For starters, when we generate an incremental 100 basis points of return, that 100 basis points will directly translate to being in a position to provide benefit improvements for members.
We will also focus on strategic growth that aligns with the sector’s evolution so we can continue to deliver exceptional value to our members and employers.
We need to continue to educate and raise awareness about the value of the HOOPP plan so that all employers can retain and attract talented healthcare workers to deliver for Ontarians, and so our members can enjoy a stronger financial future.
We are going to need more people to choose healthcare as a profession. A HOOPP pension is a powerful tool to help healthcare employers attract and retain the skilled professionals essential to delivering high-quality care for Ontarians.
That’s why we are focused on expanding access to the plan through:
- Deepening participation among part-time workers at existing employers, and
- Growing participation, including organizations such as mental health clinics, long-term care, nurse practitioner clinics, Indigenous Health Access Centres, and diagnostics clinics.
Providing financial security can be a significant factor to support our healthcare community and reward the people that are at the heart of that system.
And who are these people?
- More than 478,000 healthcare workers are our members across 700 employers—from our large hospitals to our small community clinics.
- Just over a third of our active members are part-time workers, and 82 per cent are women.
- The largest group of active members falls within the 30–34 age range.
- We support more than 134,000 retired members who are paid approximately $3.3 billion in pension benefits annually, allowing members to live and spend confidently in their retirement years, and contribute to local economies across the province.
The people who deliver and support healthcare have earned and deserve the security of retirement with a guaranteed income.
So where do I see HOOPP in 2030?
- As a pension fund, we will continue to deliver on our promise: providing retirement security to more members and more employers.
- As a healthcare system enabler, we will help retain and recruit healthcare workers—critical to meeting the challenges of an aging population.
- As a leading Canadian investor, we will keep building long-term strategic partnerships, strengthening the economy, and investing in Canada’s future.
Finally, I want to extend a heartfelt thank you to the HOOPP members and employers here with us today.
On behalf of our entire team, know that we will continue to stand with you and advocate for you—today, tomorrow, and into your retirement.
Great speech. I thank Scott (and Annesley) for sending me this speech and the pic from the Canadian Club Toronto which I posted above.
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