Canadian pension plan membership is rising, data shows
Public sector plans added nearly 157,900 new participants, a 4.0 per cent increase, bringing public sector membership to just over 4.0 million. Private sector membership, by contrast, declined by 25,800 members, or 0.8 per cent, falling below 3.3 million.
Within the private sector, DB plan membership alone dropped by 21,300 members — a trend with implications for clients working in industries where company pension coverage has historically been a cornerstone of their retirement plan.
Total pension assets cross $2.5 trillion
Total contributions to RPPs — from both employers and employees — rose to $83.6 billion in 2024, an increase of $4.2 billion or 5.4 per cent from 2023. Employee contributions represented 42.0 per cent of the total, at $35.1 billion, while net employer contributions for current service accounted for 55.9 per cent, at $44.5 billion.
The market value of assets held in RPPs climbed $169.5 billion, or 7.1 per cent, to surpass $2.5 trillion. That growth was concentrated in large plans: the 34 plans with 30,000 or more active members held 61.6 per cent of total assets while representing just 54.6 per cent of total membership — an asset concentration that reflects the scale and investment sophistication of Canada’s largest institutional funds.
Membership grew across all provinces and territories in 2024. In absolute numbers, Ontario saw the largest increase at 37,800 new members, followed by Quebec at 29,500, British Columbia at 21,500 and Manitoba at 11,700.
