OSFI releases report on pension and savings plan coverage in Canada
March 05, 2026
The Office of the Superintendent of Financial Institutions (“OSFI”) recently released a report on pension and savings plan coverage in Canada, comparing data over a 30-year period from 1993 to 2023.
The report titled Registered Pension Plans (RPP) and Other Types of Savings Plans – Coverage in Canada (2023) outlines that the number of active registered pension plan (“RPP”) members increased from 5.2 million in 1993, to 6.2 million in 2013, to 7.2 million in 2023. Women accounted for 51% of active RPP members in 2023. Although active RPP membership increased from 1993 to 2023, the number of employees has grown at a faster pace than RPP membership and the percentage of employees who are covered by an RPP decreased from 45% in 1993 to 38% in both 2013 and 2023. RPP coverage was consistently higher in the public sector than in the private sector.
The report also noted that the share of active RPP members participating in defined benefit plans declined over time, while participation in defined contribution and other plan types increased. Nevertheless, in 2023, defined benefit plans still accounted for the majority of RPP membership, particularly in the private sector.
The report also includes the following highlights regarding other savings plans:
- The number of RRSP contributors increased from 5.9 million in 2019 to 6.4 million in 2023, but the total number of tax filers grew at a faster rate so the proportion of tax filers who contributed to an RRSP declined from 24% in 2010 to 21% in 2023.
- There were 18.4 million TFSA holders at the end of 2023, which represents an increase of 7.7 million since 2013. During this period, the proportion of tax filers holding a TFSA increased from 42% to 62%.
- Approximately 485,000 tax filers contributed to a First Home Savings Account in 2023, its first year of availability.
Click on ‘More information’ below to view the report:
