MidLincoln Research

Canada Pension System Report

OECD asset-backed pension history, mostly 2020-2024. Russia is included as a 2019 legacy snapshot because it is absent from the current OECD feed.

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CountryLatest yearPF/GDP ↓PF assets, USD bnEquities, USD bnBonds, USD bnReal return
Isle of Man 2022 269.0% 19 n/a n/a n/a
Denmark 2024 206.4% 846 n/a n/a 4.6%
Iceland 2024 191.3% 64 n/a n/a 6.2%
Switzerland 2024 166.9% 1,523 n/a n/a 6.5%
Canada 2024 157.9% 3,376 n/a n/a 8.1%
United States 2024 153.3% 44,778 17,211 5,609 5.8%
Netherlands 2024 150.9% 1,760 481 682 3.8%
Australia 2024 135.1% 2,392 755 182 4.9%
Liechtenstein 2023 117.8% 10 3 4 3.5%
Sweden 2024 115.8% 671 n/a n/a 5.7%
Namibia 2024 106.6% 14 5 3 7.7%
South Africa 2023 83.2% 315 n/a n/a 4.3%
Singapore 2024 82.0% 441 1 n/a n/a
United Kingdom 2024 78.4% 2,806 384 753 -0.1%
Israel 2024 69.4% 380 52 193 10.0%
Finland 2024 65.2% 187 91 36 7.9%
Malaysia 2024 65.1% 281 n/a n/a n/a
Chile 2024 59.3% 187 13 81 3.4%
Botswana 2024 58.0% 11 7 2 n/a
Hong Kong (China) 2024 52.9% 216 n/a n/a 7.1%
El Salvador 2021 44.6% 13 n/a n/a -0.5%
Costa Rica 2024 42.2% 41 0 29 9.2%
Lesotho 2024 41.6% 1 0 0 6.4%
Trinidad and Tobago 2020 38.7% 8 2 4 2.5%
Malta 2024 38.2% 9 3 1 5.8%
New Zealand 2024 37.2% 90 45 24 n/a
Japan 2024 34.5% 1,341 n/a n/a n/a
Korea 2024 31.8% 552 n/a n/a 2.5%
Kosovo 2024 31.0% 3 1 1 6.9%
Belgium 2024 30.3% 193 n/a n/a 4.9%
Uruguay 2024 30.0% 22 0 17 4.3%
Croatia 2024 29.6% 26 6 16 1.2%
Colombia 2024 27.1% 105 7 43 6.5%
Ireland 2024 26.2% 153 n/a n/a n/a
Jamaica 2024 25.7% 5 1 2 n/a
Latvia 2024 24.3% 10 0 2 9.0%
Brazil 2024 24.3% 461 11 53 n/a
Maldives 2024 23.8% 2 0 1 0.4%
Mexico 2024 22.1% 370 71 269 4.4%
Estonia 2024 18.0% 7 n/a n/a 11.3%
North Macedonia 2024 17.6% 3 0 2 4.3%
Malawi 2024 17.1% 2 1 0 2.9%
Kazakhstan 2024 17.0% 43 5 36 7.2%
Papua New Guinea 2024 16.9% 5 2 2 1.8%
Slovak Republic 2024 16.2% 22 0 6 10.1%
Dominican Republic 2024 15.7% 19 0 16 4.1%
Kenya 2024 13.7% 17 2 9 8.4%
India 2024 13.5% 520 n/a n/a 4.6%
Bulgaria 2024 13.1% 14 2 9 3.8%
Portugal 2024 12.9% 38 1 22 1.4%
France 2024 12.9% 390 n/a n/a n/a
Uganda 2021 12.6% 5 1 4 11.1%
Mauritius 2023 12.5% 2 1 0 n/a
Lithuania 2024 12.2% 10 0 1 10.8%
Italy 2024 11.7% 267 n/a n/a 3.9%
Macau (China) 2024 11.6% 6 0 2 n/a
Thailand 2024 10.8% 59 n/a n/a n/a
Spain 2024 10.8% 178 n/a n/a 5.7%
Armenia 2024 10.7% 3 0 1 9.4%
Peru 2024 9.9% 28 5 10 2.0%
Suriname 2024 9.7% 0 0 0 3.4%
Romania 2024 8.9% 33 8 24 0.4%
Poland 2024 8.4% 75 n/a n/a 0.2%
Nigeria 2024 8.1% 15 2 11 -12.7%
Czechia 2024 7.8% 26 2 18 0.4%
Zimbabwe 2024 7.2% 3 1 0 -78.9%
Austria 2024 7.2% 36 0 2 5.4%
Slovenia 2024 7.1% 5 0 3 5.0%
Georgia 2024 6.7% 2 0 0 9.0%
Indonesia 2024 6.5% 89 6 59 4.1%
Germany 2024 6.4% 286 2 73 0.9%
Morocco 2024 5.8% 9 3 0 4.1%
Ghana 2023 5.7% 4 0 4 2.7%
Russia 2019 5.6% 100 7 76 4.9%
Hungary 2024 4.8% 10 n/a n/a 7.6%
Honduras 2024 3.8% 1 0 1 n/a
Zambia 2024 3.2% 1 0 0 7.5%
Türkiye 2024 2.8% 35 10 18 -9.3%
China (People’s Republic of) 2024 2.7% 499 n/a n/a n/a
Guyana 2024 2.0% 0 0 0 -8.4%
Luxembourg 2024 1.6% 1 0 1 3.2%
Mozambique 2024 1.4% 0 0 0 n/a
Greece 2024 1.1% 3 1 1 4.3%
Angola 2024 1.1% 1 0 1 -11.2%
Egypt 2024 1.1% 3 0 2 -9.3%
Panama 2023 0.9% 1 n/a n/a 3.1%
Serbia 2024 0.6% 1 0 0 6.0%
Philippines 2024 0.5% 2 0 2 3.3%
Albania 2024 0.3% 0 0 0 2.4%
Pakistan 2024 0.1% 0 0 0 23.8%
Ukraine 2020 0.1% 0 0 0 4.1%
Latest OECD year
2024
Pension assets / GDP
157.9%
Pension assets
$3,376 bn
Equity / bonds
n/a / n/a%
Real return
8.1%

