Modernizing Private Pensions: Canada Responds to a Global Challenge

Abstract

The ongoing transition of the Canadian pension system offers valuable lessons for the rest of the world. Improving the voluntary and contractual retirement saving arrangements that constitute the private pillars of the system requires recognition among policy makers and the public that shoring up current defined benefit plans is an inadequate response to the financial crisis and economic slump. Improving capital accumulation plans, and more importantly, fostering new large-scale hybrid plans, offer a better foundation for the future.

Keywords: Pension Fund, Pension Policy, Private Pensions, Retirement, Retirement Saving, Saving

JEL Classification: 10.3138/rijpm.2.2.50