Chief Actuary of Canada unveils external peer review panel for Actuarial Report on the CPP

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FOR IMMEDIATE RELEASE

Attention: Business/Financial Editors

Chief Actuary of Canada unveils external peer review panel
for Actuarial Report on the CPP

OTTAWA - September 8, 2004 - The Office of the Chief Actuary (OCA) has announced the establishment of a panel of actuaries to review the 21st Actuarial Report on the Canada Pension Plan (CPP).

Produced every three years, the Actuarial Report on the CPP is considered by the federal and provincial finance ministers when reviewing and making recommendations to the CPP. The external peer review process was first introduced in January 1999.

The panel members have all been very active in the Canadian Institute of Actuaries (CIA) and are Fellows. They include James Paterson, who has previously reviewed the CPP Actuarial Report and will serve as chairman; Robert Brown who is a past president of both the CIA and the Society of Actuaries; and Mark Campbell, current chairman of the CIA Practice Standards Council.

Several measures were taken this year to further enhance the credibility of the review process. The United Kingdom Government Actuary's Department (GAD) - recognized for its expertise in the field of social security - selected the panel members and will also provide an independent opinion when the panel completes its work.

Canadians and their Parliamentarians can be assured that this enhanced independent process ensures the highest degree of standards and international best practices will be applied to the actuarial work that our office produces,
says Canada's chief actuary Jean-Claude Ménard.

 

Parliamentary tabling of the Actuarial Report is expected to take place in December. The panel will then have three months to perform the review. Once the GAD has issued its opinion, the review will be made public.

Previous CPP Actuarial Reports and independent reviews are available at:
http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?DetailID=499

The Office of the Chief Actuary operates independently within the Office of the Superintendent of Financial Institutions (OSFI) and provides actuarial services for key government plans and programs such as the CPP, Old Age Security, Canada Student Loans Program, and pension and benefit plans that cover public servants, members of Parliament, and RCMP among other groups.


Media Contact:
Rod Giles
Communications and Public Affairs
OSFI
(613) 993-1678
rod.giles@osfi-bsif.gc.ca