New Statistics Canada data shows registered pension coverage rising, with women now outnumbering men in active plan membership
Canadian registered pension plan membership reached nearly 7.4 million active members in 2024, according to new data released this week by Statistics Canada.
That’s a gain of 132,000 participants, or 1.8 per cent, from the year prior. The figures, drawn from Statistics Canada's Pension Plans in Canada program as of January 1, 2025, offer financial advisors and wealth planners a sharper picture of the retirement savings landscape their clients are navigating.
The growth came even as the overall pension coverage rate slipped marginally — falling to 37.6 per cent of all paid workers in 2024, down from 37.7 per cent in 2023. While that figure continues a long-run downward trend that dates to 1977, it remains above the pre-pandemic level of 36.9 per cent recorded in 2019.
Women now hold the majority of pension plan membership
One of the more significant trends in the data is the continued feminisation of registered pension plan (RPP) membership.
Women accounted for 51.8 per cent of all active members in 2024, a share they have held since 2017 — and their membership grew at a faster pace than men's, up 2.7 per cent compared with 0.9 per cent. Women's pension coverage rate rose 0.5 percentage points to 41.4 per cent, while men's fell by the same margin to 34.3 per cent.
Women in employer-sponsored pension plans are increasingly concentrated in the public sector, where defined benefit coverage remains dominant. Women held 56.1 per cent of total DB membership in 2024, a data point that intersects directly with longevity planning conversations.
Private sector DB membership shrinks
Defined benefit plans remained the dominant plan type in Canada, accounting for 68.1 per cent of all RPP membership in 2024, unchanged from 2023. Active membership in DB plans exceeded 5.0 million.
Defined contribution plans gained a more modest 6,400 members in 2024, a 0.5 per cent increase, to reach nearly 1.35 million members. DC plans accounted for 18.3 per cent of total RPP membership, down 0.3 percentage points from the year before.
Public sector plans added nearly 157,900 new participants, a 4.0 per cent increase, bringing public sector membership to just over 4.0 million. Private sector membership, by contrast, declined by 25,800 members, or 0.8 per cent, falling below 3.3 million.
Within the private sector, DB plan membership alone dropped by 21,300 members — a trend with implications for clients working in industries where company pension coverage has historically been a cornerstone of their retirement plan.
Total pension assets cross $2.5 trillion
Total contributions to RPPs — from both employers and employees — rose to $83.6 billion in 2024, an increase of $4.2 billion or 5.4 per cent from 2023. Employee contributions represented 42.0 per cent of the total, at $35.1 billion, while net employer contributions for current service accounted for 55.9 per cent, at $44.5 billion.
The market value of assets held in RPPs climbed $169.5 billion, or 7.1 per cent, to surpass $2.5 trillion. That growth was concentrated in large plans: the 34 plans with 30,000 or more active members held 61.6 per cent of total assets while representing just 54.6 per cent of total membership — an asset concentration that reflects the scale and investment sophistication of Canada's largest institutional funds.
Membership grew across all provinces and territories in 2024. In absolute numbers, Ontario saw the largest increase at 37,800 new members, followed by Quebec at 29,500, British Columbia at 21,500 and Manitoba at 11,700.
The continued strength of DB coverage in the public sector means that clients in government or education (where women are well represented) may have a more predictable retirement income floor than private sector counterparts.
Where clients lack workplace pension coverage entirely, the data reinforces the urgency of maximising registered account contributions and establishing disciplined non-registered investment strategies.
