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Annual Reports

In June of each year, after it is reviewed and signed by the Auditor General of Alberta, we publish a report on the Plan which includes audited financial statements and highlights of the year's activities. To continue evolving to meet the needs of our members, starting with the 2021 Annual Report we switched to a hybrid model that includes a shortened print version as well as additional online discussion and analysis.

Note: The audited financial statements for each year, as well as the previous full-print versions of the annual reports, are available at the bottom of this page through the blue dropdown button. This page currently shows the 2021 Management Discussion and Analysis, and will be updated to the 2022 MD&A later this summer.


Message from the Board Chair

As another year comes to a close and we all continue to navigate challenges brought on by COVID, I remain astounded by the dedication and resilience of the LAPP members who, as public sector workers, continue to serve us all through their jobs in health, education, and municipalities.

Message from the CEO

In 2021, as the world adjusted to new waves and variants of the global pandemic, we saw tens-of-thousands of LAPP members continuing to support Albertans as frontline workers in hospitals, health centres, community facilities, and classrooms throughout the province.

 
 
 
 

Management Discussion and Analysis

Despite a persistent pandemic and economic volatility around the globe, LAPP ended 2021 with an impressive 15% increase in net assets, earning $8.1 billion in investment returns and growing the LAPP fund to $61.7 billion. By any measure, it was a record-breaking year for LAPP, leaving the fund 124% funded on an accounting basis, and adding more paving stones in the sustainable path to a healthy future for generations to come. 

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Benefit Administration

LAPP is registered under the Alberta Employment Pension Plans Act (EPPA), and is governed by provincial legislation. Amendments to the Joint Governance of Public Sector Pension Plans Act stipulate that LAPP Corporation use two crown corporations of government to provide investment and benefit administration.

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Investment Summary – Plan Performance

At December 31, 2021, the fair value of the Plan’s net assets increased by 15.1% (or $8.1 billion) to $61.7 billion. The total pension obligation increased by 2.4% (or $1.2 billion) to $49.8 billion. The excess of Plan net assets over the pension obligation increased in the year, resulting in an accounting surplus of $11.9 billion (2020: $5.0 billion) according to the audited financial statements. 

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Investment Summary – Performance By Asset Class

At December 31, 2021, fixed income holdings comprise 29.3% of the Plan’s total investments or $18.0 billion compared to 31.6% or $16.9 billion at December 31, 2020.

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Open the dropdown below to view previous Annual Reports as well as current audited Financial Statements:


Card Titled Your Plan is in Good Hands

In This Section

Read all about the governance, oversight, and operational functions that ensure your LAPP pension is on track.

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Card Titled Your Plan has Value

In This Section

Gain valuable information on how your pension will help support you in retirement.

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Card titled Your Pension is Secure

In This Section

Learn how the LAPP pension fund is professionally managed to provide you with a secure retirement income.

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