Summary

Canada's public pensions help seniors enjoy greater financial freedom and security. In fact, since 1971 no group has experienced as significant an improvement in relative incomes as senior citizens. In 2000, all Old Age Security and Canada Pension Plan benefits and obligations were extended to same-sex, common-law relationships.

International organizations also rate the Canadian retirement income system highly in terms of its equity, benefits and level of affordability. In fact, spending on our public pensions for seniors is modest by international standards and is projected to peak at levels well below those of other Western countries. According to the Organization for Economic Co-operation and Development, one of the strengths of our retirement income system is that it spreads risks and responsibilities across its three parts: Old Age Security, the Canada Pension Plan and personal savings.

Canada's retirement income system is well prepared for the future. Adjustments to the system and the economic recovery of the late 1990s restored its financial well-being. Although seniors will make up an increasing proportion of our population, Canada's public pensions are secure and will continue to support many future generations.

• Where did it all begin?