Marcelo de Sales PessoaDiretoria de Estudos e Políticas Sociais - DISOC2025-09-152025-09-152025-09PESSOA, Marcelo de Sales. Public burden, private solutions: rethinking Brazil’s pension system through Canadian insights. Rio de Janeiro: Ipea, Sept. 2025. (Discussion Paper, n. 3160). DOI: http://dx.doi.org/10.38116/td3160-enghttps://repositorio.ipea.gov.br/handle/11058/18908Acompanha: Executive SummaryThis paper provides a comparative analysis of the pension systems in Brazil and Canada, focusing on their historical evolution, structural frameworks, and the demographic and fiscal challenges they face. By examining the development of these systems, the study highlights the unsustainable trajectory of Brazil’s public pension system, which is projected to consume 13.9% of gross domestic product (GDP) by 2060 due to population aging and declining fertility rates. Drawing on lessons from Canada’s balanced three-pillar system – comprising universal public benefits, mandatory contributory plans, and voluntary private savings – the paper proposes a series of policy recommendations for Brazil. These include expanding access to private pension plans, promoting individual retirement savings, reforming the public pension system, and leveraging immigration to mitigate demographic pressures. The findings underscore the importance of increasing the role of private retirement savings in Brazil to ensure long-term fiscal sustainability and retirement security, while also identifying areas for future research to support ongoing reform efforts.42engAcesso AbertoWorking paperInstituto de Pesquisa Econômica AplicadaPensões de AposentadoriaLicença ComumThe opinions expressed in this publication are of exclusive responsibility of the authors, not necessarily expressing the official views of the Institute for Applied Economic Research and the Ministry of Planning and Budget. Reproduction of this text and the data contained within is allowed as long as the source is cited. Reproduction for commercial purposes is prohibited.Retirement savings plansPay-as-you-go pension plansCapitalization pension plansCanadian pension systemBrazilian pension systemFree Benefit Generator Plan (PGBL)Employer-sponsored registered pension plans (EPPs)Registered Retirement Savings Plan (RRSP)Pension system reformPublic Economics::National Government Expenditures and Related Policies::Social Security and Public PensionsLabor and Demographic Economics::Demand and Supply of Labor::Retirement - Retirement PoliciesLabor and Demographic Economics::Demographic Economics::Demographic Trends, Macroeconomic Effects, and ForecastsFinancial Economics::Financial Institutions and Services::Non-bank Financial Institutions - Financial Instruments - Institutional InvestorsPublic Economics::Fiscal Policies and Behavior of Economic Agents::HouseholdHealth, Education, and Welfare::Welfare, Well-Being, and Poverty::Government Policy - Provision and Effects of Welfare ProgramsPoupança para aposentadoriaPlanos de repartição simplesPlanos de capitalizaçãoSistema de pensão canadenseSistema de pensão brasileiroPGBLEPPRRSPReforma do sistema de pensão10.38116/td3160-eng