Third level - Private savings
The third level, private savings, includes employer-sponsored pension plans and Registered Retirement Savings Plans (RRSPs), as well as investments and other savings. These are important instruments for supplementing your Old Age Security and Canada Pension Plan pensions.
Public pensions, namely the Old Age Security and the Canada Pension Plan, are designed to provide a secure, modest base upon which to build additional retirement income. Public pensions are not intended to meet all the retirement income needs of Canadians. It is each person's responsibility to look at their own circumstances to decide what level of income is right for them and develop their own retirement plan.
- First level - the Old Age Security program
- Second level - the Canada Pension Plan
- Third level - private savings