Ontario Trends in Occupational Defined Benefit and Defined Contribution Pension Coverage

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1 Ontario Trends in Occupational Defined Benefit and Defined Contribution Pension Coverage Informetrica Limited

2 Ontario Trends in Occupational Defined Benefit and Defined Contribution Pension Coverage Role of 3 Tiers Trends on Coverage Perspectives on Adequacy

3 Tiers of Support for Seniors Tier 1 Funded by Take Payers Old Age Security (OAS) / Guaranteed Income Supplement (GIS) Tier 2 Mandatory Savings Canada/Quebec Pension Plan Tier 3 Voluntary Savings Employer Pension Plans Registered Retirement Savings Plans (RRSPs) Home Ownership

4 Tier 1 OAS / GIS OAS GIS Payment to Canadian Residents who meet residency requirements Roughly $ 6,000 per year taxable. Clawed-back if income exceeds $66,000. For lower-income seniors; not taxable Maximum $7,800 (single); $10, 300 (couple) Reduced by 50 cents for every dollar of income. Guarantees: $ 13,800 (single); $22,300 (couple)

5 Tier 2 Canada/Quebec Pension Plan Designed to pay 25% of life-time average earnings up to a maximum ( today $ 46,300). Income disability, survivor and death benefits. Today s rates: Maximum: $ 11,000 Average: $ 6,000 Average Women: $ 5,000

6 Tier 1 and 2 Tier 1 and Tier 2 Guarantees - Assuming no Tier 3 Income Tier 1 Tier 2 Tier Preretirment earnings OAS GIS CPP $ Replace ment Rate $ 20,000 $ 6,204 $ 5,330 5,000 $ 16,534 83% $ 40,000 $ 6,204 $ 2,830 10,000 $ 19,034 48% $ 60,000 $ 6,204 $ 2,080 11,500 $ 19,784 33% $ 80,000 $ 6,204 $ 2,080 11,500 $ 19,784 25% $ 100,000 $ 6,204 $ 2,080 11,500 $ 19,784 20% $ 120,000 $ 6,204 $ 2,080 11,500 $ 19,784 16%

7 Tier 3 RRSPs Voluntary. Group RRSPs Employer Pension Plans Defined Contribution DC Risk resides with beneficiary Defined Benefit - DB Risk resides with employer Private sector may go bankrupt Public sector may not Varying definitions; final earnings, indexation, who owns surplus/shortages Many mixed plans - continuum

8 Trends in DB and DC Coverage Public Sector vs Private Sector DB vs DC Coverage is measured against Paid Labour Force (employees) Ignores the self-employed Ignores those unemployed and/or not in the labour force.

9 Canada-Ontario Ontario-Canada; Employer Pension Plan Coverage as a Per Cent of the Paid Labour Force, Canada 2003 Ontario Source: Calculations by Informetrica Limited based on Pension Plans in Canada, Statistics Canada

10 Gender Ontario; Employer Pension Plan Coverage as a Per Cent of the Paid Labour Force, Both sexes Males Females Source: Calculations by Informetrica Limited based on Pension Plans in Canada, Statistics Canada

11 Private vs Public Ontario-Canada; Occupational Pension Plan Coverage as a Per Cent of the Paid Labour Force, Private Sector Public Sector Source: Calculations by Informetrica Limited based on Pension Plans in Canada, Statistics Canada

12 Public Sector Ontario-Public Sector; Occupational Pension Plan Coverage as a Per Cent of the Paid Labour Force, Both sexes Males Females Source: Calculations by Informetrica Limited based on Pension Plans in Canada, Statistics Canada

13 Private Sector Ontario-Private Sector; Occupational Pension Plan Coverage as a Per Cent of the Paid Labour Force Both sexes Males Females Source: Calculations by Informetrica Limited based on Pension Plans in Canada, Statistics Canada

14 Table 1: Percent of the Paid Labour Force by Benefit Type by Sector, 2005 Residence Sector Percentage with Occupational Pension Coverage Percentage with DB Coverage Percentage with DC and Other* Canada Public 84% 78% 6% Private 26% 18% 7% Total 38% 31% 7% Ontario Public 78% 77% 1% Private 27% 20% 7% Total 38% 31% 7% * Includes DC, Hybrids and Combination Coverage Source: Calculations by Informetrica Limited based on Pension Plans in Canada, Statistics Canada

