Office of the Superintendent of Financial Institutions
OTTAWA – April 15, 2014 – Canadians have made significant gains in longevity over the past century, and further gains are expected, according to an actuarial study by the Office of the Chief Actuary of Canada (OCA).
The study, “Mortality Projections for Social Security Programs in Canada: Actuarial Study No. 12” provides mortality estimates for beneficiaries of the Canada Pension Plan (CPP) and Old Age Security (OAS) program, benefit programs which cover the majority of the Canadian population.
“Canadians have made significant gains in longevity over the past century, and more recently at ages 65 and above,” said Canada’s Chief Actuary, Jean-Claude Ménard. “Over the last decade alone, life expectancy at age 65 increased by two years, a rate of growth of about twice that observed over previous decades.”
Future gains in longevity are projected to continue, with many Canadians expected to live beyond age 90 on average in the future, three years more than the average today. However, living to 100 will continue to be a challenge for most. Currently, five out of ten Canadians aged 20 are expected to reach age 90, while only one out of ten is expected to live to 100. Canada is projected to continue to have one of the highest life expectancies in the world along with Japan, France, Switzerland, Italy, and Australia.
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, OAS Program, Canada Student Loans Program, Employment Insurance, and pension and benefit plans that cover public servants, Members of Parliament, and the Canadian Forces among other groups.
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Media Contact: Annik FaucherOSFI - Public Affairsannik.firstname.lastname@example.org 613-949-8401