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Employee Benefits | 12 Months Ended
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Oct. 31, 2025
Employee Benefits [Abstract] |
Employee Benefits | NOTE 22: EMPLOYEE BENEFITS PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS The Bank sponsors a number of pension and post-retirement benefit plans for current eligible and former employees. Pension arrangements include defined benefit pension plans, defined contribution pension plans and supplementary arrangements that provide pension benefits in excess of statutory limits. The Bank also provides certain post-retirement benefits. The Bank’s principal defined benefit pension plans, consisting of The Pension Fund Society of The Toronto-Dominion Bank (the “Society”) and the defined benefit portion of the TD Pension Plan (Canada) (the “TDPP DB”), are for eligible Canadian Bank employees who elected to join the Society or the TDPP DB. The Society was closed to new members on January 30, 2009, and the TDPP DB commenced on March 1, 2009. Effective December 31, 2018, the TDPP DB was closed to new employees hired after that date. All new permanent employees hired in Canada on or after January 1, 2019 are eligible to join the defined contribution portion of the TDPP (the “TDPP DC”) after one year of service. Benefits under the principal defined benefit pension plans are determined based upon the period of plan participation and the average salary of the member in the best consecutive five years in the last ten years of combined plan membership. Benefits under the TDPP DC are funded from the balance of the accumulated contributions of the member and the Bank plus the member’s investment earnings. Annual expense for the TDPP DC is equal to the Bank’s contributions to the plan. Funding for the Bank’s principal defined benefit pension plans is provided by contributions from the Bank and members of the plans through a separate trust. In accordance with legislation, the Bank contributes amounts, as determined on an actuarial basis, to the plans and has the ultimate responsibility for ensuring that the liabilities of the plans are adequately funded over time. Any deficits determined in the funding valuations must generally be funded over a period not exceeding fifteen years. The Bank’s funding policy is to make at least the minimum annual contributions required by legislation. Any contributions in excess of the minimum requirements are discretionary. The principal defined benefit pension plans are registered with OSFI and the Canada Revenue Agency and are subject to the acts and regulations that govern federally regulated pension plans. The 2025 and 2024 contributions were made in accordance with the actuarial valuation reports for funding purposes as at October 31, 2024 and October 31, 2023, respectively. Valuations for funding purposes are being prepared as of October 31, 2025. Post-retirement defined benefit plans are unfunded and, where offered, generally include health care and dental benefits or, to assist with the cost, a benefits subsidy to be used to reduce the cost of coverage. Employees must meet certain age and service requirements to be eligible for post-retirement benefits and are generally required to pay a portion of the cost of the benefits. Effective June 1, 2017, the Bank’s principal post-retirement defined benefit plan, covering eligible Canadian employees, was closed to new employees hired on or after that date. (a) INVESTMENT STRATEGY AND ASSET ALLOCATION The principal defined benefit pension plans are expected to each achieve a rate of return that meets or exceeds the change in value of the plan’s respective liabilities over rolling five-year periods. The investments are managed with the primary objective of providing reasonable rates of return, consistent with available market opportunities, economic conditions, consideration of plan liabilities, prudent portfolio management, and the target risk profiles for the plans. The asset allocations by asset category for the principal defined benefit pension plans are as follows: Plan Asset Allocation (millions of Canadian dollars except as noted) Society 1 TDPP DB 1 Target % of Fair value Target % of Fair value As at October 31, 2025 range total Quoted Unquoted range total Quoted Unquoted Debt 60 - 90 % 71 % $ – $ 4,172 55 - 75 % 65 % $ – $ 2,245 Equity 0 - 21 7 124 297 0 - 30 9 65 238 Alternative investments 2 0 - 29 22 – 1,312 5 - 38 26 – 894 Other 3 n/a n/a – 218 n/a n/a – 307 Total 100 % $ 124 $ 5,999 100 % $ 65 $ 3,684 As at October 31, 2024 Debt 60 - 90 % 71 % $ – $ 4,245 55 - 75 % 67 % $ – $ 2,106 Equity 0 - 21 5 104 194 0 - 30 5 54 106 Alternative investments 2 0 - 29 24 – 1,458 5 - 38 28 – 877 Other 3 n/a n/a – 86 n/a n/a – 188 Total 100 % $ 104 $ 5,983 100 % $ 54 $ 3,277 1 The principal defined benefit pension plans invest in investment vehicles which may hold shares or debt issued by the Bank. 2 The principal defined benefit pension plans’ alternative investments are primarily private equity, infrastructure, and real estate funds. 