Statistics Canada has published its most recent figures on the number of Canadians who were active members of a registered pension plan (RPP) as of January 1, 2023. They say the number of Canadians who were active members of an RPP grew by 3.2 per cent over 2021 figures. This addition of 215,800 members brings the country’s total to 6.9-million members in 2022.  

“This compares to a growth of 772,016 (4.4 per cent) in employment over this period, according to the Labour Force Survey (LFS),” they state in the note, Pension plans in Canada, as of January 1, 2023. Women accounted for 51.3 per cent of RPP membership in 2022, down from a high of 51.4 per cent in 2021.  

“Membership increased in all provinces in 2022. Those working in Ontario had the highest increase,” they write.  

The report notes that more than 4.7-million people were active members of a defined benefit (DB) pension plan during the year, up 3.3 per cent from 2021. Membership in DB plans accounted for a notable 68.1 per cent of the total membership in RPPs in 2022. Membership in defined contribution (DC) pension plans accounted for just 18.4 per cent of all RPP membership. Close to a million workers, roughly 13.5 per cent of all RPP membership, belong to plans not classified as either a conventional DB or DC plan.  

“The pension coverage rate, that is the proportion of all paid workers covered by an RPP, was 37.5 per cent in 2022, down from 38 per cent in 2021,” they continue. Total employer and employee contributions to RPPs rose to $76.4-billion in 2022, up 1.8 per cent over 2021 figures.  

“The market value of assets in RPPs decreased by nearly $113.5-billion (-4.7 per cent) in 2022 to $2.3-trillion. The 34 largest plans, each with 30,000 or more active members, held 61.4 per cent of total assets while accounting for 53.6 per cent of total membership,” they conclude.