Published in June 2023, the Canadian Public Pension Leadership Council (CPPLC) released its report The Pensions Canadians Want: Perceptions of Retirement (2016-2022), which found that Canadians’ confidence in retiring well has declined due to significant financial and retirement planning stressors.

Based on these findings, CAAT Pension Plan sought to identify solutions that will help employers get ahead when competing for talent in today’s tight labour market while helping employees achieve their retirement goals.

The majority of respondents expressed that they want a valuable workplace pension plan and that retirement income security is an important factor when making career decisions. Other findings show that:

• Only 1 in 3 respondents are confident in their ability to retire at their desired age,
• Only 1 in 3 respondents are confident that they will be able to maintain their standard of living in retirement, and
• DB pensions are the preferred type of plan for those aged 35 and older.

In today’s highly digital work environment where top performers and young workers with adaptive skills are in demand, employers need modern solutions. Organizations that offer total rewards with valuable retirement plans to support the short and long-term financial wellness of employees can gain a competitive edge that is better for business, better for employees, and better for Canada.