Pension Industry / Risk Management Practices

Canada’s Pension System and Aging Population: 2021 Census Insights

Bruce Choy, Managing Director, Global Risk Institute
Sally Shen, Research Associate, Global Risk Institute


This paper discusses risk mitigation and reforms for consideration in Canada’s multi-pillar pension system as it faces the challenge of a fast-aging workforce. The pillars include (a) Pay-as-you-go Programs, (b) Canada and Quebec Pension Plans, and (c) Voluntary Retirement Saving Programs. Each pillar presents different challenges and opportunities to adapt.