Chapter

Chapter Chapter <b>The Future of Pensions in Canada</b>

Silvana Pozzebon

in Reinventing the Retirement Paradigm

Published in print August 2005 | ISBN: 9780199284603
Published online February 2006 | e-ISBN: 9780191603013 | DOI: http://dx.doi.org/10.1093/0199284601.003.0013
Chapter  Chapter   The Future of Pensions in Canada

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This chapter examines the resilience of the two key components of the Canadian retirement income system: the Old Age Security (OAS) program and the compulsory, pay-as-you-go earnings-related scheme. The public pension scheme has both an unfunded component and a funded element, the CPP Investment Fund. The latter was adopted as a measure to improve public pension retirement security. The public system also embodies a balance between poverty reduction (the OAS program) and retirement income support (Q/CPP). The private pension system is generally considered the funded component of Canada's retirement system. It has proved successful in providing income replacement, particularly for those with higher incomes, who receive lower replacement rates from the OAS program due to the progressive nature of the public pension system.

Keywords: public pension system; retirement income; private pensions; pay-as-you-go; Old Age Security; Canadian retirement income system

Chapter.  7442 words. 

Subjects: Financial Markets

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