The work performed by the Office of the Chief Actuary on the 23rd Actuarial Report on the Canada Pension Plan meets all professional standards of practice and statutory requirements, according to an external peer panel.
The panel also finds that the assumptions and methods used in the report are reasonable.
“The findings are very positive and accurately reflect the high level of expertise, cooperation and commitment demonstrated by the staff of the Office of the Chief Actuary,” says Jean-Claude Ménard, Canada’s chief actuary. “Professionalism and objectivity are the basis of effective actuarial work and I am pleased to see the peer review findings reflect those elements in our reporting.”
The actuarial report, released last October, found that the CPP is financial sustainable and that the legislated contribution rate of 9.9% for years 2010 and thereafter is sufficient to pay future expenditures.
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The review also resulted in 12 recommendations dealing with various aspects of the report including data, methodology, communication of results, and other actuarial issues.
The recommendations ask the chief actuary to maintain the tradition of continual improvements to actuarial methods and to work towards addressing the needs of both the broad audience and more technical readers of actuarial reports.
The actuarial report is produced every three years and the external peer review process was first introduced in 1999.
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