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In stitut C.D. HOWE In stitute Essential Policy Intelligence | Conseils indispensables sur les politiques Most Canadians will rely on tax-deferred savings to finance a substantial share of their postretirement living expenses. Some are in defined-benefit and target-benefit pension plans, which promise benefits until they die. The majority, however, are in capital accumulation plans (CAPs), such as Registered Retirement Saving Plans (RRSPs) and defined-contribution (DC) pension plans. This E-Brief updates and extends previous work by Robson (2008) and Robson and Laurin (2014). We thank Jamie Golombek, Barry Gros, Malcolm Hamilton, Moshe Milevsky, James Pierlot, and members of the C.D. Howe Institute's Pension Policy Council for their comments and suggestions on prior drafts. We retain responsibility for any errors and the views expressed here.

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Institute publications undergo rigorous external review by academics and independent experts drawn from the public and private sectors. The Institute's peer review process ensures the quality, integrity and objectivity of its policy research. The Institute will not publish any study that, in its view, fails to meet the standards of the review process. The Institute requires that its authors publicly disclose any actual or potential conflicts of interest of which they are aware.In its mission to educate and foster debate on essential public policy issues, the C.D. Howe Institute provides nonpartisan policy advice to interested parties on a non-exclusive basis. The Institute will not endorse any political party, elected official, candidate for elected office, or interest group.As a registered Canadian charity, the C.D. Howe Institute as a matter of course accepts donations from individuals, private and public organizations, charitable foundations and others, by way of general and project support. The Institute will not accept any donation that stipulates a predetermined result or policy stance or otherwise inhibits its independence, or that of its staff and authors, in pursuing scholarly activities or disseminating research results.

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