Longer lifespans create pension pandemonium

New longevity numbers reiginite the defined benefit versus defined contribution pension debate
By Sabrina Nanji
|Canadian Labour Reporter|Last Updated: 08/26/2013

Canadians have been drinking from the fountain of youth, according to a new report indicating that working men and women are living longer. While the news of our longevity is welcome, a longer lifespan could signal a shift for the pension plan as we know it.

For the first time, the Canadian Institute of Actuaries (CIA) recently commissioned studies to determine mortality rates of Canadians. Whereas previous calculations were based on mortality rates of people in the United States, the CIA studies indicated Canadians are living longer.