For the purposes of this debate, privatization of the Canadian Pension Plan (CPP) would entail measures such as:
- Turning the Canada Pension Plan Investment Board (CPPIB) from a crown corporation to a private corporation owned by those who contribute to the fund
- Creating a system where individuals are allowed to opt out and eliminating all contribution requirements
Currently, employees must pay a 5.95% annual contribution rate on their income, which is matched by their employer (so 11.9% total). Note that measures such as Old Age Support (OAS) and Guaranteed Income Support (GIS), which provide additional support to low-income seniors, are not under the purview of CPPIB.