Life and Health Insurance Industry Fact Sheet
- The Canadian life and health insurance industry administers more than 70 per cent of pensions plans for Canada’s small and medium-sized businesses and the vast majority of group RRSPs
- CLHIA members manage more than 45,000 employer pension, group RRSP, and other savings programs serving more than 4.9 million Canadians with more than $105 billion in assets
- Only about 50 per cent of Canadian private sector workers participate in a workplace-based savings program. About 23 per cent have an employer sponsored pension plan and a further estimated 35 per cent participate in group RRSPs
Research findings*:
- 89 per cent of Canadians say workplace-based group pensions or RRSP programs should be made accessible to all working Canadians, with more than half (54 per cent) agreeing strongly
- 56 per cent of workers not currently part of a group program are interested in participating in one with interest highest among those aged 18-29 (69 per cent) and 30-44 (68 per cent)
- Four in ten workers (41 per cent) not currently participating in a workplace savings plan would consider changing jobs to another employer that offered one
Date Last Modified - March 31, 2010
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