Fifty years ago in Canada was a very different time than today. The year 1967 was before the metric system was adopted, so a pound of butter cost roughly 67 cents and a gallon of gas cost about 26 cents. The Maple Leafs were also Stanley Cup Champions – how times have changed!
The year 1967 is also when the CAAT Pension Plan was established. The first five facts in our “50 Facts” series compare Plan members of 1967 to those of today.
In 1967, the Plan had 2,703 active members. That number has steadily increased to about 25,700 today. The average age of active members has increased as well, from 37 years old in 1967 to 48 years old today.
In 1967, two thirds of active members were male, but today women make up 60% of active Plan membership. In 1967, the average age for men was 39, and 34 for women. Today, the average ages are 49 and 47, respectively.
Back in 1967, the average active member had an annual salary of $8,036; in 2016, the average was $74,099.
Only two members had retired by the end of the CAAT Pension Plan’s first year, and both retired at the age of 65. In 2016, 767 members started their pensions with an average retirement age of 62, and about 65% were able to use the Plan’s early retirement provisions. (Watch next month for more facts about the Plan’s early retirement provisions.)
While phone call statistics weren’t kept in 1967, the CAAT Pension Plan’s member services team received around 9,000 phone calls in 2016. Our pension experts are happy to answer any questions you may have.
An extra fact, eh!
On January 1, 1967, then-Prime Minister Lester B. Pearson presented the Centennial Flame on Parliament Hill to celebrate Canada’s 100th anniversary as a Confederation. It was meant to be temporary, but still stands today due to its popularity. The coins tossed into the encompassing fountain are collected and given to the winner of the Centennial Flame Research Award.