{"id":8008,"date":"2023-02-06T21:44:21","date_gmt":"2023-02-06T21:44:21","guid":{"rendered":"https:\/\/elcicgsi.ca\/?p=8008"},"modified":"2024-10-17T18:04:16","modified_gmt":"2024-10-17T18:04:16","slug":"february-pension-newsletter-8","status":"publish","type":"post","link":"https:\/\/dev.elcicgsi.ca\/?p=8008","title":{"rendered":"February 2023 Pension"},"content":{"rendered":"[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;7179&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][divider line_type=&#8221;No Line&#8221;][vc_column_text]\n<h4>The November Pension Newsletter includes:<\/h4>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><a href=\"#pension\">Pension Notes<\/a><\/li>\n<li><a href=\"#GSI\">GSI Notes<\/a><\/li>\n<li><a href=\"#investment\">Investment Results &amp; Notes<\/a><\/li>\n<li><a href=\"#question1\">Questions?<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;pension&#8221; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;8009&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][vc_custom_heading text=&#8221;Pension Statements Emailed&#8221; font_container=&#8221;tag:h2|text_align:center&#8221;][vc_column_text]\n<p style=\"text-align: center;\">Pension statements were emailed to members the last week in January. Please contact GSI if you\u00a0did not receive yours. Please review your statements carefully and update GSI with any corrections or changes to your personal information as soon as possible. Plan members should\u00a0hold on to their\u00a0statements\u00a0as a personal record.<\/p>\n[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][vc_custom_heading text=&#8221;Voluntary Contributions to Pension Plan&#8221; font_container=&#8221;tag:h2|text_align:center&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/2&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;8031&#8243; image_size=&#8221;medium&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;center&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][\/vc_column][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/2&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_custom_heading text=&#8221;Who can contribute?&#8221; font_container=&#8221;tag:h3|text_align:left&#8221;][vc_column_text]<span style=\"font-weight: 400;\">All active members are permitted\u00a0(encouraged!) to make voluntary contributions. Consider making a contribution of up to 3%. Please note that your employer cannot make or match those voluntary contributions.\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/2&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_custom_heading text=&#8221;Why should you contibute?&#8221; font_container=&#8221;tag:h3|text_align:left&#8221;][vc_column_text]<span style=\"font-weight: 400;\">There are several advantages:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It&#8217;s easier to save on payroll deductions<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You receive an immediate\u00a0tax reduction<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">contributions can be made one year earlier than an RRSP<\/span><\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/2&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;8032&#8243; image_size=&#8221;medium&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;center&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/2&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;8033&#8243; image_size=&#8221;medium&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;center&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][\/vc_column][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/2&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_custom_heading text=&#8221;What amount is permitted?&#8221; font_container=&#8221;tag:h3|text_align:left&#8221;][vc_column_text]<span style=\"font-weight: 400;\">Pension contributions are subject to the Income Tax Act limits and total contributions cannot exceed 18% of salary or $30,780 (2023 Money Purchase Limit). Since required contributions total 15% (7% by you and 8% by your employer), consider making a voluntary contribution up to 3%.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/2&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_custom_heading text=&#8221;When should you start?&#8221; font_container=&#8221;tag:h3|text_align:left&#8221;][vc_column_text]<span style=\"font-weight: 400;\">The earlier you begin, the greater the advantage of compounding investment returns you will experience.\u00a0<\/span>[\/vc_column_text][\/vc_column][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/2&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;8035&#8243; image_size=&#8221;medium&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;center&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/2&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;8037&#8243; image_size=&#8221;medium&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;center&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][\/vc_column][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/2&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_custom_heading text=&#8221;How are contributions made?