Office of the Superintendent of Financial Institutions
Good morning, Mr. Chair, Honourable members of the Committee. Thank you for the opportunity to appear before you today.
The primary role of the Office of the Chief Actuary (OCA) is to provide actuarial services to the federal and provincial governments that are Canada Pension Plan stakeholders. While I report to the Superintendent of Financial Institutions, I am solely responsible for the
content and actuarial opinions reflected in the reports prepared by my office.
The OCA conducts statutory actuarial valuations on the CPP, Old Age Security Program, and pension and benefits plans covering the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police, federally appointed judges, and Members of Parliament. Since 2001, we have also performed annual actuarial reviews of the Canada Student Loans Program.
In addition, whenever an amendment is made that has a significant impact on the financial status of a public pension plan falling under the statutory responsibilities of the Chief Actuary, the OCA must submit an actuarial report to the appropriate minister.
Changes to the pension plan for members of House and Senate were recently introduced in Bill C-45: A second Act to implement certain provisions of the budget tabled in Parliament on March 29, 2012 and other measures, and more recently in Bill C-46: An Act to amend the Members of Parliament Retiring Allowances Act.
The main changes put forth to members retirement allowances, that is, their pensions are as follows:
Thank you for the opportunity to appear before this Committee to discuss the amendments to the Members of Parliament Retiring Allowances Act. I would be pleased to answer any questions that you might have.