The Canada Pension Plan Investment Board, which invests the funds not needed to pay beneficiaries of the Canada Pension Plan, reported quarterly profits on Friday and they showed an increase in $1.7 billion compared with the previous quarter.
The fund actually earned $2.3 billion from its investments over the quarter, but paid out $600 million more in benefits than contributions it took in from members.
It's common for the fund to pay out more in benefits than it takes in contributions later in the year, after contributors max out their annual dues, which leads to a temporary outflow.
"On an annual basis, contributions to the fund continue to exceed outflows," the CPPIB said. ■
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