Ontario Teacher Pension Plan Using our Tax Dollars to Create “Green” Jobs in Other Countries

The OTPP Board of Directors just announced they are investing $1 billion dollars of Ontario taxpayers’ contributions to their pension plan but it will be in other countries. They claim it’s a good thing as it will help them achieve “net-zero emissions” presumably by creating jobs elsewhere! We should not it’s not the first time they have done that! 

Earlier investments have gone to Cubico Sustainable Investments, with their headquarters in London, England.  Cubico has offices in ten (10) countries but Canada is not one of them and their portfolio includes onshore wind, solar, transmission and distribution assets.  OTPP have invested in Anbaric Development Partners who are involved in transmission and storage projects in the U.S.A.  They are also invested in NextEra Energy (U.S.$864 million invested) another US company.  NextEra took advantage of Ontario’s Green Energy Act to build several intermittent and unreliably IWT (industrial wind turbines) and solar projects in Ontario and then sold them off to none other than the CPPIB (Canadian Pension Plan Investment Board).

The latest announcement relates to OTPP’s US$1 billion investment in Corio Generationof Australia who actively pursue offshore wind contracts and the article in the Financial Post noted:  “The joint venture will fund the development of 14 fixed-bottom and floating projects in South Korea, Taiwan, Japan, Ireland and the United Kingdom, all of which are currently in development by Corio with an initial target of up to nine gigawatts.”  Once again, the OTPP is investing in other countries to create jobs.

In 2020-2021, there were 130,923.28 full time equivalent (FTE) teachers, according to the Ontario Ministry of Education and 2,025,258 students which on average is 15.46 students per teacher.  The 2021 OTPP report noted: “We deliver retirement security to 333,000 working members and pensioners.”  The average pension benefit per retired teacher was $36K; based on the 2021 OTPP report noting $6.909 billion was the amount delivered for “pension benefits! On another note, the Ontario Ministry of Education’s annual budget for 2021-2022 year was $33 billion which works out to $250K per “full time equivalent” teacher for just that year.

Based on the above information we taxpayers are doing a fine job of ensuring public school teachers are; not overworked, well paid and secure in the pension benefits they will receive when they retire! 

So, the question becomes why is their Pension Plan so determined to create jobs in other countries instead of Ontario and Canada whose private sector taxpayers pick up all the costs associated with their employment and retirement benefits?

The investments they continue to make suggest it is apparent the Board of the OTPP have fully endorsed “net-zero” and all of the false promises our PM Justin Trudeau made at the COP-26 Conference related to job creation. 

No doubt us taxpayers should assume if those OTPP investments don’t work out the teachers using our contributions to create those “net-zero” jobs (everywhere but Canada) will come cap-in-hand to the Ontario Ministry of Education seeking more of our tax dollars to ensure they are able to retire in comfort. 

Author: parkergallantenergyperspectivesblog

Retired international banker.

4 thoughts on “Ontario Teacher Pension Plan Using our Tax Dollars to Create “Green” Jobs in Other Countries”

  1. Lest we forget: “*Chlorophyll, which resides in the chloroplasts of plants, is the green pigment that is necessary in order for plants to convert carbon dioxide and water*, using sunlight, into oxygen and glucose.”

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  2. Hi Parker, is it worth a look at why those investments are attractive to pension funds? Profit guarantees by public subsidies? We know the Liberal FIT contracts made Pattern Energy etc. attractive to CPPIB. Also is this a perversion of ESG, greening up annual reports by deception as ‘renewable’ projects are cradle-to-grave environmental disasters?

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  3. Should public pensions be subject to stronger transparency obligations?
    https://www.benefitscanada.com/pensions/defined-benefit-pensions/should-public-pension-plans-be-subject-to-stronger-transparency-obligation/

    The pensions that are not subject to Freedom of Information laws in Canada are:
    Ontario Teachers Pension
    Canada Pension Plan
    OMERS
    HOOPP
    Ontario Pension Board

    OTTP the biggest rip off for taxpayers. Teachers work on average 22 years when you factor in all their holidays and summers off and early retirement and the fact that teachers live longer on average than the majority of Canadians ….
    Taxpayers are contributing 12 % into their pensions already every year and I don’t believe there is a ceiling on their COLA

    This was written by a teacher in 2005
    The Scamming of Ontario Teachers and Taxpayers
    https://www.prweb.com/releases/2005/01/prweb193086.htm

    This started under Leech who was in charge of one of the the biggest ponzis in Canada .

