OTTAWA – May 1st, 2014 – The Office of the Chief Actuary (OCA) has released the findings of an external panel commissioned to review the 26th Actuarial Report on the Canada Pension Plan (CPP).
The external peer review panel’s findings confirm that the work performed by the OCA on the Report meets all professional standards of practice and statutory requirements. The panel concluded that the methods used were reasonable and that the assumptions, both individually and in the aggregate, were also reasonable. Since 1999, the Office of the Chief Actuary (OCA) has requested external peer reviews as part of its efforts toward continual improvements in actuarial reporting on the CPP. The most recent panel’s report includes eight (8) recommendations dealing with various aspects of the reporting process, including data, methodology, assumptions, and communication of results.
“The external peer review panel’s recommendations will help improve our ongoing valuations of the CPP and the communication of the results, thereby improving public understanding and confidence in the Plan,” said Canada’s Chief Actuary, Jean-Claude Ménard.
To increase further the transparency and independence of the review process, the United Kingdom Government Actuary’s Department (GAD) – renowned for its expertise in social security – selected the external peer review panel members and provided an opinion that affirms the adequacy and reasonableness of the reviewers’ work. The external peer review panel was composed of Robert L. Brown, FCIA, Mark W. Campbell, FCIA, and Thomas D. Levy, FCIA.
Produced every three years, the Actuarial Report on the CPP is considered by the federal and provincial finance ministers when reviewing and making recommendations regarding the Plan.
CPP Actuarial Reports can be found at: http://www.osfi-bsif.gc.ca/Eng/oca-bac/ar-ra/cpp-rpc/Pages/default.aspx and independent reviews can be found at: http://www.osfi-bsif.gc.ca/Eng/oca-bac/ipr-rip/Pages/default.aspx.
The Office of the Chief Actuary operates independently within the Office of the Superintendent of Financial Institutions Canada (OSFI) and provides actuarial services for various key government plans and programs including the Canada Pension Plan, Old Age Security Program, and pension and benefit plans that cover public servants, Members of Parliament, and the Royal Canadian Mounted Police, among other groups.
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