Public Pensions and Elderly Mortality in Canada: Comparing Means Tested and Universal Eligibility, 1921–1966

We investigate the impact of two means-tested and one universal public pension programs on the mortality rates of recipient age groups in Canada for the period 1921– 1966. We find that only the universal program significantly reduced recipient age group mortality rates. The implied social value of the mortality risk reduction from this program is one-tenth of the value per statistical life associated with contemporary government policy, meaning that Canadians did not need to place a high value on the life of a senior to justify the cost of the universal program