Canada’s retirement income system comprises a universal flat-rate pension, supported by a means-tested income supplement; an earnings-related pension based on revalued lifetime earnings; voluntary occupational pension schemes (many of which are defined benefit schemes); and voluntary individual retirement savings plans.
The overall index value for the Canadian system could be increased by:
- increasing the coverage of employees in occupational pension schemes through the development of an attractive product for those without an employer-sponsored scheme
- increasing the level of household savings
- increasing the labour force participation rate at older ages.
|The Canadian index value fell from 70.0 in 2015 to 66.4 in 2016 primarily due to a reduction in the net replacement rate.|
The Canadian index value increased from 69.1 in 2014 to 70.0 in 2015 primarily due to recognition of a minimum access age partly offset by a decrease in the sustainability sub-index score.
The Canadian index value increased from 67.9 in 2013 to 69.1 in 2014 primarily due to improved scores in the adequacy sub-index.
|The Canadian index value fell from 69.2 in 2012 to 67.9 in 2013 primarily due to lower household savings and the strengthening of questions in the integrity sub-index.|
|The Canadian index value increased slightly from 69.1 in 2011 to 69.2 in 2012 reflecting the positive impact of increasing the State pension age and the increase in assets which was offset by the negative impact of a reduction in the coverage of private pension plans as measured by the OECD.|
|The Canadian index value fell slightly from 69.9 in 2010 to 69.1 in 2011 due a small decline in every sub-index.|
|The Canadian index value fell from 73.2 in 2009 to 69.9 in 2010 due, in part, to the decline in asset values in 2008 expressed as a percentage of GDP and the increase in government debt, both which were caused by the global financial crisis.|
- Canadian System Slips
- Canada’s retirement income system continues to rank high globally:
- Canada’s retirement income system ranks high