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20 Canadian Life & Health Insurance Facts // 2022 Edition Insurers manage 7 per cent of Canada's pension assets Canada's total pension assets Insurers manage $373 billion of the $5 trillion in total pension assets in Canada in 2020. This includes assets in over 15,000 private employer-based plans that provide retirement protection for 3.1 million people.* Notes *According to Statistics Canada Pension Satellite Account, 2020; and TFSA data from Investor Economics, a division of ISS Market Intelligence. Data excludes unfunded liabilities for public Old Age Security of about $1.6 trillion **This includes employees at all levels of government $ 202 billion $ 805 billion $ 171 billion $ 1,872 billion of which is managed by life insurers, accounting for 70% of private pension plans, primarily for small-to medium-sized businesses is managed by life insurers Private Employer-based plans Personal RRSPs, TFSAs, etc. $ 564 billion + $ 1,764 billion = $ 2,328 billion Public pensions CPP/QPP + government employees* * Decumulation annuities Pay-out annuities Provide guaranteed income for life or over a defined term in exchange for an upfront payment. Variable Payment Life Annuities (VPLA) Provide lifetime retirement income payments that vary based on investment returns and the mortality experience of the fund. VPLAs allow pooling of investment and longevity risks (i.e., the risk of outliving one's retirement savings) by allowing PRPPs and DC plans to establish a separate annuities fund under the plan.