text: The assets of the defined benefit pension plans are invested and 
  managed following all applicable regulations and the Statement of 
  Investment Policies and Procedures, and reflect the characteristics and 
  asset mix of each defined benefit pension plan. Investment and market 
  return risk is managed by: 
  (cid:129) contracting professional 
  
  to execute the 
  investment strategy following the Statement of Investment Policies 
  and Procedures and regulatory requirements 
  
  investment managers 
  
  (cid:129) specifying the kinds of investments that can be held in the plans and 
  monitoring compliance 
  
  (cid:129) using asset allocation and diversification strategies, and 
  (cid:129) purchasing annuities from time to time. 
  
  The funded pension plans are registered with the Office of 
  the 
  Superintendent of Financial Institutions and are subject to the Federal 
  Pension Benefits Standards Act. The plans are also registered with the 
  Canada Revenue Agency and are subject to the Canada Income Tax 
  Act. The benefits provided under the plans and the contributions to the 
  plans are funded and administered in accordance with all applicable 
  legislation and regulations. 
  
  Significant estimates are involved in determining pension related 
  balances. Actuarial estimates are based on projections of employees’ 
  compensation levels at the time of retirement. Maximum retirement 
  benefits are primarily based on career average earnings, subject to 
  certain adjustments. The most 
  recent actuarial valuations were 
  completed as at January 1, 2013. 