OTTAWA - September 15, 2016 – The Office of the Chief Actuary (OCA) announces the establishment of a panel of actuaries to review the 27th 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 seventh 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 and Fellows of the Society of Actuaries. The panel comprises Dr. Robert L. Brown, former President of the International Actuarial Association (IAA) and of the Canadian Institute of Actuaries (CIA); Mr. Mark W. Campbell, a former member of the CIA Blue Ribbon Task Force on Public Policy and former chair of the CIA Practice Standards Council; and Mr. Pierre Plamondon, currently an Actuarial Expert on social security pensions in collaboration with the International Labour Office (ILO) and former Chief Actuary at the Régie des Rentes du Québec. Each panel member has extensive experience in pension plan actuarial valuation.
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.
“This independent peer review will ensure that the work conducted by our Office remains of high quality, meets best standards of practice and provides unbiased, transparent, and relevant information in respect of the financial state of this important pension plan. All of the panel reviewers are highly qualified to perform the work, and our Office is looking forward to working with them in achieving their mandate,” 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 perform its review and should submit their report before March 31, 2017. 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 here.
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 the Canadian Forces among other groups.
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