The Impact of Your Pension Plan

Did you know that Canadian public sector pension plans boast an impressive membership, with over 3.4 million active and 1.85 million retired individuals? Managing a staggering $1.27 trillion in assets globally, these plans have demonstrated remarkable financial significance, generating an economic benefit of over $92 billion annually over the past five years.

These are just some of the findings from the Economic Benefits of Canadian Public Sector Pension Plans study, conducted by the Canadian Centre of Economic Analysis (CANCEA). This eye-opening study was funded by the Canadian Public Pension Leadership Council (CPPLC), and clearly outlines the economic benefit of Canada’s public sector pension plan activities to Canada’s economy.

This research shows that members of these pension plans play a vital role in supporting over 794,000 jobs nationwide through pension spending alone, and the economic impact is undeniable. For every $10 in retirement benefits paid, an estimated $16.72 local economic benefit is generated – a remarkable 160% increase.

Canadian public sector pension plans represent a significant portion of retirement income in Canada, and the economic benefit of these plans on the Canadian economy is considerable.

But wait, there’s more! Research underscores that 82% of employers recognize pension plans as a cost-effective strategy for reducing employee stress. Moreover, individuals enrolled in a Canadian public sector pension plan enjoy a marked improvement in overall health and social well-being compared to their non-participating peers.

Read the full study here. And discover more about the positive influence of pension plans on communities, wellness, retirement security, and overall quality of life by tuning into this enlightening new four-part podcast series, Financial Freedom, created in collaboration with some of our peer plans.