In 2009, the total value of pensions rebounded almost to their 2007 level. After a steep decline in 2008, pension assets increased to $2.1 trillion, reflecting 2009’s stock market advances. The value of individual registered savings plans increased 20.5%, followed by social security pensions (13.3%) and employer-based pension plans (12.8%).
In 2008, contributions to pension plans rose 0.4% overall, although contributions to individual registered savings plans fell by 2.2%, reflecting the deterioration in household finances. Withdrawals from pensions increased 3.0% in 2008, compared with 7.1% the previous year.
In 2009, membership in registered pension plans (RPPs), which are established by employers or unions for employees, edged up 0.2% from 2008 to reach 6,024,000. The entire increase came from the public sector, where RPP membership rose 2.6% to 3,026,400. In the private sector, membership fell 2.1% to 2,997,300.
The proportion of employees covered by an RPP was 39.2% in 2009 (40.4% for women and 38.1% for men). The rate for women was higher because of the high proportion of women in the public sector, where the majority (87.3%) of female employees are covered by a pension plan.
The coverage rate for RPPs in the private sector was just over 25%.
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