15 Percent DC Ontario Members of Ontario Occupational Pension Plans, Percent 'DC and Other' by Year Percent 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Year Source: Calculations by Informetrica Limited based on PPIC, Statistics Canada * There are no data for 1991

16 Unionization Percent of Jobs with Pension Coverage by Firm Size and Unionization, % of Paid Employees reporting Coverage 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Unionized * Not Unionized * Covered by a collective agreement. Source: Calculations by Informetrica Limited based on the Statistics Canada, Survey of Labour Income Dynamics. Unionization Less than to to to and over

17 Hourly Wage Occupational Pensions and Ontario Jobs: Number of Jobs Per Cent of Jobs with Occupational Pensions of Paid Employme of Jobs nt Total 6,889,000 33% 40% Job Hourly Wage Group under $10 1,593,000 8% 8% $10-$20 2,371,000 38% 40% $20-$30 1,167,000 64% 66% $ ,000 69% 70%

18 Annual Earnings Occupational Pensions and Ontario Jobs: Number of Jobs Per Cent of Jobs with Occupational Pensions of Paid Employme of Jobs nt Total 6,889,000 33% 40% Annual Earnings under $20,000 2,699,000 14% 15% $20,000-$40,000 1,570,000 49% 51% $40,000-$60, ,000 69% 71% $60,000-$80, ,000 77% 78% $80, ,000 69% 70%

19 Gender and Full-Time/Part-Time Occupational Pensions and Ontario Jobs: Number of Jobs Per Cent of Jobs with Occupational Pensions of Paid Employme of Jobs nt Total 6,889,000 33% 40% Sex Female 3,290,000 30% 36% Male 3,599,000 35% 44% Full-Time or Part-Time Full-time 4,961,000 42% 50% Part-time 1,602,000 10% 12%

20 Other Issues Income trends of Seniors

21 Senior Couples $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $- Median Income After Tax* (2007 $'S), Selected Percentiles and Ratio, ; Senior Couples; Canada pct 50 pct 5th pct Ratio P95:P

22 Senior Singles Median Income After Tax* (2007 $'S), Selected Percentiles and Ratio, ; Senior Singles; Canada $60, $50,000 $40, $30,000 $20,000 $10,000 $ $'s Ratio - 95th pct 50pct 5th pct Ratio P95:P05

23 With and Without Pension Income Median Income After Tax for Seniors with and without Pension/Annuity Income, , (2007 $'s) $30,000 $25, % 90% 80% $20,000 70% Dollars $15,000 $10,000 $5,000 $ % 50% 40% 30% 20% 10% 0% Per Cent Without Pension/Annuity With Pension/Annuity Both Groups % with Pension/Annuity

24 Poverty Rates Rate 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Poverty Rates for Senior Families and Unattached Individuals, Using LIM and LIM+10%, Near LIM LIM Year Source: Tabulations by Tristat Resources using Statistics Canada SCFs and SLIDs.

25 Various Poverty Rates Poverty Rates for 2007, for Senior Families Low-Income Cut- Off - Before Tax Low-Income Cut- Off - After Tax Low-Income Measure (50% of Median) Near LIM ( + 10%) Market Basket Measure LICO - BT LICO - AT LIM Near LIM MBM Couple 3% 0% 1% 4% 0% Single 33% 14% 10% 20% 5% Both 16% 6% 6% 12% 3% Income Thresholds* Single Person $15,000-$22,000 $12,000-$18,000 $15,400 $16,900 $12,100-$15,900 Couple $19,000-$27,000 $14,000-$22,000 $23,100 $25,400 $17,000-$22,200 * Income concepts vary between the poverty definitions. Source: Tabulations by Tristat Resources using Statistics Canada SCFs and SLIDs.

26 Distribution of Households near Retirement, 1999 % Avg. RRSP Avg. Retirement No Retirement Savings 21 $ - $ - Futile Retirement Savings (under $100K) 32 $ 22,000 $ 40,000 RRSP's without Employer Pension (over $100K) 6 $ 300,000 $ 300,000 RRSP's supplement Eemployer Pension (over $100K) 41 $ 95,000 $ 400,000 Total 100 $ 65,000 $ 193,000

27 Thank You

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