A series of pension data points being published by different firms all point to positive returns for pension funds and positive outcomes for individuals.

Defined benefit pension plans being tracked by RBC Investor Services, for example, returned six per cent in the second quarter of 2026. “For the first time since Q3 2025, both equities and fixed income delivered positive returns for Canadian defined benefit pension plans,” they write. They add that plans in its custody have also returned 6.4 per cent, year-to-date.

“This quarter was a stress test for the diversification assumptions built into most investment policies. What we’re seeing from plan sponsors is a growing interest in understanding their AI (artificial intelligence) exposure, not just their asset class breakdown,” says RBC Investor Services’ director of client solutions and asset owner segment lead, Isabelle Tremblay.

Fixed income posted gains across all maturities, with client plans returning three per cent for the quarter and 3.2 per cent, year-to-date. “Longer-duration bonds led as long-term yields declined. The more significant development may be what comes next for plan sponsors,” they add. “The Bank of Canada held its policy rate at 2.25 per cent through the quarter with rates at the lower end of the neutral range and the outlook subject to two-sided risks, the interest rate sensitivity of both plan assets and liabilities remains a key consideration for sponsors.”

Performance moderates in June  

TELUS Health, meanwhile, published its figures for June 2026, showing their representative plan portfolios returning 1.2 per cent during that month.

“The global developed and emerging equity markets index returned 2.2 per cent in Canadian dollar terms and Canadian equities finished the month with a return of 1.1 per cent,” they write. “Short-term Government of Canada bond yields decreased by approximately 0.03 per cent and long-term Government of Canada bond yields decreased by approximately 0.02 per cent over the month. Corporate bond credit spreads increased by 0.02 per cent for short-term bonds and decreased by 0.03 per cent for long-term bonds.

“The first half of 2026 was anything but calm,” notes Michael Reid, TELUS Health partner in the company’s health retirement and benefits solutions practice.

Impact on individuals  

The Eckler Ltd. Capital Accumulation Plan Income Tracker (CAPit), meanwhile calculates the impact performance is having on individual members. They say outcomes have been favourable, noting that a male member retiring at the end of June 2026 achieved a gross income replacement ratio of 70.5 per cent, up from 68.6 per cent in March 2026. A female member achieved 68.7 per cent, up from 66.9 per cent. The firm says the numbers represent the best outcomes reported in 17 years.

That said, they add that pressure on day-to-day finances is beginning to show up in member behaviour, with some plans already seeing lower contribution levels in early 2026.

“Balancing immediate financial pressures with future retirement needs is not straightforward, and there is no single solution that applies to all members. However, at a minimum, maintaining some level of ongoing participation in workplace savings plans, even at reduced levels can help preserve long-term outcomes while members navigate current financial realities.”