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Financial security in retirement is critical.
Why this matters
All Canadians deserve dignity and financial stability in retirement. But rising living costs are putting more pressure than ever on seniors and those living on fixed incomes. Many are struggling to make ends meet, even with pensions in place.
Defined benefit pension plans and public programs like the Canada Pension Plan (CPP), Québec Pension Plan (QPP), Old Age Security (OAS), and the Guaranteed Income Supplement (GIS) are the foundation of retirement income security. They help retirees make ends meet and support Canada’s economy through investments in infrastructure, real estate and public services.
But these systems are under strain. Defined benefit pensions are in decline. The independence of the CPP has been called into question.
Retirement security shouldn’t be uncertain. These systems must be protected, strengthened and respected — now and for the future.
What we’re calling for
Retirement income security provides the stability people need to cover essential costs, from housing and health care to daily living. Strong pensions don’t just support individuals; they also boost local economies and government revenues.
We’re calling on the federal government to:
- Protect workplace pensions. Introduce legislation to prevent employers from walking away from pension promises and ensure more Canadians have access to strong workplace pensions. Defined benefit plans remain the most reliable way to guarantee retirement income.
- Safeguard and improve public pensions. Ensure OAS and GIS remain available at age 65 and enhance them so no senior is left living in poverty. Public pensions including the CPP must remain independent and focused on supporting Canadians’ retirement for decades to come.
- Encourage innovation in the defined benefit space to give more Canadians reliable pension options like OPTrust and CAAT’s DBplus. These large defined benefit plans have grown and given access to thousands of workers who did not previously have a pension.