The number of Canadians who are active members of a registered pension plan is increasing, according to a new report by Statistics Canada.
It found between 2022 and 2023, overall pension plan membership grew by 4.2 per cent to more than 7.2 million members. During the same period, the number of women enrolled in registered pension plans grew by the same percentage to 3.7 million female plan members, surpassing 3.5 million male plan members.
Pension plan membership increased in all provinces, except for Manitoba, which decreased by 1,300 members. The largest number of new pension plan members was in Ontario (161,800), followed by Quebec (54,800), British Columbia (32,000) and Alberta (18,700).
Read: Pension membership on the rise in Canada: StatsCan
Active membership in defined benefit plans surpassed 4.9 million, up 4.2 per cent from 2022. Membership in DB plans accounted for 68.1 per cent of total pension plan membership in 2023, unchanged from 2022. Women accounted for 56 per cent of total DB membership.
Meanwhile, defined contribution plans gained 65,300 members, an increase of 5.1 per cent compared. Membership in DC plans accounted for 18.6 per cent of total pension plan membership, up 0.2 per cent from 2022. The report noted nine in 10 (86.7 per cent) DC plan members work in the private sector.
Membership in other types of plans — such as hybrid, composite or combination plans — increased by three per cent (28,400 members) to 963,200 workers.
Public sector pension plan membership increased by 4.5 per cent for a total of more than 3.9 million members, while membership in private sector plans increased by 3.9 per cent to more than 3.3. million members.
The report found total employer and employee contributions to registered pension plans increased by $2.9 billion to reach $79.3 billion. Employee contributions accounted for 40 per cent ($31.7 billion) of total contributions and net employer contributions for current service accounted for 54.8 per cent ($43.4 billion). Employer contributions for unfunded liabilities represented 5.2 per cent ($4.1 billion) of contributions.
The market value of pension plan assets increased by $56 billion to roughly $2.4 trillion. The largest 36 pension plans, each with 30,000 or more active members, held 61.5 per cent of total assets and accounted for 54.6 per cent of total membership.
Read: Canadian DB pension plan sponsors spending US$165 in per-member administration costs: report