    2012
    Five questions with Jim Leech who
    “There are now 1.5 working teachers for every retiree. In 15-20 years, it will be 1:1. It was 10:1 in 1970 and 4:1 in 1990. That’s a challenge and it’s driven by the fact the profession isn’t growing. The ranks of teachers aren’t doubling and retirees are living longer . There is no defined benefits plan ever conceived that you would draw from much longer than you paid in. It mathematically doesn’t work”
    https://www.thespec.com/business/2012/04/18/five-questions-with-jim-leech.html

    2013
    “Longevity rates for teachers are among the highest in the country, and the pension plan now has 2,800 pensioners over the age of 90, including 107 who have reached or passed age 100. The average number of years worked is 26, compared to an average 31 years on a pension “.
    https://pensionpulse.blogspot.com/2013/04/ontario-teachers-returns-13-in-2012.html

    2013 Pension Propaganda was rolled out in ernst in 2013 as the CEOs knew they were sitting on ponzi time bombs
    Canada’s Top Ten pension funds help drive national prosperity, landmark study finds
    https://www.cdpq.com/en/news/pressreleases/canadas-top-ten-pension-funds-help-drive-national-prosperity-landmark-study

    Jim Leech & Mark Wiseman were the HIGHEST PAID pension managers in the world for two of the biggest tax funded ponzis … OTPP and CPP just before they retired

    https://pensionpulse.blogspot.com/2015/02/list-of-highest-paid-pension-fund-ceos.html

    Where did they go …. BOTH of them were involved in the creation/setup of the Canada Infrastructure Bank together with Dominic Barton, Mckinsey & Blackrock …

    Wiseman was hired by BlackRock with his wife, until he got canned for having an affair with a subordinate:
    https://nypost.com/2019/12/05/blackrock-exec-mark-wiseman-ousted-over-affair-with-employee/

    “In 2011, then-McKinsey & Company Global Managing Partner Dominic Barton wrote Capitalism for the Long Term, a call for action to reform the system. This piece was met with agreement from many other observers, and as a result, Focusing Capital on the Long Term (FCLT) was founded in 2013 as a joint initiative of CPP Investments (led by Mark D. Wiseman) and McKinsey & Company”

    Here are FCLT’s current ‘strategic-advisors’
    https://www.fcltglobal.org/strategic-advisors/

    Wiseman & Dominic Barton were the co-founders of setting up ‘charity’ Century Initiative (orginally registered as the Laurier Project Foundation) … Freeland was also involved, but was dropped from their website once she was elected .
    The aim of this ‘charity’ is to flood Canada with immigrants … taxpayers …. in order to keep feeding Big Gov & their scams, as well as to keep the massive Pension Ponzis afloat … that they had a hand in creating
    https://www.centuryinitiative.ca/about/who-we-are

    Wiseman is now chair of another Tax funded Pension – Aim, while working for a wall street investment firm
    https://www.linkedin.com/in/markdwiseman/

    Leech is a Senior Advisor with McKinsey (still advising the Cdn Govt on who knows what since there is nothing in the Lobby registry) and also current chair of the Mastercard Foundation … which has $40B in assets …. Why has Mastercard, located in the US, set up a foundation in Canada?

    Why did Vancouver govt give them $50M to set up
    https://www.charitydata.ca/charity/mastercard-foundation/817387277RR0001/

    https://www.mastercard.com/news/press/2020/january/mastercard-opens-global-intelligence-and-cyber-centre-in-vancouver/

    And since their ‘retirement’ from OTPP & CPP they have worked diligently
    https://pensionpulse.blogspot.com/search?q=wiseman+leech

    The ‘investors’ are the pensions again….
    Leading Canadian and G7 Investors Come Together in Support of Global Development Initiatives
    https://www.otpp.com/en-ca/about-us/news-and-insights/2018/leading-canadian-and-g7-investors-come-together-in-support-of-global-development-initiatives/

    Caisse, Ontario Teachers’ unveil G7 investor alliance on climate change, infrastructure
    https://www.bnnbloomberg.ca/caisse-ontario-teachers-unveil-g7-investor-alliance-on-climate-change-infrastructure-1.1088649#_gus&_gucid=&_gup=twitter&_gsc=QsGI8GO

    2018
    G7 Investors Unite on Global Initiatives?
    https://pensionpulse.blogspot.com/2018/06/g7-investors-unite-on-global-initiatives.html

    2020
    Canada’s Top Eight Pensions Unite on ESG Disclosure
    https://pensionpulse.blogspot.com/2020/11/canadas-top-eight-pensions-unite-on-esg.html

    2019
    OTPP, CPP and the other biggest Pension ponzis in Davos
    https://pensionpulse.blogspot.com/2019/01/canadian-pension-ceos-at-davos-2019.html

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  4. OTPP is the biggest investor in Private Babysitting/Daycare via Busybees … they LOVE those tax funded subsidies, while their tax funded teachers protest the privatization of govt services .

    https://www.theguardian.com/business/2013/nov/01/busy-bees-nursery-buyout-ontario-teachers-plan

    Take a look at all the various Brands/subsidiaries of BusyBees
    https://www.busybeesasia.com/

    Why are taxpayers funding teachers retirement every year with cheques guaranteed NEVER to go down but only Up?

    Why not RRSPs for them like the majority of Canadians who have no pension?

    https://www.theguardian.com/business/2013/nov/01/busy-bees-nursery-buyout-ontario-teachers-plan

    Take a look at all the various Brands/subsidiaries of BusyBees
    https://www.busybeesasia.com/

    Why are taxpayers funding teachers retirement every year with cheques guaranteed NEVER to go down but only Up?

    Why not RRSPs for them like the majority of Canadians who have no pension?

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