Independent peer reviews
To ensure we provide sound actuarial advice to Parliament and Canadians, we commission independent peer reviews of our actuarial reports on the Canada Pension Plan. Reviewers are Fellows of the Canadian Institute of Actuaries, or are members of other, equivalent actuarial associations.
These peer reviews verify that we are meeting high professional standards with our reports, and that they are based on reasonable assumptions.
| Title | Publication date |
|---|---|
| Review of the 31st Actuarial Report on the Canada Pension Plan | 2023-06-29 |
| Opinion of the United Kingdom Government Actuary's Department (GAD) on 31st CPP Report Peer Review | 2023-06-29 |
Summary of the review process
The United Kingdom (UK) Government Actuary's Department helps us verify the independent peer reviews of our actuarial report on the Canada Pension Plan. The UK Government Actuary's Department:
- ranks peer review applicants based on their qualifications to help us select reviewers
- provides an opinion on the reviewers' work once they've completed the review
The peer reviewers have 3 months to perform the review once the actuarial report is tabled in the House of Commons. This means that the work generally takes place from January to March. Once they've completed their review, the UK Government Actuary's Department has 1 month to provide an opinion on the reviewers' work.
Following the completion of the review and the opinion of the UK Government Actuary's Department, we publish the review publicly.
Terms of reference for the review process
In their reports, the reviewers should include opinions on these questions and provide recommendations:
- Is the professional experience of the Chief Actuary and the staff who worked on the report adequate for carrying out the work required?
- Did the Chief Actuary complete the work in compliance with the relevant professional standards of practice and statutory requirements?
- Did the Chief Actuary have access to the information required to perform the valuation? Were relevant tests and analysis on the data completed as might be expected?
- Were the actuarial methods and assumptions used in completing the report reasonable?
- Does the actuarial report communicate the results of the work performed by the Chief Actuary and their staff?
Be a part of the next independent peer review
If you’re an independent actuary with Canadian and international experience, you can submit a Peer Reviewer Application when the next report is available for review.
32nd Actuarial Report on the Canada Pension Plan peer review panel members
These are the names and biographies of the peer reviewers selected to review the 32nd Actuarial Report on the Canada Pension Plan.
Stephen Butterfield has thirty years of experience providing actuarial advice on defined benefit pension plans at a global consulting firm. This experience allowed him to take on important strategic senior roles, which include leading the executive pension team and representing the retirement risk management team. Mr. Butterfield was a member of the previous peer review panel for the 31st CPP Actuarial Report. Throughout his career, he has volunteered with the CIA and SOA on various committees and task forces. Mr. Butterfield also served as a member of the Board of Directors of the CIA and as Vice-Chair of the Actuarial Standards Board and acted as the Liaison with Government Authorities on Pension and Social Security Matters.
Iyad Hourani has thirty years of actuarial and consulting experience in employee benefits, pension schemes, social insurance, retirement systems and strategic advisory services. The experience he has gained throughout his career has enabled him to have strategic insight, business acumen, and global perspective. Mr. Hourani has led teams across Middle East and North Africa, delivering tailored solutions for governments and corporate clients. He is an active member of several professional bodies and serves on various committees, including the Committee of Actuaries of the United Nations Joint Staff Pension Fund.
Michel St-Germain has forty-five years of experience providing actuarial advice on defined benefit pension plans at a global consulting firm. He was a member of the previous peer review panel for the 31st CPP Actuarial Report. For many years he held senior roles and advised several large pension funds on design, financing and risk management. Mr. St-Germain actively uses his knowledge and experience through public discussions and collaboration with decision-makers on issues related to public and private pensions. He served as President of the CIA and was spokesperson for professional bodies, such as the Association of Canadian Pension Management.