Despite decades of progress in the workplace, women still face significant financial hurdles – not just during their careers, but in retirement too. 

According to Ontario’s Pay Equity Office, women in Canada typically receive about 83 cents for every dollar that men receive in retirement income. 

This scenario is often referred to as the gender pension gap – and we see it happening within our very own CSS Pension Plan as well. In 2024, the average CSS pension balance for retiring men was $240,114.56 compared to $161,194.12 for women – a nearly $80,000 difference. 

This financial gap is only part of the story. Knowledge and confidence around retirement planning also play a critical role – and here, too, women often face disadvantages. 

According to a recent survey of CSS members, over 72% of men rated their understanding of the pension benefits offered through CSS as either very good or good compared to 60% of women. 

This difference in understanding is part of a broader set of obstacles that women face when planning for retirement, including: 

• Lower salaries: A major factor in the discrepancy of pension savings includes statistically lower salaries for women. According to Statistics Canada, the hourly wage for women ages 20 to 54 is about 12% less than men. Lower wages mean less money to put toward personal saving – and lower pension contributions in a defined contribution pension plan like CSS, where contributions are based on a percentage of your earnings. 
• Career interruptions: Women are often the primary caregivers when it comes to family. Women may need to take time off from work for maternity leave or to care for aging parents, for example. This can limit their ability to save for retirement. 
• Longer life expectancies: The average life expectancy for women is about 84 years versus 80 years for men (Statistics Canada, Health of Canadians, 2024). A longer life expectancy means more retirement savings are needed to last a lifetime. 
• Higher rates of less-than-full-time employment: Over 18 per cent of women over age 25 in Canada work less-than-full-time – about double the number of men in similar roles (Statistics Canada, 2025). Membership in a pension plan is often voluntary for less-than-full-time employees – additionally, less-than-full-time employees must often work a certain number of hours or reach a certain level of earnings before being eligible to join, further limiting the opportunity to save for retirement.  
  

Considering approximately 60% of CSS members are female, this is a topic we are paying close attention to. So what can be done to help women improve their retirement outcomes?  

“You need to take your finances into your own hands. Don’t rely on someone else,” says Marilyn Shipley, a CSS Retirement and Pension Advisor. “You might have a partner, but you still have to be financially sufficient yourself as well.” 

Marilyn – along with CSS Advisors Rhonda Rodh, Jessica Kreutzer and Shontelle Flaman – are all women and have faced the challenges of retirement planning first-hand. They offered the following tips to help women grow their financial confidence and security.

Understand your options 

“Leverage your employer benefits,” says Rhonda Rodh, CSS Retirement and Pension Advisor. 

If you're eligible, enrolling in your workplace retirement savings program is a powerful way to boost your future financial security. Many plans, including CSS, offer employer matching – meaning your employer contributes the same amount you do, doubling your savings. 

Women can also take advantage of flexible options to grow their pension, such as: 

• Making additional voluntary contributions (AVCs): These are extra contributions you can make to your CSS pension. While they aren’t matched by your employer, they can significantly increase your retirement savings. 
• Topping up your pension before or after maternity leave: This helps maintain your savings momentum during career interruptions. 
• Contributing during maternity leave: Depending on pension legislation and your employer’s policy, you may be able to continue contributing to CSS while on leave (in some cases, you might be responsible for both your own and your employer’s contributions). 

Understanding these options – and using them when possible – can make a meaningful difference in your retirement outcomes. 

Create a retirement plan 

“The planning piece is so important,” says Marilyn Shipley, CSS Retirement and Pension Advisor. “It just doesn’t happen, and I think that’s part of it. That planning and understanding of what your pension can do for you in retirement.” 

Taking the time to create a personalized retirement plan is one of the most important steps you can take toward financial security. It helps you understand your options, estimate how much you’ll need to save, and build a strategy to support the lifestyle you want in retirement. 

As a CSS member, you have access to myCSSPEN Compass®, a powerful planning tool that brings your retirement picture into focus. It considers all your sources of income – including CPP, OAS, and any spousal sources of income – and shows whether you’re on track to meet your goals. If you’re not, it offers practical tips to help you get there. 

Enhance your financial literacy 

“The actions are the same for both men and women,” says Jessica Kreutzer, CSS Retirement and Pension Advisor. “Evaluate, plan, and build your financial confidence.”  

When it comes to saving for retirement, information is power. By equipping yourself with knowledge about saving money, budgeting, investing and managing debt, you’ll be able to make informed decisions that are appropriate for your situation.  

Improving your financial literacy can also reduce stress. According to the Financial Consumer Agency of Canada, money is the number one source of stress for Canadians – more than work, relationships, or personal health. Financial stress can affect your mental health and overall wellbeing. 

Financial literacy isn’t just about knowing the numbers – it’s also about building healthy financial habits and behaviors that lead to better outcomes. CSS’ TimeWise online magazine offers a variety of articles on behavioural finance and tips for investing in your financial wellbeing. 

Talk to a financial advisor 

A trusted and qualified financial advisor can help you navigate the complexities of retirement planning. At CSS, our all-female Advisory Team has navigated many of the scenarios first-hand that can inhibit retirement savings for women.  

“We’ve all been through it before as Advisors," says Shontelle Flaman, CSS Retirement and Pension Advisor. “Contributing to pensions through our maternity leaves and all the scenarios. So to have a woman-to-woman conversation, we have the experience on our side. Hopefully our stories or our circumstances could empower women to make more informed decisions.” 

According to financial planning research, people who use professional financial planners tend to have higher incomes, more financial confidence, and less finance-related stress (Letkiewicz et al., 2016). 

To book a one-on-one phone or virtual meeting with an Advisor, please contact our office or book online here. 

Conclusion 

While the gender pension gap is real, it’s not insurmountable. With the right tools, knowledge, and support, women can take control of their financial futures and retire with confidence.