Chief Actuary of Canada Seeks External Peer Review Panel for Actuarial Report on the Canada Pension Plan
OTTAWA - The Office of the Chief Actuary (OCA) is commissioning an external peer review of its next Actuarial Report on the Canada Pension Plan (CPP), expected to be released in December 2010. Actuarial reports on the CPP are conducted every three years and are used by the federal and provincial ministers of Finance when reviewing and making recommendations on the CPP.
The peer review is intended to ensure that the actuarial reports meet high professional standards and are based on reasonable assumptions in order to provide sound actuarial advice to Canadians. The review will be conducted by persons enrolled with the Canadian Institute of Actuaries.
"This peer-review process has been in place for over 10 years and has generated a number of valuable recommendations," says Jean-Claude Menard, Canada's Chief Actuary. "We review and analyze each recommendation and have incorporated many of them to provide Canadians with more relevant information and to improve the quality and transparency of our actuarial reports. We look forward to the next review to further build on this successful process."
The United Kingdom Government Actuary's Department (GAD), recognized for its expertise in the field of social security, will select the members of the peer review panel through an open process and provide an independent opinion of the review. Members will be selected between July and September. Once the 25th Actuarial Report is tabled in Parliament, the panel will have three months to perform the review. When the review is completed, the GAD will have one month to provide an opinion on the work. The review will then be made public, as was done for previous CPP Actuarial Reports.
Application forms for anyone wishing to work on the review panel, as well as terms of reference, are available on OSFI's Web site at: http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?DetailID=377 and must be submitted by July 16, 2010.
Previous CPP Actuarial Reports and independent reviews are available at:
http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?DetailID=499 and http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?DetailID=377, respectively.