With over 5.26 million active and retired members, CPSPPs (Canadian public sector pension plans) are equivalent to the population of British Columbia. These members work in various professions such as nurses, bus drivers, janitors, paramedics, firefighters, police, teachers, and social workers.
The plans manage a total of over $1.27 trillion in assets, investing member and employer contributions globally. The investments have generated $92 billion annually over the last five years, with around $49 billion paid to retirees in Canada each year. The plans benefit all Canadians through the wider economic impacts, contributing to Canada’s GDP by about $82 billion in 2019, supporting jobs, wages, and providing government revenue. Over four million Canadians, which is approximately 11% of the population, benefit from CPSPP activities.
CPSPP retirement benefits represent an important source of retirement income in Canada, totalling over 40% of all private retirement income in the country. Retired members live all around Canada and spend much of their retirement income in their local communities and surrounding areas. Through this pension spending alone, CPSPP members support over 794,000 jobs across the country (90.5% of the total contribution of CPSPP) and contribute over $74 billion to Canada’s GDP, which averages to $16.72 of GDP for every $10 of retirement benefits payments.
