For every $1 increase in CPP premiums, the average Canadian household reduced its private savings by almost $1.
Most Canadians are adequately prepared for retirement, making CPP expansion largely unnecessary.
The rate of return under the current CPP system is 2.1 per cent for Canadians born after 1971.
A narrow focus on pension assets overlooks non-pension assets such as stocks, bonds, real estate and other investments.
In 2014, these non-pension assets totalled $9.5 trillion, dwarfing the $3.3 trillion assets in the formal pension system.