A Pension is a Good Start. A Plan is Better.
- Barry Fowler
- Jun 27
- 2 min read
According to Statistics Canada, the number of Canadians with workplace pension plans jumped by 300,000 in just one year. At a time when many people feel the weight of saving for retirement on their own, this is a surprising and encouraging trend.
But what does it really mean.
Why the Increase?
Several factors contributed to this rise:
Public Sector Hiring: Growth in healthcare, education, and government jobs where pensions are standard.
Labour Shortages: Employers are adding pensions to benefits packages to attract and keep talent.
Union Agreements: Pensions remain a focus in many collective bargaining agreements.
Defined Contribution Plan Expansion: While traditional pensions have declined in many sectors, Defined Contribution (DC) plans have grown, requiring employee participation.
A Pension Is a Great Start, But It’s Not the Whole Plan
If you’re one of the Canadians who now has a workplace pension, congratulations. A pension can provide a valuable foundation for your retirement.
But a pension is just one piece of your financial picture. To build a confident retirement plan, you still need to consider:
When you want to retire and how your pension fits with your timeline.
Your lifestyle goals and the income you’ll need to support them.
Taxes and inflation, which can affect how far your pension income goes.
Other savings and investments, like your RRSP, TFSA, and non-registered accounts.
A pension can help, but it doesn’t replace the need for a clear, personalized plan.
How We Can Help
We help clients understand how their pension integrates with their broader plan, ensuring it supports their goals, protects their lifestyle, and provides clarity for the future.
If you’ve recently received a pension statement or joined a workplace plan and are unsure what it means for your retirement, we’re here to guide you.
A pension is a good start. A plan brings peace of mind.
📩 Ready to understand how your pension fits into your future? Contact us to book a planning conversation.
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