Ontario workplace pension plans added more than 200,000 members in 2025, but new data suggests most plan members still aren’t taking basic steps to prepare for retirement.
The figures come from the Financial Services Regulatory Authority of Ontario (FSRA), which marked the fourth annual Pension Awareness Day on Feb. 19 by urging workers and employers to take a closer look at how workplace pensions fit into their long-term retirement planning.
Participation is rising — but engagement isn’t
Membership in defined benefit plans grew by more than 175,000 in 2025, up six per cent from 2024. Defined contribution plans added more than 58,000 members, a nine per cent increase. Combined, that amounts to an average of 549 new pension plan members per day compared to the previous year.
Despite that growth, a separate FSRA poll conducted by Forum Research in December 2024 — with a sample of 1,000 Ontario residents aged 18 and older — found significant gaps in retirement readiness among Ontarians both with and without pension plans.
The poll found:
- Eight in 10 respondents have not fully developed a retirement plan
- 66 per cent have not calculated how much money they’ll need in retirement
- One in two can’t recall the last time they spoke to someone about saving for retirement
- 50 per cent of pension members don’t read their annual pension statement
A pension alone isn’t enough, regulator says
Andrew Fung, FSRA’s executive vice-president of pensions, said the growth in plan membership is a positive sign but cautioned workers against treating a pension as a complete financial strategy.
“It’s always encouraging to see more people participating in workplace pension plans because they provide such a strong foundation for retirement,” said Fung. “But a pension is not a complete retirement strategy. Understanding how your workplace pension plan works with your government pension plans, retirement savings plan and personal savings is critical, and that’s exactly what Pension Awareness Day is designed to do.”
Three steps FSRA is highlighting this year
This year’s Pension Awareness Day campaign centres on what FSRA calls the Three Keys to Retirement Security. The framework encourages plan members to understand how their pension benefits are earned and paid, stay informed by reviewing statements and communicating with plan administrators, and plan ahead by considering how their pension fits into their overall retirement goals.
FSRA also recommends workers review their annual pension statement, use online planning tools, and speak with a financial planner or adviser.
What HR teams can do
For HR professionals and employers, the data highlights an opportunity to improve pension literacy in the workplace. Encouraging employees to read their annual statements and understand their plan’s features is a low-cost step that can have a meaningful impact on workforce financial wellness.
FSRA oversees pension plan administration in Ontario and provides resources for plan members at fsrao.ca.
