Group 1: Core Views - Canada has established a comprehensive pension system based on a "four pillars" model, with the second pillar being the largest in scale [1][6][4] - The pension system includes a zero pillar (government-funded), first pillar (mandatory occupational pensions), second pillar (employer-sponsored pensions), and third pillar (private savings) [1][3][4] Group 2: Characteristics of the Canadian Pension System - The zero pillar provides basic income support for low-income seniors aged 65 and above, funded entirely by government revenue [9][11] - The first pillar consists of the Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP), which are mandatory and funded through employee and employer contributions [12][26] - The second pillar is primarily employer-sponsored, including registered pension plans and group registered retirement savings plans [29][32] - The third pillar consists of voluntary private savings plans, such as registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs) [34][35] Group 3: Investment Strategies of Canadian Pensions - The CPP invests in a diversified portfolio, with the highest allocation in fixed income (41%) and significant portions in equities (28%) and real estate (26%) [42][44] - The QPP focuses on equities and fixed income, with 27% in equities and 21% in credit investments [57] - The Ontario Teachers' Pension Plan (OTPP) allocates 29% to equities and 21% to fixed income, achieving a one-year net return of 9.4% [61] Group 4: Innovations in Pension Finance - Canadian pension funds are increasingly integrating ESG (Environmental, Social, and Governance) criteria into their investment strategies, aiming for carbon neutrality by 2050 [62][67] - The CPP was the first pension fund to issue green bonds, with proceeds primarily directed towards renewable energy projects [65] - The Canadian government has implemented a national housing strategy to provide affordable housing for vulnerable groups, including seniors [69][71]