CANCEA Survey Finds Retired Albertans with DB Pension Plans 34% More Likely to Report Higher Satisfaction With Life
September 14, 2022
Retired Albertans who have a defined benefit (DB) pension plan are 34% more likely to report higher satisfaction with life than retirees with no pension, according to a new report by the Canadian Centre for Economic Analysis (CANCEA).
In 2021, CANCEA surveyed members of three DB pension plans and the broader public to investigate the impact that pension plan membership and the specific type of pension plan have on satisfaction with life.
It found that the DB pensions of active and retired public sector plan members dramatically reduce financial pressures, stress, and uncertainty, and increase quality of life, career satisfaction, physical and mental health, and community engagement.
When it comes to financial security, the report shows that retirees with DB plans have an 18% greater likelihood of being more satisfied with their financial security than defined contribution (DC) retirees and a 51% greater likelihood of being more satisfied than those with no pension.
Read more to learn more about the survey results.