3 Consists mainly of amounts due to and due from brokers for securities traded but not yet settled, bond repurchase agreements, interest and dividends receivable, and Pension Enhancement Account assets, which are invested at the members’ discretion in certain mutual and pooled funds. Public debt instruments of the Bank’s principal defined benefit pension plans must meet or exceed a credit rating of BBB – at the time of purchase. The equity portfolios of the principal defined benefit pension plans are broadly diversified primarily across small to large capitalization quality companies with no individual holding exceeding 10 % of the equity portfolio or 10 % of the outstanding shares of any one company. Foreign equities are included to further diversify the portfolio. A maximum of 10 % of the equity portfolio can be invested in emerging market equities. Derivatives can be utilized by the principal defined benefit pension plans provided they are not used to create financial leverage, unless the financial leverage is for risk management purposes. The principal defined benefit pension plans are permitted to invest in alternative investments, such as private equity, infrastructure equity, and real estate. (b) RISK MANAGEMENT PRACTICES The Bank’s principal defined benefit pension plans are overseen by a single retirement governance structure established by the Human Resources Committee of the Bank’s Board of Directors. The governance structure utilizes retirement governance committees who have responsibility to oversee plan operations and investments, acting in a fiduciary capacity. Strategic, material plan changes require the approval of the Bank’s Board of Directors. The principal defined benefit pension plans’ investments include financial instruments which are exposed to various risks. These risks include market risk (including foreign currency, interest rate, inflation, equity price, and credit spread risks), credit risk, and liquidity risk. Key material risks faced by defined benefit plans are a decline in interest rates or credit spreads, which could increase the present value of the projected benefit obligation by more than the change in the value of plan assets, and from longevity risk (that is, lower mortality rates). Asset-liability matching strategies are employed to focus on obtaining an appropriate balance between earning an adequate return and having changes in liability values hedged by changes in asset values. The principal defined benefit pension plans manage these financial risks in accordance with the Pension Benefits Standards Act, 1985 , applicable regulations, as well as the plans’ written investment policies. Specific risk management practices monitored for the principal defined benefit pension plans include performance, credit exposure, and asset mix. (c) OTHER SIGNIFICANT PENSION AND POST-RETIREMENT BENEFIT PLANS Canada Trust (CT) Pension Plan As a result of the acquisition of CT Financial Services Inc., the Bank sponsors a defined benefit pension plan, which is closed to new members, but for which active members continue to accrue benefits. Funding for the plan is provided by contributions from the Bank and members of the plan. TD Insurance Pension Plan As a result of the acquisition of Meloche Monnex Inc., the Bank sponsors a defined benefit pension plan, which is closed to new members, but for which active members continue to accrue benefits. Funding for the plan is provided by contributions from the Bank. TD Bank, N.A. Retirement Plans TD Bank, N.A. and its subsidiaries maintain a defined contribution 401(k) plan covering all employees. Annual expense is equal to the Bank’s contributions to the plan. TD Bank, N.A. also has frozen defined benefit pension plans covering certain legacy TD Banknorth and TD Auto Finance (legacy Chrysler Financial) employees. Government Pension Plans The Bank also makes contributions to government pension plans, including the Canada Pension Plan, Quebec Pension Plan and Social Security under the U.S. Federal Insurance Contributions Act. (d) DEFINED CONTRIBUTION PLAN EXPENSE The following table summarizes expenses for the Bank’s defined contribution plans. Defined Contribution Plan Expenses (millions of Canadian dollars) For the years ended October 31 2025 2024 Defined contribution pension plans 1 $ 362 $ 310 Government pension plans 2 597 533 Total $ 959 $ 843 Includes the TDPP DC and the TD Bank, N.A. defined contribution 401(k) plan. 2 Includes Canada Pension Plan, Quebec Pension Plan, and Social Security under the U.S. Federal Insurance Contributions Act . (e) DEFINED BENEFIT PLAN FINANCIAL INFORMATION The following table presents the financial position of the Bank’s principal pension and post-retirement