Public Pensions (redux)
In this reflection on the state of pensions in Canada, I explore the evolving reality of retirement security. Originally written in 2007 and updated over time, the post draws on Statistics Canada data showing that over 4.6 million Canadians were part of employer-sponsored pension plans at the time—most of them in the public sector. While pension plans once seemed stable and sufficient, the author’s personal experience with the collapse of the Nortel pension reveals the fragility many Canadians face, especially in the private sector.
The updated section notes that as of 2023, more than 68% of registered pension plan (RPP) members are still covered by defined benefit plans, showing that while pension coverage has not vanished, its landscape is changing. The post serves as both a personal journey and a cautionary note: if you’re lucky enough to have a pension, be thankful—but always prepare additional savings (e.g., RRSPs) just in case.
Keywords: pension, retirement, defined benefit plans, RRSP, Canadian pension plans, employer pensions, CPP
