54%
more likely to report higher satisfaction with life than people who do not participate in a pension plan
Social and Economic Value of the Plan
A growing impact in supporting Ontario’s economy and communities
OMERS activities help to generate $13.7 billion of GDP annually in Ontario (about 1.5% of the economy), while supporting 143,000 jobs.
After more than 60 years proudly serving hard-working members across Ontario, OMERS impact on the province’s economy continues to expand. As a pension plan that invests in high-quality assets and pays billions of dollars per year in stable, secure retirement benefits, that impact reaches beyond payments to individual members, positively contributing to hundreds of thousands of households, both urban and rural. In an update to their 2020 study, a 2023 report developed for OMERS by the Canadian Centre for Economic Analysis (CANCEA) brings this growing impact to life through numerous, distinct data points.
Previous research, which examined survey responses of OMERS members who live in Ontario and the responses of the general Ontario public, found that providing a secure and stable pension delivers value beyond monetary benefits. The research reported a strong association between pension plan participation and a higher satisfaction with life for both active and retired members. It also found that access to a secure and stable pension provides a strong bond between employees and employers.
Please find below highlights from our most recent and prior studies. Full copies of these reports are available here.
Contributing to Ontario's Economy
Based on 2023 data
$13.7B
OMERS approximate contribution to Ontario's economy
$3.8B
The amount of provincial and federal tax revenue generated by OMERS activity
143,200
The number of jobs supported by OMERS activities in Ontario
Almost a 1/4 of these jobs are held by people under the age of 30
1/3, or 48,000, of the jobs are in rural communities
1 in every 11 households
Pension plans result in higher life satisfaction
People with a pension plan were almost 50% more likely to report higher satisfaction with life than people who do not participate in a pension plan.
“This is largely due to the reported positive impacts on their long-term financial security, positive impacts on physical and mental health, less stress, and higher community involvement and leisure time. It also demonstrates the potential value of extending access to pensions to more people across society.”
— Social Value Benefits Report, 2021
Social Value: Meaningful Benefits for Individuals and Communities
The study leveraged and compared survey responses of more than 4,000 Ontario-based OMERS members and more than 1,000 responses from the general Ontario public.
Responses from OMERS retired members indicated the following:
90%
attributed higher life satisfaction to being part of a defined benefit pension plan
Financial Security
20% higher feeling of financial security
. 48% felt they had saved well to meet their retirement needs
Mental and Physical Health
15% higher satisfaction with their health . 42% rated their physical health as very good or excellent
Reduce Stress
22% more likely to report lower stress levels . 29% less likely to attribute stress to financial concerns
Community Involvement and Leisure icon
38% more likely for OMERS retired members to volunteer time in their community . 94% donated to charities and not-for-profits
We are OMERS
Our members are who we come to work for each day.
