[Maekyung Chunchu] The Canadian Pension Story (January 23, 2026)

(Stakeholders across the pension field,

including the National Pension Service,

have long pointed to Canada's

earnings-related pension (CPP) as the model

that Korea's National Pension should benchmark.

It seems worth noting that the CPP

they hold up as that benchmark

has secured political independence!)

Canada carried out two rounds of pension reform, in 1997 and 2016, and both were "pay more, receive more" reforms. Canada's move toward reform dates back about 30 years, to 1995, when the Canadian government published a shocking fiscal report projecting that the public pension would be completely depleted some 20 years later, around 2015.

Paul Martin, then the finance minister, led the reform, proposing to raise the pension contribution rate in stages from a mere 5.6% to 9.9%, while at the same time launching the CPPI with greatly strengthened independence and expertise.

Protests over the steep contribution-rate hike were defused with a promise to raise the pension payout rate (income replacement rate) in line with the fund's investment performance. How did it turn out?

https://n.news.naver.com/article/009/0005626480?sid=110