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
Supporting Ontario’s Economy and Communities
OMERS activities help to generate almost $12 billion of GDP annually in Ontario and provide social value to communities across the province. Almost $7 billion of the economic contribution is generated by retirees spending their pension payments, and approximately $5 billion comes from OMERS investments and operations in the province. Together, this activity supports more than 118,000 jobs provincewide. Based on their review of 2020 data, this was the conclusion of independent research conducted for OMERS by the Canadian Centre for Economic Analysis.
A second study, 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 these studies. Full copies of these 2021 research reports are available here.
OMERS Impact Summary Report
A summary of our social value and economic contribution research .pdf
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Contributing to Ontario's Economy
Based on 2020 data
$11.9B
OMERS approximate contribution to Ontario's economy
$3.3B
The amount of provincial and federal tax revenue generated by OMERS activity
91%
of active OMERS members (and 87% of members under the age of 35) said their OMERS membership is an important factor in their decision to stay with their employer.
1 in every 64 jobs
The number of jobs supported by OMERS activities in Ontario; a total of 118,000 jobs
1/4 of these jobs are held by people under the age of 30
1/3, or 39,000, of the 118,000 jobs are in rural communities
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.
