Canadian pension firm Common Wealth secures $29.9m funding

September 4, 2025

Common Wealth Pension Services Inc., a digital retirement platform based in Canada, has received major backing from the federal government as part of a new initiative to boost financial security for care workers.

The Government of Canada has invested over $29.9m into the organisation under the Personal Support Worker Retirement Savings Innovation Program. The announcement was made by the Honourable Patty Hajdu, minister of jobs and families and minister responsible for the Federal Economic Development Agency for Northern Ontario, alongside the Honourable Stephanie McLean, secretary of state for seniors.

Common Wealth, which provides digital group retirement services, will use the funding to help thousands of personal support workers (PSWs) establish retirement accounts. Over the next 24 months, the firm will incentivise account openings and match contributions in a bid to strengthen long-term savings. The project aims to enrol more than 5,000 PSWs and build up $40m in retirement savings.

The platform integrates planning, saving, investing, annuities and access to expert advice, and is designed to help Canadians improve their retirement outcomes. Common Wealth already collaborates with brokers and financial advisors across the country to extend access to retirement plans, particularly for those who currently lack workplace pensions.

Patty Hajdu said, “A strong economy depends on a thriving care sector and the hard workers behind it. Through these measures, we’re supporting personal support workers by helping them build a financial safety net and retire with confidence. With the collaboration and advocacy of unions in the healthcare sector, these efforts will strengthen its workforce and ensure Canadians have access to high-quality, and reliable care across the country.”

Stephanie McLean added, “We recognize the incredible work of personal support workers across the country. They take care of our loved ones and provide support to older Canadians who want to age at home for as long as possible. They deserve the same retirement benefits as other health care workers. Everyone should have access to a secure retirement.”

Alex Mazer, co-founder and CEO of Common Wealth, said, “This partnership with my65+ is a major step forward for retirement inclusion and innovation in Canada. Despite recent improvements such as the CPP enhancement, 11 million Canadians still lack access to a retirement plan at work, and over half have less than $5,000 saved for retirement.

“Through this funding from the federal government, PSWs can quickly access thousands of dollars in incentives by enrolling on their phone – creating a retirement plan, starting to save, and getting education and support. Our goal over the next two years is to help more than 5,000 PSWs begin saving for retirement.”