&#8221; font_container=&#8221;tag:h3|text_align:left&#8221;][vc_column_text]<span style=\"font-weight: 400;\">Voluntary contributions to the ELCIC Pension Plan must be made by payroll deduction. You can get started right now by downloading the\u00a0<\/span><a href=\"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2020\/12\/Voluntary-Contributions.pdf\"><span style=\"font-weight: 400;\">voluntary contribution form<\/span><\/a><span style=\"font-weight: 400;\">\u00a0from the GSI website and returning it by email to\u00a0<\/span><a href=\"mailto:admin@elcicgsi.ca\"><span style=\"font-weight: 400;\">admin@elcicgsi.ca<\/span><\/a><span style=\"font-weight: 400;\">.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;GSI&#8221; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;8048&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][vc_custom_heading text=&#8221;Looking for Directors&#8221; font_container=&#8221;tag:h2|text_align:center&#8221;][vc_column_text]<span style=\"font-weight: 400;\">Do you know someone who is interested in the care of those who serve in the ELCIC? If so, then please ask them to consider a position on the GSI Board. The board\u2019s time together provides many stimulating and thoughtful discussions, with a few laughs in between, as well as opportunities for professional development. It\u2019s really a great group of people that has an important mission within the ELCIC.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Four of the current directors\u2019 terms will be ending\/renewing in September 2023. In preparation, we are beginning our search for dynamic and knowledgeable people with a variety of backgrounds and experience to fill positions. Two of the positions are reserved for plan members.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meetings are held in Winnipeg semi-annually, spring and fall. Anyone interested should complete a <\/span><a href=\"https:\/\/www.elcicgsi.ca\/wp-content\/uploads\/2016\/08\/Board-Biographical-Data-Form.pdf\"><span style=\"font-weight: 400;\">biographical data<\/span><\/a><span style=\"font-weight: 400;\"> form and forward it to the GSI office.\u00a0<\/span><span style=\"font-weight: 400;\">Please call the office (1-877-352-4247) or review the <\/span><a href=\"https:\/\/www.elcicgsi.ca\/?page_id=108\"><span style=\"font-weight: 400;\">GSI website<\/span><\/a><span style=\"font-weight: 400;\"> for more information. The Nominations Committee will be interviewing candidates in January and February 2023 for recommendation to the GSI Board at their March 2023 meeting. National Church Council elects the directors at their September 2023 meeting, when the new terms will begin.<\/span>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;investment&#8221; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;8011&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][vc_custom_heading text=&#8221;ELCIC Pension Plan&#8221; font_container=&#8221;tag:h2|text_align:center&#8221;][vc_column_text]\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">ELCIC Pension Plan Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Oct 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Median Balanced Pension Plan as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Oct 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">3.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">ELCIC Pension Plan Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jan 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Median Balanced Pension Plan as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jan 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">-11.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.8%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The last three months of the year produced a positive return in both the Fixed Income and Growth Funds. While we are very pleased with earning a combined +3.5% in this quarter for the Plan, it was unfortunately not enough to bring an overall positive result for 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The negative return for the year 2022 was the result of the continuing themes of high inflation, Russia\u2019s invasion of Ukraine, and supply chain issues. More comments are provided for each specific investment fund in the tabs following.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Plan\u2019s advisor and investment managers all agree that the while the outlook for 2023 remains uncertain, it is encouraging that inflationary pressures appear to be easing and that economic indicators have shown more resilience in the past few months, suggesting that the probability and expected depth of a recession might be lower than initially feared.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Please note that information is not intended to be investment advice or to be a recommendation for your personal investment portfolio.<\/span><\/i><\/p>\n<div class=\"wpb_text_column wpb_content_element \">\n<div class=\"wpb_wrapper\">\n<h5>Growth Fund<\/h5>\n<\/div>\n<\/div>\n<div class=\"wpb_text_column wpb_content_element \">\n<div class=\"wpb_wrapper\">\n<p>Here is a closer look at each portfolio in the Growth Fund.