Mercer Melbourne Global Pension Index Report
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 for middle income earners
- increasing the labour force participation rate at older ages as life expectancies rise
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.
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