Office of the Superintendent of Financial Institutions
OTTAWA - September 12, 2013 – The Office of the Chief Actuary (OCA) has announced the establishment of a panel of actuaries to review the 26th 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 Ministers of Finance when reviewing and making recommendations on the CPP. This is the sixth external peer review of the CPP Actuarial Report. The external peer review process has been in place since 1999 and has generated a number of valuable recommendations that have been a source for continued improvements in the quality and transparency of actuarial reports.
The panel members are all Fellows of the Canadian Institute of Actuaries (CIA). The panel comprises Dr. Robert L. Brown, who is the current President-Elect of the International Actuarial Association (IAA) and also serves as an Officer of the organization and as a member of the Nominations Committee and Chair of the IAA Leaders’ Forum and Strategic Planning Subcommittee; Mr. Mark W. Campbell, a former member of the CIA Actuarial Standards Board; and Mr. Thomas D. Levy, a current member of the U.S. Actuarial Standards Board and former Vice-Chair of the CIA's Practice Standards Council. Each panel member has extensive experience in pension plan actuarial valuation and is a previous reviewer of the CPP Actuarial Report. Dr. Robert L. Brown will serve as Chair of the panel.
To ensure impartiality and to enhance the credibility of the peer review process, the globally recognized social security experts at the United Kingdom Government Actuary's Department (GAD) have selected the panel members and will also provide an independent opinion on the work done by the reviewers.
“The independent peer reviews of actuarial reports on the Canada Pension Plan have proven to be an authoritative reference for the quality of work conducted and help to promote Canadians’ confidence in the valuation of this important program. All of the panel reviewers are of the highest caliber, and I look forward to the results of their work,” says Canada's Chief Actuary, Jean-Claude Ménard.
The tabling of the Actuarial Report on the CPP is expected to take place before year end. After the report is tabled, the panel will have three months to perform its review and prepare a report. Once the GAD has issued its opinion, the review panel’s report and GAD’s opinion will be made public.
Previous CPP Actuarial Reports, independent reviews, and GAD’s opinions are available at the following link: http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=497
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