The Financial Services Regulatory Authority of Ontario (FSRA) published an update for the fourth annual Pension Awareness Day reporting that workplace pension plan membership in Ontario increased in 2025, while highlighting research suggesting many Ontarians are not taking basic steps to assess whether they are on track for retirement. FSRA urged workers and employers to review how workplace pensions fit into overall retirement security, including reviewing annual pension statements, using online tools, speaking with a financial professional, and starting or updating a retirement plan. FSRA data indicates membership grew by approximately 200,000 plan members in 2025, with defined contribution plan participation rising by 9%. More than 175,000 people joined defined benefit plans (up 6% from 2024), while more than 58,000 joined defined contribution plans (up 9% from 2024). Separately, FSRA research found that eight in 10 respondents had not fully developed a retirement plan, 66% had not calculated how much money they will need in retirement, one in two could not recall the last time they discussed saving for retirement, and 50% of pension members do not read their annual pension statement.
Financial Services Regulatory Authority of Ontario 2026-02-19
Financial Services Regulatory Authority of Ontario reports 200,000 increase in 2025 workplace pension membership and urges retirement readiness steps
The Financial Services Regulatory Authority of Ontario reported a rise in workplace pension plan membership by approximately 200,000 in 2025, with defined contribution plan participation increasing by 9%. Despite this growth, FSRA research indicates many Ontarians are not adequately preparing for retirement, with 80% lacking a fully developed retirement plan and 50% not reading their annual pension statements. FSRA encourages reviewing pension statements, using online tools, consulting financial professionals, and updating retirement plans.