<\/p>\n<\/div>\n<\/div>\n<div id=\"accordions-8017\" class=\"accordions-8017 accordions\" data-accordions={&quot;lazyLoad&quot;:true,&quot;id&quot;:&quot;8017&quot;,&quot;event&quot;:&quot;click&quot;,&quot;collapsible&quot;:&quot;true&quot;,&quot;heightStyle&quot;:&quot;content&quot;,&quot;animateStyle&quot;:&quot;swing&quot;,&quot;animateDelay&quot;:1000,&quot;navigation&quot;:true,&quot;active&quot;:999,&quot;expandedOther&quot;:&quot;no&quot;}>\r\n                <div id=\"accordions-lazy-8017\" class=\"accordions-lazy\" accordionsId=\"8017\">\r\n                    <\/div>\r\n\r\n    <div class=\"items\"  style=\"display:none\" >\r\n    \r\n            <div post_id=\"8017\" itemcount=\"0\"  header_id=\"header-16918094190\" id=\"header-16918094190\" style=\"\" class=\"accordions-head head16918094190 border-none\" toggle-text=\"\" main-text=\"PH&amp;N Canadian Equity Value Fund\">\r\n                                    <span id=\"accordion-icons-16918094190\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-16918094190\" class=\"accordions-head-title\">PH&amp;N Canadian Equity Value Fund<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content16918094190 \">\r\n                <table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">PH&N Canadian Equity Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Oct 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">S&P\/TSX Capped<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Oct 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">5.8%<\/span><\/td>\n<td><span style=\"font-weight: 400\">6.0%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-0.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">PH&N Canadian Equity Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">S&P\/TSX Capped<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">-1.5%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-5.8%<\/span><\/td>\n<td><span style=\"font-weight: 400\">+4.3%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">The performance this quarter of 5.8% was slightly under the benchmark, while the annual return of -1.5% outperformed the field. This is consistent with the portfolio design to do well in strong markets but provide superior results when the markets are weak. PH&N advised that only minor adjustments were made to the portfolio this quarter to reflect their process of positioning to the most attractive risk-adjusted opportunities.<\/span><\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"8017\" itemcount=\"1\"  header_id=\"header-16918094191\" id=\"header-16918094191\" style=\"\" class=\"accordions-head head16918094191 border-none\" toggle-text=\"\" main-text=\"RBC Global Equity Focus Pension Trust \">\r\n                                    <span id=\"accordion-icons-16918094191\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-16918094191\" class=\"accordions-head-title\">RBC Global Equity Focus Pension Trust <\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content16918094191 \">\r\n                <table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">RBC Global Equity Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Oct 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">MSCI World ($CAD)<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Oct 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">5.5%<\/span><\/td>\n<td><span style=\"font-weight: 400\">8.4%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-2.9<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">RBC Global Equity Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">MSCI World ($CAD)<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">-19.4%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-11.8%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-7.6%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">This fund also finished with a positive final quarter, but had a challenging year overall and underperformed in a volatile global market. This quarter PH&N made several changes to the investments to focus on companies that differentiate themselves and offer more attractive opportunities and long-term value going forward.<\/span><\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"8017\" itemcount=\"2\"  header_id=\"header-16918094192\" id=\"header-16918094192\" style=\"\" class=\"accordions-head head16918094192 border-none\" toggle-text=\"\" main-text=\"Baillie Gifford Global Equity Fund\">\r\n                                    <span id=\"accordion-icons-16918094192\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-16918094192\" class=\"accordions-head-title\">Baillie Gifford Global Equity Fund<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content16918094192 \">\r\n                <table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">Baillie Gifford Global Equity Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Oct 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">MSCI World ($CAD)<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Oct 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">8.1%<\/span><\/td>\n<td><span style=\"font-weight: 400\">8.4%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-0.3<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Baillie Gifford Global Equity Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">MSCI World ($CAD)<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">-23.6%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-11.8%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-11.8<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">Please see the spotlight on this fund for <a href=\"#global\"><span style=\"color: #008080\">more<\/span> <span style=\"color: #008080\">information.