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Archived - Annual Report of the Canada Pension Plan 2000-2001
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2000-2001 The Year at a Glance
In fiscal 2000-2001:
- The Canada Pension Plan is on a sound financial footing according to the Eighteenth Actuarial Report, which provides an actuarial examination of the Plan as at December 31, 2000. The Report confirms that the 1997 federal-provincial CPP Agreement has put Plan finances back on track.
- More than 4.1 million Canadians received approximately $19.5 billion in benefits from the Canada Pension Plan (CPP).
- 10.6 million Canadians contributed to the CPP.
- 12.5 million Canadian workers received Statements of Contributions.
- Administrative costs (including capital expenditures) amounted to approximately $335 million, or 1.7 percent of the $19.5 billion in benefits paid. This compares favourably with administrative costs for other large pension plans and individual RRSPs.
- 2.7 million Canadians received $13.5 billion in CPP retirement benefits.
- 869,396 surviving spouses or common-law partners and 87,786 children of deceased contributors received over $3 billion in benefits.
- Over 280,000 people with disabilities and some 93,000 of their children received almost $3 billion from the CPP Disability plan.
- On March 31, 2001, total CPP assets (net of benefits and other expenditures) were valued at approximately $45.7 billion and equalled 2.3 years' benefits. The assets were held in provincial and territorial government bonds, short-term investments, and domestic and foreign equities.
- Bill C-23, An Act to modernize the Statutes of Canada in relation to benefits and obligations, amended the CPP legislation to extend benefits and obligations to same-sex couples on the same basis as common-law opposite-sex couples.
- Changes to the CPP Regulations were also implemented (January 1st, 2001) to reflect the (scheduled) increase in the annual contribution rate and the statutory increase in maximum pensionable earnings.