1. Annual General Meeting December 2, 2016
Queen’s Pension Plan
Annual General Meeting
December 2, 2016

2. Agenda Members of Queen’s Pension Committee
Summary of Pension Plan Membership
True vs. Paid Pensions
Financial Position of Queen’s Pension Plan – Going Concern Basis
Financial Position of Queen’s Pension Plan – Wind-Up/ Solvency Basis
Historical Employee and Employer Contributions
Pension Plan Asset Reconciliation
University Pension Project Update
Responsible Investing Update
Summary of Plan Assets at August 31, 2016
Returns Compared to Benchmark and BNY Mellon’s Universe
Returns Compared to Other Canadian University Pension Plans
Manager Presentation: Connor, Clark & Lunn Investment Management
Questions

3. Members of Queen’s Pension Committee
Appointed by Members
James MacKinnon
Bill Cannon
Peggy Hauschildt
Alison Morgan
Lewis Johnson
Kelly Sedore
Appointed by Board of Trustees
David Grace
Jim Keohane
Todd Mattina
Jana Steele
Marcus Robertson
Ex Officio
Daniel Woolf
Don Raymond
Donna Janiec
Dan Bradshaw
Jim Leech

4. Summary of Pension Plan Membership
Active
Deferred
Pensioners and Survivors
Total
At August 31, 2014
3,715
1,675
2,128
7,518
New entrants
Return to active status
646 1
(1)
Terminations
Transfers/lump sum
(181)
(145)
(326)
Deferred pensions
(56) 56 - 
Deaths
(14)
(2)
(116)
(132)
Retirements
(170)
(68)
238
New Beneficiaries 4 48 52
Other/Status Pending
(73)
104 30
At August 31, 2016
3,868
1,623
2,297
7,788

5. True vs. Paid Pensions (projecting at 6%)5

6. True vs. Paid Pensions (projecting at 8%)6

7. Financial Position of Queen’s Pension Plan: Going Concern Basis ($000’s)
August 31, 2011
August 31, 2014
Assets
Market value of assets
$1,315,319
$1,765,373
Smoothing adjustment
$19,686
($98,609)
Net assets at market value
$1,335,005
$1,666,764
Liabilities
Market value of:
-  DC accounts
$593,045
$778,794
-  Past service accounts
$24,908
$25,874
-  Voluntary accounts
$37,047
$41,532
Present value of accrued benefits:
-   Active members
$55,646
$66,263
-   Pensioners/survivors
$750,770
$873,151
-   Non-Reduction Reserve
$56,755
Total liabilities
$1,461,416
$1,842,369
Surplus (deficit)
($126,411)
($175,605)

8. Financial Position of Queen’s Pension Plan: Hypothetical Wind-up ($000’s)
August 31, 2011
August 31, 2014
Assets
Market value of assets
$1,315,319
$1,765,373
Termination expense
($2,000)
Net assets at market value
$1,313,319
$1,763,373
Liabilities
Market value of:
-         DC accounts
$593,045
$778,794
-         Past service accounts
$24,908
$25,874
-         Voluntary accounts
$37,047
$41,532
Present value of accrued benefits:
-         Active members
$112,509
$129,182
-         Pensioners/survivors
$878,079
$1,073,366
- Deferred Indexing Reserve
$20,436
Total liabilities
$1,645,588
$2,069,184
Surplus (deficit)
($332,269)
($305,811)

9. Historical Employee and Employer Contributions

10. Pension Plan Asset Reconciliation ($000’s)
September 1, 2015
$ ,784,018
PLUS
Members’ DC contributions
23,155
University’s DC contributions
19,445
University’s Minimum Guarantee contributions
5,411
University’s Past Service contributions
21,491
Voluntary contributions
1,223
Past Service contributions 42
Transfers from other plans
1,493
Investment return
154,154
LESS
Pensions & Lump-sums paid
(103,373)
Administration fees
(14,573)
August 31, 2016
$ 1,892,488
Gross rate of return
8.48%
Rate of return net of expenses
7.92%

11. University Pension Project Update
Ministry of Finance has continued to fund the project
Six universities at the table, with the ability of others to join
Meetings scheduled for December 10/11 to discuss outstanding plan design items

12. Responsible Investing Update
Board committee formed to develop a university-wide policy
Investment Committee and Pension Committee have provided feedback on a preliminary draft policy
Stakeholders now have an opportunity to comment on the current draft

13. Summary of Pension Plan Assets (‘000) at October 31, 2016
Canadian Equity
Global
Equity
Fixed
Income
Real Estate
Infra-structure
Total Assets
Percent of Total Assets
Burgundy
$165,879
8.7%
Guardian
$81,313
4.3%
Connor, Clark, & Lunn
$80,005
4.2%
TD Asset Management
$3,981
0.2%
Letko, Brosseau
$54,796
$88,324
$75,899
$219,018
11.5%
Manning & Napier
$171,154
9.0%
Orbis
$187,003
9.8%
State Street
$194,962
10.3%
$125,670
6.6%
PIMCO
$151,640
8.0%
$122,582
6.4%
Integrated Private Debt
$89,075
4.7%
Sun Life
$115,269
6.1%
Real Estate – Oxford
$98,788
5.2%
Infrastructure - Borealis
$93,547
4.9%
Cash/FX Hedging
$1,916
0.1%
$385,974
$641,443
$680,135
$1,902,005
100.0%
% of Total Assets
20.3%
33.7%
35.8%
100%

14. QPP Returns Compared to Benchmark & BNY Mellon’s Universe of Canadian Pension Plans
At September 30th, 2016:
3 Months
1 Year
4 Years
10 Years
Queen’s
5.0%
11.8%
10.9%
6.3%
Benchmark
4.3%
9.7%
9.9%
6.1%
BNY 1st Quartile
4.7%
11.7%
11.4%
6.9%
BNY Median
4.1%
10.3%
10.4%
6.4%
BNY 3rd Quartile
3.4%
9.1%
9.5%
6.0%

15. QPP Returns Compared to Other Canadian University Pension Plans
CAUBO survey results, as at December 31, 2015:
1 Year
2 Years
4 Years
10 Years
Queen’s
5.2%
6.8%
10.8%
6.3%
All Plans In Survey
1st Quartile
7.1%
9.4%
11.0%
6.5%
Median
6.2%
8.4%
10.5%
3rd Quartile
5.8%
7.9%
10.2%
6.1%
Plans Reporting
N=51
N=48

16. Thank You