Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/331399 
Year of Publication: 
2025
Series/Report no.: 
Texto para Discussão No. 3160
Publisher: 
Instituto de Pesquisa Econômica Aplicada (IPEA), Brasília
Abstract: 
This paper provides a comparative analysis of the pension systems in Brazil and Canada, focusing on their historical evolution, structural frameworks, and the demographic and fiscal challenges they face. By examining the development of these systems, the study highlights the unsustainable trajectory of Brazil's public pension system, which is projected to consume 13.9% of gross domestic product (GDP) by 2060 due to population aging and declining fertility rates. Drawing on lessons from Canada's balanced three-pillar system - comprising universal public benefits, mandatory contributory plans, and voluntary private savings - the paper proposes a series of policy recommendations for Brazil. These include expanding access to private pension plans, promoting individual retirement savings, reforming the public pension system, and leveraging immigration to mitigate demographic pressures. The findings underscore the importance of increasing the role of private retirement savings in Brazil to ensure long-term fiscal sustainability and retirement security, while also identifying areas for future research to support ongoing reform efforts.
Subjects: 
retirement savings plans
pay-as-you-go pension plans
capitalization pension plans
Canadian pension system
Brazilian pension system
PGBL
EPP
RRSP
pension system reform
JEL: 
H55
J26
J11
G23
H31
I38
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Working Paper

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