Investments and Returns

Investments and Returns

The money accumulated in the construction industry pension fund is invested in a long-term perspective, in different types of instruments (for example, Canadian, American, or foreign shares, bonds, real estate). The investment policy specifies that the funds be distributed in different types of investment. Find out more about the investment policy.

The pension fund ended 2023 with net assets of $31.1 billion, compared to $28.5 billion at the end of 2022, an increase of $2.6 billion. You can see the details of the results obtained on the page “Returns and interest rates credited.”

Investment policy

An investment committee formed of representatives of the CCQ’s union and employer associations analyzes the returns obtained on the investments. The committee makes recommendations to the CCQ’s board of directors, which amends the investment policy if it deems it necessary.

In December 2023, 47% of the money in the pension fund was invested in bonds and 19% in stocks; other investments represented 34% of the portfolio. The table below shows how the funds were distributed.

Distribution of funds at December 31, 2023
Quality government bonds 14.3%
Performance-generating bonds 32.0%
Stocks 18.9%
Short-term securities 1.1%
Real estate 9.7%
Private and other investments 24.0%

Returns and interest rates credited

The money in the pension fund is invested by the Caisse de dépôt et placement du Québec (CDPQ) in compliance with the investment policy. The CDPQ calculates the rates of return according to the market value of the funds – that is, the value that would be obtained if all of the funds were sold on a given date.

The rates of return for the three accounts (general, complementary, retirees) for the last five years, taking account of investment-management fees, are the following:

Year General account Complementary account Retirees’ account
2023 6.7% 7.0% 6.8%
2022 -8.2%  -8.1%  -8.2%
2021 9.0% 9.2% 9.1%
2020 6.6% 7.0% 6.8%
2019 9.9% 9.8% 9.8%

When a participant retires or dies, the value of his or her complementary account must be calculated on the date of retirement or death. The returns obtained by the CDPQ are used to credit interest to the complementary account of each employee. So that the value of the employee’s complementary account can be calculated with the most recent information, this interest is calculated on a monthly basis. Therefore, a different interest rate is given for each month of the year. However, the return obtained by the CDPQ for a given month is known only a few weeks after the end of that month. Given this constraint, the monthly returns obtained are credited with a three-month delay. For example, for the complementary account, the return of 3.28% obtained for December 2023 was known during February 2024 and credited in March 2024.

Returns obtained and interest rates credited to the complementary account

Returns obtained Month Interest rate credited
-0.19% October 2022 3.05%
4.18% November 2022 -2.01%
-1.40% December 2022 -2.32%
Annual return obtained for 2023: 7.02% 3.11% January 2023 -0.19% Interest rate credited for 2023: 2.66%
-1.72% February 2023 4.18%
2.61% March 2023 -1.40%
1.06% April 2023 3.11%
-1.48% May 2023 -1.72%
0.24% June 2023 2.61%
0.05% July 2023 1.06%
-0.17% August 2023 -1.48%
-3.40% September 2023 0.24%
-0.73% October 2023 0.05%
4.25% November 2023 -0.17%
3.28% December 2023 -3.40%

The returns obtained from January to December 2023 give an annual return of 7.02% for the complementary account. Because of the delay, the interest rate credited to the contributions accumulated in the complementary account is 2.66%.

The interest rates used in the sections “Your contributions to the general account” and “Your contributions to the complementary account” of the annual pension statement are those taking account of the three-month delay. 

Interest rates credited to the complementary account in 2024

Month Interest rate credited
January 2024 -0.73% Cumulative interest rate from January 1 to the end of the last known month: 7.96%
February 2024 4.25%
March 2024 3.28%
April 2024 -0.01%
May 2024 0.54% 
June 2024 0.98%
July 2024 -2.38% 
August 2024 1.93% 
September 2024  
October 2024  
November 2024  
December 2024
  • History of interest rates credited

    The table below shows the annual interest rates credited to the complementary account.

    2023 2.66%
    2022 -5.88%
    2021 9.72%
    2020 3.43%
    2019  8.59%
    2018 6.45%
    2017 4.08%
    2016 9.76%
    2015 7.69%
    2014 12.53%
    2013 7.25%
    2012 9.22%
    2011 7.12%
    2010 11.39%
    2009 -8.27%
    2008 -4.63%
    2007 10.82%
    2006 10.60%
    2005 16.23%
    2004 12.38%
    2003 9.10%
    2002 -10.37%
    2001 -5.66%
    2000 5.10%
    1999 18.52%
    1998 10.68%
    1997 11.40%
    1996 14.06%
    1995 17.50%
    1994 -0.99%
    1993 15.30%
    1992 5.86%
    1991 16.28%
    1990 5.24%
    1989 12.49%
    1988 10.02%
    1987 5.60%
    1986 10.41%
    1985 15.24%
    1984 13.81%
    1983 10.34%
    1982 17.89%
    5-year average
    (2019-2023)
    3.55%
    10-year average
    (2014-2023)
    5.78%
    15-year average
    (2009-2023)
    5.55%
    20-year average
    (2004-2023)
    6.36%
    25-year average
    (1999-2023)
    5.65%
    35-year average
    (1989-2023)
    7.05%
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