2016 was a good year for the Local 793 pension plan, business manager Mike Gallagher said in remarks at a union general membership meeting March 26 in Oakville.

The plan returned 10.7 per cent last year, well above the benchmark of 7.7 per cent, he noted.

Gallagher said the plan is successful because the labour and management trustees have made sure that the investments are sound.

“We’re getting good returns because the asset allocation structure is good.”

Gallagher said assets of the union’s pension plan are now above $2.5 billion and the plan is 102 per cent funded on a going-concern basis, up from 97 per cent a year ago.

The fund had a surplus of $65 million as of Dec. 31.