Not those manly Canucks, eh?
Yes, the land of government health care has a partially privatized retirement system. It used to be that:
...it's we Yanks who are the hosers in retirement systems, eh?
...there is a first tier welfare payment from general tax revenues available to the truly poor.
The second tier relies on 6% of earned incomebetween $3,500 and $38,000 going into "Social Security" to earn a maximum of$750 per month in retirement.
Which leaves the third tier to actual investment. And the government encourages it.
Which is still the case, but they expanded the role of the private sector:
The CPP Investment Board was created by an Act of Parliament on December 4, 1997. Directors were appointed to the board in October of 1998 and the first meeting was held in November of that year.
In March of 1999, we began receiving funds from the Canada Pension Plan and invested these in stock index funds. Later that year, the board appointed a president and chief executive officer.
The management team was put into place during 2000 and 2001. Several key policies and procedures were approved by the board including the business plan, investment strategy and the risk management policy.
In 2001, we began to expand our investments by entering the private equity market.
We at the Academy have been over into the future. And it looks like it works.