CEO retirement announced
Bozek will retire at the end of January 2027 and the Board has launched a successor search.
Pension Fund
Administrator of Ontario's C$36.6B Public Service Pension Plan; it sets investment policy and oversees IMCO, which invests the assets.
Ontario Pension Board (OPB) administers the Public Service Pension Plan (PSPP), a defined-benefit plan sponsored by the Government of Ontario for provincial government, agency, board and commission employees. It has more than 105,000 members and C$36.6 billion in net assets (end-2025). OPB does not run its own direct-investing teams: since 2017 the Investment Management Corporation of Ontario (IMCO) has been its sole investment manager, so OPB's investment staff, led by CIO Andrew Tambone, set the asset mix and investment policy and monitor IMCO. For students and graduates, OPB is a Toronto (200 King Street West) pension-administration, advisory and investment-oversight employer, not a deal shop; deal-team roles investing PSPP money sit at IMCO.
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OPB moved investment management of PSPP assets to IMCO in 2017. IMCO invests under an agreement that follows OPB's Statement of Investment Policies and Procedures and its Strategic Asset Allocation. OPB monitors performance and risk and, as a founding client, can nominate two people to IMCO's board.
OPB sets the target asset mix. At end-2025 the actual mix was public equities 26.6%, government bonds 25.1%, private equity 15.2%, infrastructure 14.3%, real estate 13.2% and global credit 12.3%, with about -8.4% portfolio leverage. In 2025 OPB repositioned rate sensitivity and U.S.-dollar exposure.
Administers PSPP benefits for members and participating employers, including a pension modernization program that is replacing core systems.
In-house Certified Financial Planners and licensed advisors help members see how their pension fits their wider finances. In 2025 they held 3,561 one-on-one meetings and 202 education sessions.
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Reasons that work in interviews
3 reasons for Ontario Pension Board
Smaller and more focused than the Maple 8, so an analyst sees the entire portfolio rather than one asset class.
Public sector plan with a straightforward single-plan mandate, which makes the investment objective unusually clear.
Proximity to senior decision-makers is the structural advantage of a fund this size.
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President & Chief Executive Officer
Leadership Team
Joined OPB in February 2024 as interim President and Chief Pension Officer and became President & CEO in August 2024. He was previously President & CEO of Alberta Pensions Services Corporation (2017–2024) and CFO of AIMCo. He has announced he will retire at the end of January 2027.
Chief Financial Officer
Leadership Team
Joined OPB in 2025 to lead finance, enterprise risk management, procurement and pensioner payroll. She was previously CFO of the BC Financial Services Authority and of TRIUMF. Queen's MBA; CPA.
Chief Investment Officer
Investments
Joined OPB in 2025 from the Alberta Teachers' Retirement Fund, where he was VP, Investments & Funding. He was previously CIO of the Special Forces Pension Plan Corporation, Chief Risk Officer at AIMCo, and CIO and head of fixed income at WCB Alberta. CFA.
Executive Vice-President & Chief Pension Officer
Leadership Team
Leads strategic planning, plan funding and growth, policy, legal, actuarial, communications and regulatory affairs, and works with the investment team on oversight of IMCO. He joined OPB in 2023 after a 35-year Ontario public service career, most recently as Associate Deputy Minister at Treasury Board Secretariat. Ivey MBA.
Executive Vice-President & Chief Client Services Officer
Leadership Team
Joined OPB in 2013 as VP, Client Services. She now oversees client service and advisory services for members and employers, and co-leads the pension modernization program with the CTO. Ivey MBA.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
Jan 2027Upcoming
Darwin BozekRetirement
Ontario Pension Board → —
In September 2026 the Board Chair announced that Bozek will retire at the end of January 2027. An executive search is under way, with a successor expected before the end of 2026.
Aug 2024
Darwin BozekAppointment
President & Chief Executive Officer
Alberta Pensions Services Corporation → Ontario Pension Board
Bozek joined in early 2024 in an interim role and became President & CEO in August 2024.
Bozek will retire at the end of January 2027 and the Board has launched a successor search.
The return beat the 6.25% discount rate but trailed the 8.8% benchmark as private assets lagged public equities. Funded status rose to 87%.
Moves from interim President & Chief Pension Officer (since February 2024) to CEO.
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Ontario Pension Board · Sep 16, 2026 · opb.ca
Ontario Pension Board · Date unavailable · opb.ca
Ontario Pension Board · Date unavailable · opb.ca
Ontario Pension Board · Date unavailable · opb.ca
Ontario Pension Board · Date unavailable · opb.ca
Ontario Pension Board · Date unavailable · opb.ca
Ontario Pension Board · Date unavailable · opb.ca
Ontario Pension Board · Date unavailable · opb.ca
Bay Street Oracle · Oct 8, 2026 · intelligence.baystreetoracle.ca
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The pensions recruit for the following summer in the autumn, and most take co-op students across the other terms as well. BSO has not confirmed a timetable for Ontario Pension Board on an official page: this records that the intake exists and what the category's cycle looks like, not a published date. Confirm with the firm before you plan around it.
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Co-op terms across the investment and corporate groups, posted term by term. BSO has not confirmed a timetable for Ontario Pension Board on an official page: this records that the intake exists and what the category's cycle looks like, not a published date. Confirm with the firm before you plan around it.
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