2025 annual report
highlights
Discover how your pension plan performed in 2025 and how we continued to strengthen the tools and services that support your retirement journey.
2025
snapshot
11.86%
rate of return
58,333
total members
$9.76 billion
net assets
83%
funded status
0.87%
cost-of-living adjustment
Message from the Board Chair
Brett Becker
“Decisions made today affect members for decades to come. The Board takes this responsibility seriously and it has guided our work throughout a year marked by change and progress.”
Message from the CAO
Michael Emslie
“Throughout the year, our focus has remained on delivering outstanding service while continuing to strengthen the programs, tools, and supports available to members.”
Funded status
The Civil Service Superannuation Fund (CSSF) was 83% funded as of the last valuation report. Despite the deficit, your pension remains secure.
The security of your pension is supported by:
– Money in the pension plan
– The financial strength of employers that fund the plan
Your pension plan is managed by investment professionals to support long-term growth. Plan liabilities are paid out over a long-term horizon. Contribution rates were recently increased to improve the funded status.
The Board and CSSB’s actuary monitor the plan’s funded status and work with committees to make funding recommendations to the Manitoba government.
Member profile
32,465
non-retired members
25,868
retired members and beneficiaries
58,333
total
members
Meet our members
Bryce
13 years of service
“Time is our most valuable resource. To me, retirement is the gift of time.”
Sam
20 years of service
“What motivates me to show up every day is knowing I’m making a difference and leaving a legacy that matters.”
Patti
38 years of service
“Having a consistent monthly income for life gives me peace of mind and allows me to enjoy retirement without stress.”
Investment performance
11.86%
rate of return
12.47%
policy benchmark
$9.76 billion
assets (up from $9.14 billion in 2024)
Annualized returns – December 31, 2025
Investment spotlight
Rybovich Marina
Rybovich Marina in West Palm Beach, Florida is a flagship asset within our Safe Harbor Marinas co-investment alongside Blackstone.
Sabine Pass
The Sabine Pass LNG facility in Louisiana represents a core infrastructure investment for our Fund.
65 King Street East
65 King Street East in Toronto, Ontario is a newly developed 405,000-squarefoot office tower spanning 18 floors.