N.B. Investment Management Corp. reports pension funds fall 18.3%

The province's pension plans suffered an 18.3 per cent loss last year due to the dramatic decline in global equity markets, according to the New Brunswick Investment Management Corp.

The value of net assets under management shrank by $1.6 billion in fiscal 2008-09, finishing the year with $7 billion.

The investment corporation was hit by the worldwide market crash, said John Sinclair, the president and chief executive officer.

"While returns were negative, they were actually better than the median for similar plan managers up to the end of the calendar year, which most of our peers in most other provincial plans report to," he said.

The corporation manages the pension funds for the province's public servants, teachers and judges.

The public service pension fund lost 18.43 per cent, the teachers' plan lost 18.24 per cent and the judges' plan fell by 18.46 per cent.

Sinclair said it's important to look at results over the long term.

The corporation's long-term annual return rate has been 5.53 per cent since its inception in 1996.