National dashboard could recover lost pensions and streamline income planning, says new report
A new report from the CD Howe Institute says Canada could recover billions in lost pension assets and reduce administrative burdens by creating a single, secure digital dashboard that consolidates all retirement income sources.
Reported by Wealth Professional, the proposed platform would give users a comprehensive view of their Canada Pension Plan, Old Age Security, workplace pensions, RRSPs, and other savings.
The dashboard could also support administrators by helping reconnect members with forgotten or lost pension accounts.
According to the report, Canada's current infrastructure—such as the CRA’s “My Account” and the Canadian Retirement Income Calculator—relies on manual input and lacks data consolidation.
While partial systems are in place, recent advances in data reporting and AI integration could enable a real-time, user-controlled tool.
Kathryn Bush, a senior fellow at the institute and a member of its Pension Policy Council, pointed to the lack of clarity Canadians face.
“How can Canadians make optimal decisions if they don’t have a straightforward way to see how savings and entitlements translate into monthly income?” she said.
She added that a modern and accessible tool would allow users to understand their expected retirement income “without needing to be an expert.”
The shift from defined benefit to defined contribution pension plans has left many Canadians with fragmented and uncertain retirement outlooks, especially as savings are often held across multiple financial institutions.
The report highlights that few individuals have a clear sense of how their assets will convert into sustainable income, fuelling financial anxiety.
Bush stressed that the platform must be secure and allow users control over who accesses their data.
However, rather than building a centralized database, Canada could draw on existing systems and implement a real-time data retrieval model to lower costs.
International models exist in Australia, Sweden, and the Netherlands, offering potential design templates.
But, according to the report, collaboration among federal and provincial governments, financial institutions, and pension administrators will be critical to move this forward.
Bush concluded: “A pension dashboard that is cost-effective, secure, and accessible could be life changing. Canadians need a clear roadmap for retirement – and the time to build it is now.”
