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Are near-retirees informed about pensions?

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Most Canadians nearing retirement receive financial advice and information about retirement plans and programs, but almost 3 in 10 do not. The proportion not receiving advice is far larger among lower-income households and recent immigrants.

The same holds true for knowledge of public retirement income programs. Most near-retirees say they understand the programs and the basic structure of their pension, but a significant proportion say they do not.

Almost one in six near-retirees with pension coverage (paid employees only) does not know what type of pension plan they have.

Individuals not receiving financial advice are less likely to expect their retirement income to be adequate than those who do. This is the case even when other characteristics such as income, pension coverage and registered retirement savings plan assets are taken into account.