How do workplace pensions support Canadian workers and employers?
New research from HOOPP and Angus Reid Group highlights a strong consensus among Canadian employers on the value of offering a defined benefit (DB) pension plan, when it comes to alleviating employees’ financial stress and reducing burnout.
The 2025 Canadian Employer Pension Survey captures employers’ perspectives on the current economic environment and retirement benefits. The results suggest most employers are worried about their employees’ mental health and financial stress due to economic instability, but they see how offering retirement benefits can help.
Canadian employers recognize the connection between their employees’ financial stress and their well-being and most feel it is important to offer benefits to help reduce that stress. Almost all employers agree that employees who are less financially stressed experience better mental health (94%) and wellness (94%).
The vast majority (87%) of employers who offer a DB pension plan, like HOOPP, agree that offering retirement benefits improves employees’ mental health and reduces burnout, and view offering these benefits as a cost-effective way to reduce employees’ financial stress (88%). In turn, most employers who offer DB pensions (80%) also agree that offering retirement benefits improves employee productivity.
The Value of a DB Pension
Canadian employers are not the only ones who see the value in DB pension plans, like HOOPP.
Earlier this year, HOOPP’s annual Canadian Retirement Survey found that most Canadians are worried about their finances as they navigate economic uncertainty. The findings suggest having access to a good workplace pension can help reduce some of that stress.
The survey found that Canadians with a DB pension are significantly more likely to feel they will be able to meet their financial needs in retirement than those without retirement benefits – and most agree workplace pensions are of greater value for individual contributors during times of global uncertainty.
These findings underscore the significant value the HOOPP pension provides both members and employers, especially as they navigate an unpredictable economic environment.
Although it can be challenging to predict what the future will bring, HOOPP members can feel secure in their financial future with the knowledge that they’ll receive a reliable, monthly income for life in retirement – regardless of market fluctuations.
The Consensus on Pensions
Both Canadians and their employers recognize the value of workplace pensions. The research suggests that a majority of Canadians and employers agree with each of the following statements:
- Without good pensions in place, the economy will suffer.
- Companies have a responsibility to offer workers a pension plan they can access for adequate retirement income.
- If workers are unable to access good workplace pensions during their working lives, they will become a burden on the taxpayer.
This research supports HOOPP’s efforts to expand pension access and build a stronger financial future for the Ontario health care community.