CPP was supposed to be put on a sound actuarial basis decades back, but you are correct about the original plan being pay as you go, rather than save, invest and pay out of that.

In some cases the CPP premiums deduced from workers and employers were loaned to provinces who viewed it as a form of transfer payment and didn't even keep the loan on their books as an account payable in the future. Now CPP is supposed to be investing. Isn't Morgard their Investment arm for Real Estate, eg. uptown mall in Victoria BC?