actuarial standards – Benefits Canada.com

PIAC responds to consultation on pension benefit security, windup valuations

mschmit — Fri, 04 Dec 2020 04:45:48 +0000

The Pension Investment Association of Canada is commenting on a consultation from the Canadian Institute of Actuaries’ actuarial standards board, providing feedback on benefit security, stress testing and windup valuations. In a letter, the PIAC said the meaning and mandated disclosures of benefit security are public policy issues for lawmakers and regulators. “While the views of the [actuarial standards […]

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CIA, FTSE Russell partner on commuted-value calculation

mschmit — Fri, 18 Sep 2020 11:15:13 +0000

The Canadian Institute of Actuaries has selected FTSE Russell to represent the provincial and investment-grade corporate bond spread to be used for the CIA’s new market-based commuted-value calculation. The calculation is used to determine how much to pay a member of a registered defined benefit pension who leaves the plan and elects to receive their […]

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Retraite Quebec introduces temporary measures for DB pensions

mschmit — Thu, 23 Apr 2020 11:20:02 +0000

Retraite Quebec is implementing two temporary easing measures to help supplemental pension plan administrators during the coronavirus outbreak. The measures involve extending deadlines for certain regulatory and legal obligations, as well as an update to the degree of solvency that must be taken into account for transfers and refunds under defined benefit pension plans. Deadlines for […]

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Are pension plans considering filing early valuations to lock in pre-coronavirus funded ratios?

mschmit — Tue, 14 Apr 2020 11:15:25 +0000

With coronavirus causing market volatility and an increase in the size of solvency liabilities, defined benefit pension plans are feeling the impact. One potential way for plan sponsors to ease the pain is by performing an early actuarial valuation to capture year-end 2019 numbers. While most Canadian jurisdictions require plans to file valuations every three years, […]

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CAPSA issues guidance on annuity quotes for pension solvency, hypothetical windup liabilities

mschmit — Wed, 15 May 2019 05:33:46 +0000

Generally, when a pension plan goes through a solvency or hypothetical windup valuation, the actuaries will value some of the expected liabilities as commuted lump-sum payments and some as annuity payments. When valuing the annuity portion, plan actuaries often use a proxy method based on guidance from the Canadian Institute of Actuaries. Instead of this […]

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Industry consulting on commuted-value standard in pension payments

mschmit — Thu, 21 Feb 2019 11:00:37 +0000

The Actuarial Standards Board is consulting on changes to key components of how the commuted value for a pension plan is calculated. The commuted-value standard is used to determine how much to pay a terminating plan member who chooses to take their pension payment as a lump sum. It’s also a key part of calculating […]

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Plan sponsors to consider new mortality improvement scale

mschmit — Wed, 10 Jan 2018 05:28:06 +0000

The Canadian Institute of Actuaries has published a new mortality improvement scale as part of an effort to better reflect Canadians’ increased longevity and harmonize actuarial work in the pension and life insurance industries. The organization put together a task force to look into mortality improvement last year and, following a consultation process, issued a report in September. The report provided […]

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Society of Actuaries releases new mortality tables

mschmit — Tue, 28 Oct 2014 11:08:34 +0000

The Society of Actuaries released updated mortality tables, which show that longevity in the United States is increasing.

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New all-Canadian pension mortality tables, improvement scales released

mschmit — Thu, 13 Feb 2014 08:15:28 +0000

The Canadian Institute of Actuaries has issued the first-ever mortality tables and mortality improvement scales that are based on pensioner mortality experience in this country.

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Pensions in for eventful but bumpy year

mschmit — Thu, 20 Jan 2011 11:50:51 +0000

Towers Watson released its 30th annual Canadian Survey of Economic Expectations and the results predict a low interest rate environment to continue—to the detriment of pension plan funding. But, there will be lots of action on other fronts in the pension industry. The survey is based on data gathered from mid-November to early December 2010 […]

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