defined benefit plans and the Bank’s other material defined benefit pension plans for the years ended October 31, 2025 and October 31, 2024. Other employee defined benefit plans operated by the Bank and certain of its subsidiaries are not considered material for disclosure purposes. Employee Defined Benefit Plans’ Obligations, Assets, Funded Status, and Expense (millions of Canadian dollars, except as noted) Principal post-retirement Principal pension plans benefit plan 1 Other pension plans 2 2025 2024 2025 2024 2025 2024 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 8,470 $ 6,833 $ 397 $ 352 $ 2,500 $ 2,264 Service cost – benefits earned 276 217 6 5 19 15 Interest cost on projected benefit obligation 374 381 17 20 116 128 Remeasurement (gain) loss – financial (15) 1,155 5 40 16 220 Remeasurement (gain) loss – demographic – – – – (14) (1) Remeasurement (gain) loss – experience 107 92 (1) – (29) 20 Members’ contributions 109 112 – – – – Benefits paid (400) (355) (19) (20) (161) (149) Change in foreign currency exchange rate – – – – 10 3 Past service cost 3 – 35 – – 2 – Projected benefit obligation as at October 31 8,921 8,470 405 397 2,459 2,500 Wholly or partially funded projected benefit obligation 8,921 8,470 – 1,858 1,898 Unfunded projected benefit obligation – – 405 397 601 602 Total projected benefit obligation as at October 31 8,921 8,470 405 397 2,459 2,500 Change in plan assets Plan assets at fair value at beginning of year 9,418 8,220 – – 2,000 1,816 Interest income on plan assets 425 464 – – 94 102 Remeasurement gain (loss) – return on plan assets less interest income 41 988 – – 38 177 Members’ contributions 109 112 – – – – Employer’s contributions 289 – 19 20 69 56 Benefits paid (400) (355) (19) (20) (161) (149) Change in foreign currency exchange rate – – – – 10 3 Defined benefit administrative expenses (10) (11) – – (4) (5) Plan assets at fair value as at October 31 9,872 9,418 – – 2,046 2,000 Excess (deficit) of plan assets at fair value over projected benefit obligation 951 948 (405) (397) (413) (500) Effect of asset limitation and minimum funding requirement – – – – (26) (21) Net defined benefit asset (liability) 951 948 (405) (397) (439) (521) Recorded in Other assets in the Bank’s Consolidated Balance Sheet 951 948 – – 160 94 Other liabilities in the Bank’s Consolidated Balance Sheet – – (405) (397) (599) (615) Net defined benefit asset (liability) 951 948 (405) (397) (439) (521) Annual expense Net employee benefits expense includes the following: Service cost – benefits earned 276 217 6 5 19 15 Net interest cost (income) on net defined benefit liability (asset) (51) (83) 17 20 22 26 Interest cost on asset limitation and minimum funding requirement – 11 – – 1 3 Past service cost 3 – 35 – – 2 – Defined benefit administrative expenses 11 9 – – 4 5 Total $ 236 $ 189 $ 23 $ 25 $ 48 $ 49 Actuarial assumptions used to determine the annual expense Weighted-average discount rate for projected benefit obligation 4.83 % 5.66 % 4.80 % 5.71 % 5.06 % 5.95 % Weighted-average rate of compensation increase 2.78 % 2.78 % 3.00 % 3.05 % 1.37 % 1.35 % Assumed life expectancy at age 65, in years Male aged 65 23.2 23.2 23.2 23.2 21.9 21.9 Female aged 65 24.3 24.3 24.3 24.3 23.5 23.4 Male aged 45 24.1 24.1 24.1 24.1 22.7 22.6 Female aged 45 25.2 25.2 25.2 25.2 24.3 24.3 Actuarial assumptions used to determine the projected benefit obligation as at October 31 Weighted-average discount rate for projected benefit obligation 4.80 % 4.83 % 4.70 % 4.80 % 4.97 % 5.06 % Weighted-average rate of compensation increase 2.79 % 2.78 % 3.00 % 3.00 % 1.39 % 1.37 % Assumed life expectancy at age 65, in years Male aged 65 23.3 23.2 23.3 23.2 22.0 21.9 Female aged 65 24.4 24.3 24.4 24.3 23.6 23.5 Male aged 45 24.2 24.1 24.2 24.1 22.7 22.7 Female aged 45 25.3 25.2 25.3 25.2 24.4 24.3 1 The rate of increase for health care costs for the next year used to measure the expected cost of benefits covered for the principal post-retirement defined benefit plan is 2.46 %. The rate is assumed to decrease gradually to 0.89 % by the year 2040 and remain at that level thereafter (2024 – 2.59 % grading to 0.89 % by the year 2040 and remain at that level thereafter). 2 Includes Canada Trust defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance defined benefit pension plan, TD Insurance defined benefit pension plan, and supplemental executive defined benefit pension plans. 