This article contributes to the debate concerning pension financialization and how countries are adapting their pension systems to respond to demographic ageing. We do so by examining the statutory pension systems of Canada and Finland, which diverge interestingly from current international trends. The Canadian and Finnish public pension schemes reflect two tendencies often associated with pension financialization: an increasing reliance on financial markets and an investment policy with a diversified asset allocation. However, unlike in many other countries, this has not resulted in heightened individual risks in old-age income security caused by a shift from defined benefit to defined contribution pensions – an otherwise common trend internationally.

中文翻译：

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加拿大和芬兰的养老金金融化和集体风险分担

本文为有关养老金金融化以及各国如何调整其养老金体系以应对人口老龄化的争论做出了贡献。我们通过研究加拿大和芬兰的法定养老金制度来做到这一点，这些制度与当前的国际趋势存在有趣的差异。加拿大和芬兰的公共养老金计划反映了与养老金金融化相关的两种趋势：对金融市场的日益依赖和资产配置多元化的投资政策。然而，与许多其他国家不同的是，这并没有导致从固定福利转向固定缴款养老金（这是国际上的普遍趋势）所导致的老年收入保障方面的个人风险上升。