Defined Benefit Pension Plans: Supporting Ontario’s Economy

Defined Benefit Pension Plans: Supporting Ontario’s Economy

Provincial
Pages:20 pages15 min read

Author: Alan Chaffe, Elise Nelson

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In this issue briefing, the authors examine the economic impact of defined benefit pension payouts to beneficiaries in Ontario in 2023. These pension payouts are a powerful driver of Ontario’s economy.

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In this issue briefing, we examine the economic impact of defined benefit (DB) pension payouts to beneficiaries in Ontario in 2023. These pension payouts provide retirees and their families with a predictable stream of income during retirement, which in turn drives consumer spending, stimulates business growth, creates jobs, and generates tax revenues for all levels of government.

In 2023, DB pension plans supported an estimated 1.23 million Ontario retirees and their families, paying out an estimated $42.7 billion to beneficiaries annually. What was the impacts of these payouts on Ontario and Canada’s economy, in terms of generating economic output, gross domestic product, employment, and taxes?

Read the issue briefing for the full analysis.

Key findings
Supporting over 1.2 million retirees in Ontario
Economic impact of DB pension plans
Providing stability
Appendix A: Methodology
Appendix B: Glossary of Terms
Appendix C: Bibliography

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