Office of the Superintendent of Financial Institutions
For Immediate Release
OTTAWA – May 3, 2016 – Office of the Chief Actuary of Canada
The Office of the Chief Actuary (OCA) is commissioning an external peer review of its next Actuarial Report on the Canada Pension Plan (CPP), expected to be released in December 2016. 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 also endorsed plans to establish 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 assumptions in order to provide sound actuarial advice. The review will be conducted by persons enrolled with the Canadian Institute of Actuaries.
The United Kingdom Government Actuary’s Department (GAD), recognized for its expertise in the field of social security, will select the members of the peer review panel through an open process, and will provide an independent opinion of the review. Once the 27th Actuarial Report as at 31 December, 2015 is tabled in Parliament, the panel will have three months to perform the review. When the review is completed, GAD will have one month to provide an opinion on the work. The review will then be made public, as was done for previous peer review reports of the CPP Actuarial Reports.
Application forms and the terms of reference are available on OSFI’s Web site and must be submitted by July 15, 2016.
Previous CPP actuarial reports and independent peer reviews are also available on OSFI’s website.
“First recommended by the federal and provincial finance ministers some twenty years ago, external peer reviews have contributed significantly to the quality, transparency and credibility of our actuarial reports”, says Jean-Claude Ménard, Canada’s Chief Actuary. “We carefully analyze each recommendation and many have been implemented over the years. We look forward to the next independent review to further improve the content of our actuarial report and to reinforce 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.
OSFI – Public Affairs