3 Relates to the Pension Fund Society that was modified in fiscal 2024. The Bank recognized the following amounts on the Consolidated Balance Sheet. Amounts Recognized in the Consolidated Balance Sheet (millions of Canadian dollars) As at October 31 October 31 2025 2024 Other assets Principal defined benefit pension plans $ 951 $ 948 Other defined benefit pension plans 160 94 Total 1,111 1,042 Other liabilities Principal post-retirement defined benefit plan 405 397 Other defined benefit pension plans 599 615 Other employee benefit plans 1 368 368 Total 1,372 1,380 Net amount recognized $ (261) $ (338) 1 Consists of other pension and other post-retirement benefit plans operated by the Bank and its subsidiaries that are not considered material for disclosure purposes. The following table summarizes the remeasurements recognized in OCI for the Bank’s principal pension and post-retirement defined benefit plans and certain of the Bank’s other material defined benefit pension plans. Amounts Recognized in Other Comprehensive Income for Remeasurement of Defined Benefit Plans 1,2 (millions of Canadian dollars) Principal post-retirement Other Principal pension plans benefit plan pension plans For the years ended October 31 2025 2024 2025 2024 2025 2024 Remeasurement gains (losses) – financial $ 15 $ (1,155) $ (5) $ (40) $ (16) $ (220) Remeasurement gains (losses) – demographic – – – – 14 1 Remeasurement gains (losses) – experience (107) (92) 1 – 29 (20) Remeasurement gains (losses) – return on plan assets less interest income 42 986 – – 38 177 Changes in asset limitation and minimum funding requirement – 206 – – (4) 35 Total $ (50) $ (55) $ (4) $ (40) $ 61 $ (27) 1 Amounts are presented on a pre-tax basis. 2 Excludes net remeasurement gains (losses) recognized in OCI in respect of other employee defined benefit plans operated by the Bank and certain of its subsidiaries not considered material for disclosure purposes totalling $ 15 million (2024 – ($ 29 ) million). (f) CASH FLOWS During the year ended October 31, 2026, the Bank expects to contribute $ 190 million to its principal defined benefit pension plans, $ 22 million to its principal post- retirement defined benefit plan, and $ 61 million to its other defined benefit pension plans. Future contribution amounts may change upon the Bank’s review of its contribution levels during the year. The following table summarizes the expected future benefit payments for the next 10 years. Expected Future Benefit Payments (millions of Canadian dollars) Principal Principal post-retirement pension plans benefit plan Other pension plans Benefit payments expected to be paid in: 2026 $ 435 $ 22 $ 165 2027 458 23 167 2028 484 24 168 2029 506 24 169 2030 527 25 170 2031-2035 2,918 134 830 Total $ 5,328 $ 252 $ 1,669 (g) MATURITY PROFILE The breakdown of the projected benefit obligations between active, deferred, and retired members is as follows: Disaggregation of Projected Benefit Obligation (millions of Canadian dollars) Principal Principal post-retirement pension plans benefit plan Other pension plans As at October 31 2025 2024 2025 2024 2025 2024 Active members $ 5,956 $ 5,722 $ 170 $ 163 $ 472 $ 488 Deferred members 633 543 – – 456 373 Retired members 2,332 2,205 235 234 1,531 1,639 Total $ 8,921 $ 8,470 $ 405 $ 397 $ 2,459 $ 2,500 The weighted-average duration of the projected benefit obligations is as follows: Duration of Projected Benefit Obligation (number of years) Principal Principal pension post-retirement plans benefit plan Other pension plans As at October 31 2025 2024 2025 2024 2025 2024 Weighted-average duration 13 14 13 13 11 11 (h) SENSITIVITY ANALYSIS The following table provides the sensitivity of the projected benefit obligation for the Bank’s principal defined benefit pension plans, the principal post-retirement defined benefit plan, and the Bank’s significant other defined benefit pension plans to actuarial assumptions considered significant by the Bank. These include discount rate, rates of compensation increase, life expectancy, and health care cost initial trend rates, as applicable. The sensitivity analysis provided in the table should be used with caution, as it is hypothetical and the impact of changes in each significant assumption may not be linear. For each sensitivity test, the impact of a reasonably possible change in a single factor is shown with other assumptions left unchanged. Actual experience may result in simultaneous changes in a number of key assumptions, which could magnify or diminish certain sensitivities. Sensitivity of Significant Defined Benefit Plan Actuarial Assumptions (millions of Canadian dollars, except as noted) As at October 31, 2025 Obligation Increase (Decrease) Principal Principal post- Other pension retirement pension plans benefit plan plans Impact of an absolute change in significant actuarial assumptions Discount rate 1% decrease in assumption $ 1,280 $ 53 $ 286 1% increase in assumption (1,017) (43) (237) Rates of compensation increase 1% decrease in assumption (240) – 1 (23) 1% increase in assumption 213 – 1 28 Life expectancy 1 year decrease in assumption (157) (11) (76) 1 year increase in assumption 152 11 75 Health care cost initial trend rate 1% decrease in assumption n/a (7) n/a 1% increase in assumption n/a 8 n/a 1 An absolute change in this assumption is immaterial.

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