OTTAWA (ON), October 17, 2022 /CNW Telbec/ – The Office of the Chief Actuary (OCA) today announced the composition of a panel of actuaries to review the 31st Canada Pension Plan (CPP) Actuarial Report.
Produced every three years, the CPP Actuarial Report is reviewed by federal and provincial finance ministers as part of their statutory triennial financial review of the CPP. This is the ninth external peer review of the CPP actuarial report since 1999. These reviews generate valuable recommendations that have been a source of continuous improvement in the quality and transparency of actuarial reports.
Panel members include Mr. Stephen ButterfieldMr. Michael St Germain and Mrs. Jill Wagman. They are all Fellows of the Canadian Institute of Actuaries (CIA) and Fellows of the Society of Actuaries (SOA). Each committee member has extensive experience in risk management, governance, funding and pension plan design.
To ensure the impartiality and enhance the credibility of the peer review process, panel selection is based on recommendations from globally recognized social security experts from the UK’s Government Actuary’s Department (GAD). The GAD will also provide independent advice on the work carried out by the examiners.
Filing of the CPP actuarial report should take place before December 31, 2022. Once the report has been tabled, the committee will examine it and submit its report before April 2023. Once the GAD has issued its advice, the review panel’s report and the GAD’s advice will be made public.
“The external peer review process helps to continually improve the content of the triennial actuarial reports on the CPP. It ensures that the report is prepared in accordance with actuarial standards of practice and that it provides accurate and relevant information for Canadians and other stakeholders. The current difficult environment and growing uncertainty reinforce the importance of the RPC peer review process The Office looks forward to working with a highly qualified and professional peer review committee for the review of the 31st CPP Actuarial Report. »
– Assia Billigchief actuary
Mr. Stephen Butterfield has thirty years of experience providing actuarial advice on defined benefit pension plans in a global consulting firm. This wealth of experience has allowed him to take on important strategic leadership roles, including leading the senior management pension team and representing the pension risk management team. Throughout his career, Mr. Butterfield has continuously volunteered with the CIA and SOA on various committees and task forces. He was also a member of the CIA Board of Directors and Vice-Chairman of the Actuarial Standards Board and acted as a liaison with government authorities on pension and social security issues.
Mr. Michael St Germain has forty-five years of experience providing actuarial advice on defined benefit pension plans in a global consulting firm. For many years he held leadership positions. Mr. Saint Germain actively uses its knowledge and experience through public discussions and collaboration with decision makers on issues related to public and private pensions. He has served as President of the CIA and as a member of the Actuarial Council of Public Oversight as well as the International Actuarial Association Forum on Pensions, Benefits and Social Security, and continues his work with the CIA.
M/s. Jill Wagman is a senior director of an actuarial consulting firm and has thirty years of experience in the retirement industry. She was a member of the previous peer review committee for the 30e CPP Actuarial Report and conducted an independent review of the Actuarial Report on the Funding of the Ontario Pension Plan. She is a member of numerous professional boards, including serving as chair of the board of directors of her current employer. Ms. Wagman has also served as Vice-Chair of the Actuarial Standards Oversight Council and has volunteered with the CIA on various committees.
The Office of the Chief Actuary operates independently within the Office of the Superintendent of Financial Institutions (OSFI) and provides actuarial services for major government plans and programs such as CPP, Old Age Security, the Canada Student Financial Assistance Program, the Employment Insurance Program, as well as pension and benefit plans that cover public servants, the Royal Canadian Mounted Police and the Canadian Forces, among other groups.
SOURCE Office of the Superintendent of Financial Institutions
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