Chief Actuary of Canada Seeks External Peer Review Committee for the 31st Actuarial Report on the Canada Pension Plan

OTTAWA, ON, May 18, 2022 /CNW/ – The Office of the Chief Actuary (OCA) is commissioning an external peer review of its next (31st) Canada Pension Plan (CPP) Actuarial Report, to be released in December 2022. CPP actuarial reports are produced every three years and are used by federal and provincial finance ministers when reviewing and making recommendations on the CPP. Federal and provincial finance ministers support regular peer reviews of CPP actuarial reports.

External peer review aims to ensure that 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 (FCIA), as well as possibly another fully qualified actuary (equivalent to a Fellow of the CIA) who belongs to another actuarial association and Complies with CIA professional standards.

The United Kingdom’s Government Actuary’s Department (GAD), recognized for its expertise in the field of social security, will participate in the selection of the external members of the peer review committee by ranking them according to their comparative qualifications as as independent actuaries, and will provide an independent opinion of the review, once completed. The review will then be made public, as has been done for previous peer review reports.

Application forms and the Terms of reference are available and must be submitted before the end of the day on July 15, 2022. Previous CPP Actuarial Reports and independent peer reviews are also available.

Estimate

“We live in an environment with high levels of uncertainty. The external peer reviews of CPP actuarial reports serve an important purpose, which is not only to improve the quality and credibility of our reports, but also to assure Canadians that we are making every effort to meet to future uncertainties. All of the recommendations provided by these reviews are carefully considered, and many of them have been implemented over the years. We are confident that the upcoming independent review will provide new insights into how to further improve the quality of our work. and strengthen the independence of our office.”

– Assia Billig, Chief Actuary of the Government of Canada.

About OCA

the Office of the Chief Actuary (BAC) 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, the Old Age Security program, the insurance, the Canada student financial assistance program, and the pension and benefit plans that cover public servants, MPs, and the RCMP, among other groups.

Related links

SOURCE Office of the Superintendent of Financial Institutions

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Shirlene J. Manley