Office of the Superintendent of Financial Institutions
For Immediate Release
April 16, 2019 - OTTAWA - Office of the Chief Actuary of Canada
The Office of the Chief Actuary (OCA) is commissioning an external peer review of its next (30th) Actuarial Report on the Canada Pension Plan (CPP), expected to be released in December 2019. Actuarial reports on the CPP are conducted every three years and are used by the federal and provincial ministers of Finance when reviewing and making recommendations on the CPP. The federal and provincial finance ministers endorse regular peer reviews of actuarial reports on the CPP.
The external peer review is intended to ensure that the actuarial reports meet high professional standards, and are based on reasonable methods and assumptions. The review will be conducted by individuals who are Fellows of the Canadian Institute of Actuaries (FCIAs), as well as possibly one other fully qualified actuary who belongs to another actuarial association and complies with the professional standards of the CIA.
The United Kingdom Government Actuary's Department (GAD), recognized for its expertise in the field of social security, will select the peer review panel members through an open process, and will provide an independent opinion of the review, once completed. The review will then be made public, as it was done for previous peer review reports.
Application forms and the terms of reference are available on OSFI's website and must be submitted by 16 June 2019. Previous CPP actuarial reports and independent peer reviews are also available on OSFI's website.
"External peer reviews of the CPP actuarial reports serve to improve the quality and credibility of our reports" said Assia Billig, Canada's Chief Actuary. "Over the years, peer reviews recommendations have been carefully considered and many of them implemented. We are confident that the upcoming independent review will bring fresh perspectives to continue to improve the quality of our work and strengthen the independence of our office."
The Office of the Chief Actuary (OCA) operates independently within the Office of the Superintendent of Financial Institutions (OSFI) and provides actuarial services for various key government plans and programs such as the Canada Pension Plan, Old Age Security, Employment Insurance, Canada Student Loans Program and pension and benefit plans that cover public servants, Members of Parliament, and the RCMP among other groups.
Annik FaucherOSFI – Public AffairsAnnik.Faucher@osfi-bsif.gc.ca 613 949-8401