The Daily, Wednesday, September 5, 2001. Survey of Financial Security: Estimating the value of employer pension plan benefits

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Survey of Financial Security: Estimating the value of employer pension plan benefits

The document Survey of Financial Security: Estimating the value of employer pension plan benefits, available today, describes the methodology that the Survey of Financial Security (SFS) will use to estimate the value of employer-sponsored registered pension plan benefits for various groups of people.

Initial results from the SFS, which provides information on the net worth of Canadians, were released on March 15 in The Daily. The survey collected information on the value of the financial and non-financial assets owned by each family unit and on the amount of their debt.

Statistics Canada is now refining these initial estimates of net worth by adding to them an estimate of the value of benefits accrued in employer registered pension plans (RPPs). This is an important addition to any asset and debt survey as, for many family units, it is likely to be one of the largest assets.

This new document describes the methodology that will be used to estimate the value of RPPs for three groups: people who belonged to an RPP at the time of the survey; those who had previously belonged to an RPP and either left the money in the plan or transferred it to a new plan; and those receiving RPP benefits.

With the aging of the population, information on pension accumulations is greatly needed to better understand the financial situation of those nearing retirement. Updated estimates from the SFS will be released in the late fall.

Earlier this year, Statistics Canada conducted a public consultation on the proposed methodology. This document includes updates as a result of feedback from data users.

For more information, or to enquire about the concepts, methods or data quality of this release, contact Client Services (1-888-297-7355; 613-951-7355; income@statcan.gc.ca), Income Statistics Division.