Canadian Institute of Actuaries applauds report by the Expert Committee on the Future of Québec's Retirement System

OTTAWA, April 19, 2013 /CNW/ - The Expert Committee on the Future of Québec's Retirement System tabled a comprehensive, multifaceted report on the Québec pension system on Wednesday. This is a complex issue where a multitude of factors and parameters come into play.

The President-Elect of the Canadian Institute of Actuaries (CIA), Jacques Lafrance, said: "We greatly appreciate the work done by the members of the expert committee. The time has come to put long-term solutions into place."

We hope that these efforts contribute to a societal discussion that will help policymakers take the necessary measures to ensure an adequate retirement income for Québec's workers.

Of the committee's 21 recommendations, 15 are aimed at ensuring the sustainability of defined benefit pension plans. The Institute applauds the importance attached to these plans, as they offer major advantages and afford plan members greater financial security, making retirement income planning that much easier.

However, M. Lafrance pointed out that while some of the report's recommendations seek to further the discussion on a subject that affects Québec's workers, a more in-depth analysis will be required to gain a fuller picture of all the consequences. We hope that this will help create a more conducive environment for implementing defined benefit plans.

He added: "The actuarial profession will be pleased to work with the Régie des rentes du Québec in order to assess the formula for calculating transfer values and to identify the consequences for pension plan capitalization and for the workers affected by this recommendation."

The Canadian Institute of Actuaries is the national organization of the actuarial profession. The Institute is dedicated to serving the public through the provision, by the profession, of actuarial services and advice of the highest quality. In fact, the Institute holds the duty of the profession to the public above the needs of the profession and its members. Actuaries employ their specialized knowledge of the mathematics of finance, statistics, and risk theory on problems faced by pension plans, government regulators, insurance companies (both life and property/casualty), financial institutions, social programs, and individuals.

SOURCE: Canadian Institute of Actuaries

or to set up an interview with an actuary, contact Josée Racette, the CIA's project manager, communications and public affairs: 613-236-8196 ext. 107, or e-mail [email protected].

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