Affordable Lifetime Pension Income for a Better Tomorrow: How we can address the $1.5 trillion decumulation disconnect in the Canadian retirement income system with Dynamic Pension pools

  • Bonnie-Jeanne MacDonald, PhD, FSA, FCIA, Director of Financial Security Research, National Institute on Ageing
  • Barbara Sanders, FSA, FCIA, Associate Professor, Simon Fraser University; Associate Fellow, National Institute on Ageing
  • Laura Strachan, FIA, FCIA, Consultant, Eckler
  • Mitch Frazer, LLB, Partner and Chair, Pensions and Employment Practice, Torys LLP; Founder and Chair, National Institute on Ageing
Logos of the Global Risk Institute and the National Institute on Ageing


The lack of an acceptable, readily available option to convert retirement savings into affordable monthly lifetime income is creating a dangerous disconnect in the Canadian retirement income system, and there is widespread concern that this will lead to increasing financial insecurity for a large portion of the elderly population.

To effectively address the decumulation disconnect, affordable lifetime pension income needs to be broadly available to all retiring Canadians, from a variety of providers. This report outlines the key features of a universally accessible regulatory framework that can bridge the decumulation gap by promoting successful implementation of Dynamic Pension (DP) pools across the entire Canadian retirement income system.