Participation in private retirement savings plans

Just over 8.9 million employed Canadian tax filers participated in a private retirement savings plan in 2008, about 50% of all tax filers. This proportion was down from 54% in 1997.

There was a decrease in the share of employed tax filers who contributed to a Registered Retirement Savings Plan (RRSP) during the decade. In 1997, 41% of employed tax filers participated in an RRSP; by 2008, this proportion had declined to 34%. At the same time, the share of employed tax filers participating in employer-sponsored pension plans (EPP) remained stable at 32%.

Just over 5.7 million employed tax filers participated in an EPP in 2008. Women slightly outnumbered men.

During the decade, rates of participation in EPPs increased for women and declined for men. For women, rates rose from 32% in 1997 to 34% in 2008, while among men, they dropped from 33% to 31%.

In terms of age groups, participation rates in private retirement savings plans were highest for workers between the prime working ages of 35 and 54: about 63% of these workers participated in such a plan in 2008.

Note: The main data sources for this analysis are individual tax and benefits returns from the T1 Family File for the years 1997, 2000, 2003, 2006 and 2008 provided by the Small Area and Administrative Data Division.

The research paper "Participation in Private Retirement Savings Plans, 1997 to 2008" is now available online as part of the Pension and Wealth Research Paper Series (13F0026M2010001, free). From the home page, go in the Subject tab and choose Income, pensions, spending and wealth then Pension plans and funds and other retirement income programs and Publications.

Definitions, data sources and methods: survey number 5013.

For more information, or to enquire about the concepts, methods or data quality of this release, contact Karim Moussaly (613-951-2140) or contact Client Services (toll-free 1-888-297-7355; 613-951-7355; fax: 613-951-3012; income@statcan.gc.ca), Income Statistics Division.