Canadian Life & Health Insurance Facts // 2025 Edition 21
Retirement Solutions
L I N E S O F B U S I N E S S
Canada's insurers play an important role in helping Canadians obtain
financial security in retirement
Insurers managed $420 billion of the $3 trillion in total private pension assets in Canada in
2023. This includes assets in over 15,000 private employer-based plans that provide retirement
protection for 3.3 million people.*
Canadians receive pension income in three ways: from their employer, individually, or from the
government. Canadians who retire with a pension from both an employer-based plan and a
public plan, e.g. Canada Pension Plan (CPP) prove to be better off financially when they retire.
In 2021, workplace pension plans paid out $84 billion, representing five per cent of all income
received by Canadians—exceeding income from RRIFs, CPP/Québec Pension Plan, and
Employment Insurance**.
or 34% is managed by life insurers,
accounting for 70% of private pension
plans, primarily for small-to medium-
sized businesses
or 9% is
managed by
life insurers
Canada's total private pension assets
*According to Statistics Canada Registered Pension Plans, 2023
** Source: The power of pensions, Canadian Centre for Policy Alternatives, November 25, 2024
*** Data provided by ISS Market Intelligence, Investor Economics 2025 Household Balance Sheet Report.
$
222
$
198
Employer-
based plans
$656 billion
Individually
owned plans
RRSPs, TFSAs, etc.
$
2,298 billion
***
billion
billion
