Our accountability framework
The Office of the Chief Actuary was created to provide actuarial and other services to the Government of Canada and provincial governments who are stakeholders in the Canada Pension Plan. Because we’re outside of the departments that use our services, we can be impartial and independent as we carry out our mandate.
Accountability of plans and programs
We follow the requirements laid out in the various plans and acts we’re responsible for reporting under.
Canada Pension Plan
The Canada Pension Plan requires us to conduct an actuarial review of the plan every 3 years. We’ll undertake additional reviews of the plan whenever a bill is introduced in Parliament that might have a significant impact on the financial status of the plan. These supplemental actuarial reports value the impact of any changes against the most recent regular report.
The Public Pensions Reporting Act requires us to conduct actuarial valuations every 3 years of the pension plans established under the following acts:
- Canadian Forces Superannuation Act
- Members of Parliament Retiring Allowances Act
- Public Service Superannuation Act
- Royal Canadian Mounted Police Superannuation Act
- Judges Act
- Old Age Security Act
Financial assistance for students
Under the Canada Student Financial Assistance Act, we must prepare a report every 3 years on the financial assistance provided under this act. This report includes:
- a forecast of the costs and revenues of the program for the next 25 years
- an evaluation of the program’s overall financial costs
Under the Employment Insurance Act and Department of Employment and Social Development Act, we prepare annual actuarial forecasts and estimates to set the Employment Insurance premium rate.
External peer reviews
As part of our policy of ensuring that we’re providing sound and relevant advice to Members of Parliament and to Canadians, we commission external peer reviews of our actuarial reports on the Canada Pension Plan. This external peer review process has been in place since 1999. It’s generated many valuable recommendations that have helped us improve the quality of our actuarial reports.
Read more about our independent peer reviews.
Audits of government liabilities
The Auditor General uses our actuarial work to audit the Government of Canada’s liabilities related to:
- severance benefits
- student loans
- health and dental post-retirement benefits
- workers’ compensation benefits
- veterans’ future benefits