Total pension assets

Unit: USD billion
08541,7072,5613,41420202021202220232024Total PFUSD billion
No OECD history available for this chart.

Historic pension assets by allocation bucket

Unit: USD billion
08541,7072,5613,41420202021202220232024Total PFEquitiesBondsOtherUSD billion

Pension assets relative to GDP

Unit: % of GDP
0469313918620202021202220232024PF/GDPEquities/GDPBonds/GDP% of GDP

Annual real investment return

Unit: % per year
-10.7-5.4-0.15.210.5200220052010201520202024Real return% per year

OECD Data Table

YearPF assets, USD bnEquities, USD bnBonds, USD bnOther, USD bnPF/GDPEquitiesBondsEquities/GDPBonds/GDPReal return
2002 n/a n/a n/a n/a n/a n/a n/a n/a n/a -2.3%
2003 n/a n/a n/a n/a n/a n/a n/a n/a n/a 2.2%
2004 n/a n/a n/a n/a n/a n/a n/a n/a n/a 5.1%
2005 n/a n/a n/a n/a n/a n/a n/a n/a n/a 9.6%
2006 n/a n/a n/a n/a n/a n/a n/a n/a n/a 9.5%
2007 n/a n/a n/a n/a n/a n/a n/a n/a n/a 2.9%
2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a -10.7%
2009 n/a n/a n/a n/a n/a n/a n/a n/a n/a 10.5%
2010 n/a n/a n/a n/a n/a n/a n/a n/a n/a 6.9%
2011 n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.6%
2012 n/a n/a n/a n/a n/a n/a n/a n/a n/a 7.1%
2013 n/a n/a n/a n/a n/a n/a n/a n/a n/a 7.5%
2014 n/a n/a n/a n/a n/a n/a n/a n/a n/a 8.2%
2015 n/a n/a n/a n/a n/a n/a n/a n/a n/a 5.2%
2016 n/a n/a n/a n/a n/a n/a n/a n/a n/a 4.0%
2017 n/a n/a n/a n/a n/a n/a n/a n/a n/a 6.1%
2018 n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.1%
2019 n/a n/a n/a n/a n/a n/a n/a n/a n/a 6.7%
2020 3,210 n/a n/a n/a 185.9% n/a n/a n/a n/a 5.6%
2021 3,414 n/a n/a n/a 173.2% n/a n/a n/a n/a 5.0%
2022 3,019 n/a n/a n/a 144.0% n/a n/a n/a n/a -8.9%
2023 3,263 n/a n/a n/a 147.5% n/a n/a n/a n/a 2.6%
2024 3,376 n/a n/a n/a 157.9% n/a n/a n/a n/a 8.1%

Legacy Major Pension Funds / Assets

CountryFundAssets USReportingInceptionOrigin
CanadaCanada Pension PlanandCPP Investment Board31720171965Non-commodity
CanadaCaisse de dpt et placement du Qubec29920171965Non-commodity
CanadaOntario Teachers' Pension Plan17620161989Non-commodity

Legacy Pension Fund List

CountryTypeName
CanadaGovernmentAlberta Investment Management
CanadaGovernmentBritish Columbia Investment Management Corporation
CanadaGovernmentCaisse de d?p?t et placement du Qu?bec
CanadaGovernmentCanada Pension Plan?
CanadaGovernmentHOOPP
CanadaGovernmentOntario Teachers Pension Plan
CanadaGovernmentPSP investments
CanadaGovernmentPublic Sector Pension Investment Board
CanadaPrivateBC Pension Corporation, including the College Pension Plan, the Municipal Pension Plan, the Public Service Pension Plan, the Teachers' Pension Plan, and WorkSafeBC
CanadaPrivateColleges of Applied Arts and Technology Pension Plan?
CanadaPrivateHealthcare of Ontario Pension Plan?
CanadaPrivateOMERS Administration Corporation?
CanadaPrivateOntario Pension Board?
CanadaPrivateOntario Teachers' Pension Plan
CanadaPrivateOPSEU Pension Trust?

Source: OECD Global Pension Statistics via SDMX API; real-return series from OECD Pension Markets in Focus 2025 Table A.7. Russia uses MidLincoln legacy 2019 pension snapshot rows imported from `ml_pensiondata` because current OECD feed does not include Russia. New charts use `ml_pension_oecd_history`; legacy fund tables are retained from old MidLincoln static tables and should be treated as reference metadata.