<\/span><\/a><\/span><\/p>\n            <\/div>\r\n    <\/div>\r\n\r\n\r\n\r\n            <\/div>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][vc_column_text]\n<h5>Fixed Income Fund<\/h5>\n<p><span style=\"font-weight: 400;\">The Fixed Income portion of the portfolio is managed by PH&amp;N and holds several Funds. Here is a closer look at each portfolio within the Fixed Income Fund.<\/span><\/p>\n<div id=\"accordions-8021\" class=\"accordions-8021 accordions\" data-accordions={&quot;lazyLoad&quot;:true,&quot;id&quot;:&quot;8021&quot;,&quot;event&quot;:&quot;click&quot;,&quot;collapsible&quot;:&quot;true&quot;,&quot;heightStyle&quot;:&quot;content&quot;,&quot;animateStyle&quot;:&quot;swing&quot;,&quot;animateDelay&quot;:1000,&quot;navigation&quot;:true,&quot;active&quot;:999,&quot;expandedOther&quot;:&quot;no&quot;}>\r\n                <div id=\"accordions-lazy-8021\" class=\"accordions-lazy\" accordionsId=\"8021\">\r\n                    <\/div>\r\n\r\n    <div class=\"items\"  style=\"display:none\" >\r\n    \r\n            <div post_id=\"8021\" itemcount=\"0\"  header_id=\"header-16837232240\" id=\"header-16837232240\" style=\"\" class=\"accordions-head head16837232240 border-none\" toggle-text=\"\" main-text=\"PH&amp;N Core Plus Bond Fund\">\r\n                                    <span id=\"accordion-icons-16837232240\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-16837232240\" class=\"accordions-head-title\">PH&amp;N Core Plus Bond Fund<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content16837232240 \">\r\n                <table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">PH&N Core Plus Bond Fund Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Oct 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">FTSE Canada Universe Bond as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Oct 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400\">0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400\">+0.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">PH&N Core Plus Bond Fund Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">FTSE Canada Universe Bond as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">-11.2%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-11.7%<\/span><\/td>\n<td><span style=\"font-weight: 400\">+0.5%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">The bond fund had a positive final quarter of 2022 at 0.6% return, but still shows a significant negative return from the beginning of the year, due to the sharp rise of yields in the first two quarters of 2022.\u00a0 <\/span><\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"8021\" itemcount=\"1\"  header_id=\"header-16837232241\" id=\"header-16837232241\" style=\"\" class=\"accordions-head head16837232241 border-none\" toggle-text=\"\" main-text=\"PH&amp;N Mortgage Pension Trust\">\r\n                                    <span id=\"accordion-icons-16837232241\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-16837232241\" class=\"accordions-head-title\">PH&amp;N Mortgage Pension Trust<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content16837232241 \">\r\n                <table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">PH&N Mortgage Pension Trust Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Oct 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">FTSE Canada<\/span><\/p>\n<p><span style=\"font-weight: 400\">Short-term Bond<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Oct 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400\">0.7%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-0.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">PH&N Mortgage Pension Trust Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">FTSE Canada<\/span><\/p>\n<p><span style=\"font-weight: 400\">Short-term Bond<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">-5.1%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-4.0%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-1.1%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">This portfolio is made up of first rank mortgages on income-producing commercial property in Canada. The largest geographical allocation is to Ontario at 40%, followed by BC at 26%.<\/span><\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"8021\" itemcount=\"2\"  header_id=\"header-16837232242\" id=\"header-16837232242\" style=\"\" class=\"accordions-head head16837232242 border-none\" toggle-text=\"\" main-text=\"PH&amp;N High Yield Mortgage Fund\">\r\n                                    <span id=\"accordion-icons-16837232242\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-16837232242\" class=\"accordions-head-title\">PH&amp;N High Yield Mortgage Fund<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content16837232242 \">\r\n                <table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">PH&N High Yield Mortgage Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Oct 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">FTSE Canada<\/span><\/p>\n<p><span style=\"font-weight: 400\">Short-term Bond<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Oct 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">1.4%<\/span><\/td>\n<td><span style=\"font-weight: 400\">0.7%<\/span><\/td>\n<td><span style=\"font-weight: 400\">+.