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KMID : 1001320190460010107
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Social Welfare Policy
2019 Volume.46 No. 1 p.107 ~ p.134
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An Analysis of the financial objective and indicators of public pension in Canada
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Jung In-Young
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Abstract
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This study analyzes the financial objective and indicators of public pension in Canada and seeks to find policy implications for improving the National Pension Scheme (NPS). For this purpose, it assesses financial review of Canada Pension Plan (CPP) and the objective and indicators of financing system in CPP. The main findings are as follows. First, the 1998 CPP reform of financial method can be assessed as a successful one. Second, the financial state of CPP can be evaluated as very stable and financially sustainable. Third, the CPP uses various financial indicators in order to evaluate its financial objective. Fourth, it can be said that the accumulated fund of CPP is managed stably. The study suggests the following implications. First, there needs to be a social consensus on the long-term financial method and financing objective for the NPS. Second, various financial indicators are needed to be considered for NPS to evaluate the financial objective when the objective is clarified in the future. Third, there needs to be a discussion on the acceptable contribution rate. Fourth, there needs to be a careful examination of the introduction of an external peer review of the financial review report on the NPS. Fifth, both the management of financial objective/indicators and the fund management are important.
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KEYWORD
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Canada Pension Plan, financial review, financial objective, financial indicators, National Pension Scheme
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