Financial Planning

Parliament expected to table report in December

By IE Staff |

The Office of the Chief Actuary has established a panel of actuaries to review the 21st Actuarial Report on the Canada Pension Plan.

The panel members have all been active in the Canadian Institute of Actuaries and are Fellows. They include James Paterson, who has previously reviewed the CPP Actuarial Report and will serve as chairman; Robert Brown who is a past president of both the CIA and the Society of Actuaries; and Mark Campbell, current chairman of the CIA Practice Standards Council.

Several measures were taken this year to further enhance the credibility of the review process. The British Government Actuary's Department selected the panel members and will also provide an independent opinion when the panel completes its work.

"Canadians and their Parliamentarians can be assured that this enhanced independent process ensures the highest degree of standards and international best practices will be applied to the actuarial work that our office produces," says Canada's chief actuary Jean-Claude Ménard.

Parliamentary tabling of the actuarial report is expected to take place in December. The panel will then have three months to perform the review. Once the GAD has issued its opinion, the review will be made public.

Produced every three years, the actuarial report on the CPP is considered by the federal and provincial finance ministers when reviewing and making recommendations to the CPP. The external peer review process was first introduced in January 1999.