Ontarians urged to close the retirement readiness gap during fourth annual Pension Awareness Day
TORONTO, Feb. 19, 2026 /CNW/ – More employees are participating in workplace pension plans in Ontario, but many people haven’t taken simple steps to help determine whether they’re on track to retire comfortably, according to the latest available data from the Financial Services Regulatory Authority of Ontario (FSRA).
As Ontario marks the fourth annual Pension Awareness Day, FSRA is urging workers and employers to pause and take a closer look at how workplace pensions fit into long-term retirement security. This can include quick, simple steps like reviewing your annual pension statement, using online tools to better understand your financial needs when you stop working, speaking with your Financial Planner or Financial Advisor, and starting or reviewing a retirement plan.
FSRA data shows Ontario membership grew approximately 200,000 plan members in 2025, with participation in defined contribution plans rising by 9%.
However, previous FSRA research* shows a widespread gap in retirement readiness, indicating many Ontarians, with and without pension plans, are not taking basic steps to prepare for life after work.
FSRA research finds:
- Eight in 10 respondents have not fully developed a retirement plan
- Sixty-six per cent have not calculated how much money they’ll need in retirement
- One in two can’t recall the last time they spoke to someone about saving for retirement
- Fifty per cent of pension members don’t read their annual pension statement
“It’s always encouraging to see more people participating in workplace pension plans because they provide such a strong foundation for retirement,” said Andrew Fung, FSRA’s Executive Vice President, Pensions. “But a pension is not a complete retirement strategy. Understanding how your workplace pension plan works with your government pension plans, retirement savings plan and personal savings is critical, and that’s exactly what Pension Awareness Day is designed to do.”
Quick Facts
- Ontario’s pension plan participation increased by more than 200,000 in 2025, or an average of 549 people per day, compared to 2024.
- In 2025, more than 175,000 people joined defined benefit plans (up 6 per cent from 2024), while more than 58,000 joined defined contribution plans (up 9 per cent from 2024).
About Pension Awareness Day
Pension Awareness Day launched in 2023 to help individuals and families better understand the value of a workplace pension plan. This dedicated day continues to grow with many organizations from across Canada now participating each year.
This year’s Pension Awareness Day campaign highlights the Three Keys to Retirement Security, a simple framework to help plan members focus on what matters most:
- Understand your pension plan, including how benefits are earned and paid.
- Stay informed and engaged by reviewing statements and communicating with plan administrators.
- Plan ahead, considering how your pension fits into your overall retirement goals.
Learn more:
People with a workplace pension are encouraged to review their pension information and visit www.fsrao.ca/pensionawareness to learn more about planning for retirement.
FSRA continues to work on behalf of all stakeholders, including pension plan beneficiaries, to ensure financial safety, fairness, and choice for everyone. Learn more at fsrao.ca.
*FSRA’s online poll was conducted by Forum Research in December 2024 with a sample size of 1,000 Ontario residents 18 years of age or older.
For media inquiries:
Russ Courtney
Sr. Manager, Media Relations
Financial Services Regulatory Authority of Ontario
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
