Canada’s actuaries commend the extensive work done by the Ontario Expert Commission on Pensions, the Canadian Institute of Actuaries said Friday.

The Expert Commission released its report on Thursday.

“Seeing many of the ideas in the Institute’s submission to the Commission, and in our Prescription for Canada’s Ailing Pension System, reflected in the final report tells Ontarians that Commissioner Harry Arthurs was not only listening, but understanding,” said Michael Hale, President of the Canadian Institute of Actuaries,

“We were especially pleased to see his support of our call for a National Pension Reform Summit of pension ministers, to investigate ideas to foster long-term improvements in Canada’s pension system. He has expressed the need to help create a more positive environment to halt the decline in DB plans and encourage their growth, an objective fully supported by the Institute. However, we would have preferred to see more tangible recommendations in the report to this effect.” Hale.

The institute notes that other positive long-term elements of the report include support for cooperation and harmonization of regulation among Canadian jurisdictions, encouraging the work to secure needed changes to federal tax and insolvency legislation and eliminating some uncertainty in the laws applicable to pension plans.

“This report deals with a very complex and technical topic that has a direct and simple impact on Ontarians. As we continue to review the recommendations over the coming days, we are hoping to find even more common ground to resolve the difficult issues facing defined benefit pension plans,” said Hale.

IE