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Friday, December 14, 2001
Released at 8:30 a.m. Eastern time


Survey of Financial Security: Private pension savings

1999

HIGHLIGHTS

  • Private pension savings are a major component of the overall assets of Canadian family units. In 1999, these savings accounted for about 29% of the value of all their assets. However, these savings still rank second to the most valuable asset of family units-their principal residence.
  • Private pension assets totalled well over an estimated $1 trillion in 1999. They consisted of $604 billion in employer pension plans, as well as $408 billion in registered retirement savings plans and registered retirement income funds.
  • An estimated one-third of the family units with a major income recipient aged 45 to 64, and still working, may not be able to replace at least two-thirds of their pre-retirement earnings or to generate an income above a level approximating Statistics Canada's low-income cutoffs.
  • More than 1.5 million family units whose highest income recipient is aged 45 or older had no private pension assets in 1999. This represents one-quarter of the family units in that age group. For these family units, the income provided by public pension programs-such as the Old Age Security, Guaranteed Income Supplement, and the Canada and Quebec Pension Plans-is now, or will be, essential.

NEW PRODUCTS

RELEASE DATES: December 17 to 21


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Date Modified: 2001-12-14 Important Notices