Independent review supports 31st Actuarial Report on the Canada Pension Plan

OTTAWA, ON, June 29, 2023 /CNW/ - The Office of the Chief Actuary (OCA) today released the findings of an independent panel's review of the 31^st Actuarial Report on the Canada Pension Plan (CPP).

The review, by a panel of three independent actuaries, found that the OCA's work on the 31^st CPP Actuarial Report complied with statutory requirements as well as all relevant professional standards of practice, and that the methods and assumptions were reasonable. They found that the Chief Actuary and the OCA staff acted with competence, commitment, and professionalism in the preparation and follow-up of the 31^st CPP Actuarial Report.

The panel made 17 recommendations aimed at continuing to enhance the CPP actuarial reports. The panel highlighted the context of heightened risk and uncertainty. With this in mind, they emphasized the need for continued in-depth analysis and forward-looking approaches when developing assumptions, sensitivity measures, and alternative scenarios.

The OCA produces an actuarial report on the CPP every three years. The report allows for a better understanding of the financial state of the CPP, resulting in a more-informed public discussion.

Since 1999, the OCA requests external peer reviews to ensure continual improvements in actuarial reporting on the CPP. This cycle, the OCA sought the expertise of the Government Actuary's Department of the United Kingdom to suggest panel members and to advise on the work of the panel and their report.

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"Thank you to all three independent actuaries for their expertise and thorough work in reviewing the 31^st CPP Actuarial Report. The panel's recommendations are valuable to the OCA's aspiration to be recognized as the independent, impartial, and trusted actuarial centre of excellence of the Government of Canada."

— Assia Billig, Chief Actuary of the Government of Canada

Related links

• Review of the 31st Actuarial Report on the Canada Pension Plan (osfi-bsif.gc.ca)
• Opinion of the United Kingdom Government Actuary's Department (GAD) on 31st CPP Report Peer Review (osfi-bsif.gc.ca)
• Actuarial Report (31st) on the Canada Pension Plan (osfi-bsif.gc.ca)
• Office of the Chief Actuary (osfi-bsif.gc.ca)

SOURCE Office of the Superintendent of Financial Institutions

OSFI - Media Relations, Email: [email protected], Telephone: [phone]