The work performed by the Office of the Chief Actuary (OCA) on the 26th Actuarial Report on the Canada Pension Plan (CPP) meets all professional standards of practice and statutory requirements, according to an external peer review panel’s findings.
The panel concluded that the methods used were reasonable and that the assumptions, both individually and in the aggregate, were also reasonable.
Since 1999, the OCA has requested external peer reviews as part of its efforts toward continual improvements in actuarial reporting on the CPP.
The most recent panel’s report includes eight recommendations dealing with various aspects of the reporting process, including data, methodology, assumptions and communication of results.
“The external peer review panel’s recommendations will help improve our ongoing valuations of the CPP and the communication of the results, thereby improving public understanding and confidence in the plan,” says Jean-Claude Ménard, Canada’s chief actuary.
To increase further the transparency and independence of the review process, the United Kingdom Government Actuary’s Department, known for its expertise in social security, selected the external peer review panel members and provided an opinion that affirms the adequacy and reasonableness of the reviewers’ work.
The external peer review panel was composed of Robert L. Brown, Mark W. Campbell and Thomas D. Levy.
Produced every three years, the Actuarial Report on the CPP is considered by the federal and provincial finance ministers when reviewing and making recommendations regarding the plan.
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