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">PH&N High Yield Mortgage Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">FTSE Canada<\/span><\/p>\n<p><span style=\"font-weight: 400\">Short-term Bond<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Dec 31, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">4.7%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-4.0%<\/span><\/td>\n<td><span style=\"font-weight: 400\">+8.7%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">This fund has provided positive results for the last quarter as well as for the year. It also has provided a strong excess return over its benchmark. There are 53 mortgages in this fund with a diverse geography and property type mix. <\/span><\/p>\n            <\/div>\r\n    <\/div>\r\n\r\n\r\n\r\n            <\/div>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;global&#8221; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/2&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;8056&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][\/vc_column][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/2&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_custom_heading text=&#8221;Spotlight on Global Investment Manager&#8221; font_container=&#8221;tag:h2|text_align:center&#8221;][vc_column_text]<i><span style=\"font-weight: 400;\">By Wenzel Hoberg, Investment Committee Chair, ELCIC Pension Plan<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Baillie Gifford, with their Global Alpha Portfolio, recognizes the very disappointing results in their portfolio, where the value of a typical\u00a0Canadian dollar client would have fallen and underperformed significantly in the last two years. However, their mandate is to invest in global businesses that will grow more rapidly than their peers in the long\u00a0run, more like 5 or more years.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Their portfolio includes three types of growth companies: the &#8220;Compounders&#8221;, the &#8220;Disruptors&#8221; and the &#8220;Capital Allocators&#8221;. The Disruptors, which can completely\u00a0change an industry if successful, like UBER has changed the taxi operator business, are the most volatile and have been hit hardest in the current economic and political environment with some of them also in the most challenged markets (like China).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What therefore seemed to be a very smart strategy over the long-term has proven less successful in the short term. However, the manager has taken action and sold out of some of those potentially disruptive businesses and replaced them with now more attractively priced Compounders, that are typically accelerating\u00a0a successful growth strategy. Our\u00a0manager is now confident that: &#8220;The portfolio has significantly lower debt than the index, significantly higher sales growth, much higher margins and so greater flexibility in the cost base.&#8221; It is evident to us that our manager has taken relevant steps to rectify recent negative performance but continues to operate within its long-term parameters and formulated strategy.\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;question1&#8243; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; centered_text=&#8221;true&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; advanced_gradient_angle=&#8221;0&#8243; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221; gradient_type=&#8221;default&#8221;][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][heading subtitle=&#8221;Have a question for GSI?&#8221;][\/heading][vc_column_text]\n<div style=\"text-align: center;\">If you have a question for GSI, please reach out. Information and resources can also be found on the GSI website.<\/div>\n<div style=\"text-align: center;\">GSI Website:\u00a0 <a href=\"https:\/\/dev.elcicgsi.ca\/\">elcicgsi.ca<\/a><br \/>\nWinnipeg Residents: 204-984-9181<br \/>\nToll Free: 1-877-352-4247<\/div>\n[\/vc_column_text][divider line_type=&#8221;No Line&#8221;][nectar_btn size=&#8221;small&#8221; open_new_tab=&#8221;true&#8221; button_style=&#8221;regular&#8221; button_color_2=&#8221;Accent-Color&#8221; icon_family=&#8221;none&#8221; text=&#8221;Email Us&#8221; url=&#8221;mailto:admin@elcicgsi.ca&#8221;][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243;&#8230;<\/p>\n","protected":false},"author":8,"featured_media":10967,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[34],"post_folder":[18,20],"class_list":{"0":"post-8008","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-planmembers","8":"tag-pension"},"featured_image_src":"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2024\/10\/Pension-News.jpeg?ver=1727747854","author_info":{"display_name":"Lisa Thiessen","author_link":"https:\/\/dev.elcicgsi.ca\/?author=8"},"_links":{"self":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/posts\/8008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8008"}],"version-history":[{"count":0,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/posts\/8008\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/media\/10967"}],"wp:attachment":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8008"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fpost_folder&post=8008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}