The government and the CPP have been deliberately using this fib for years. Fully funded means you could end the plan now, and future benefits would be paid for by the assets you already have in the kitty.  But for the CPP, it just means "we can take enough from younger workers to pay for the less-than-fully-funded pensions of those retired and soon to retire..."  It is not just the proposed expansion that is shaky - the existing plan is not quite fully funded, even using their BS definition.  Time to means test on wealth, not just income.   And cut pensions back to what is truly paid for, given present low interest rates.