Chief Actuary of the Government of Canada unveils external peer review panel for 31st Actuarial Report on the Canada Pension Plan

The Office of the Chief Actuary (OCA) announced today the composition of a panel of actuaries to review the 31st Actuarial Report on the Canada Pension Plan (CPP).

Produced every three years, the Actuarial Report on the CPP is considered by the federal and provincial Ministers of Finance 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 continued improvements in the quality and transparency of actuarial reports.

The panel members include Mr. Stephen Butterfield, Mr. Michel St-Germain and Ms. Jill Wagman. They are all Fellows of the Canadian Institute of Actuaries (CIA) and Fellows of the Society of Actuaries (SOA). Each panel member has extensive experience in risk management, governance, funding, and design of pension plans.

To ensure impartiality and to enhance the credibility of the peer review process, the selection of the panel is based on the recommendations of the globally recognized social security experts at the United Kingdom Government Actuary's Department (GAD). The GAD will also provide an independent opinion on the work done by the reviewers.

The tabling of the Actuarial Report on the CPP is expected to take place before December 31, 2022. After the report is tabled, the panel will perform its review and submit their report by April 2023. Once the GAD has issued its opinion, the review panel’s report and GAD’s opinion will be made public.

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“The external peer review process allows continuous improvements in the content of triennial CPP actuarial reports. It ensures that the report is prepared in accordance with actuarial standards of practice, and that it provides information that is accurate and relevant to Canadians and other stakeholders. The current challenging environment and increasing uncertainty reinforces the importance of the CPP peer review process. The Office welcomes the opportunity to work with a highly qualified and professional peer review panel for the review of the 31st CPP Actuarial Report.”

- Assia Billig, Chief Actuary

Panel members

Mr. Stephen Butterfield has thirty years of experience providing actuarial advice on defined benefit pension plans at a global consulting firm. This rich experience allowed him to take on important strategic senior roles, which include leading the executive pension team and representing the retirement risk management team. Since the beginning of his career, Mr. Butterfield has continuously volunteered with the CIA and SOA on various committees and task forces. He also served as a member of the Board of Directors of the CIA and as Vice-Chair of the Actuarial Standards Board and acted as the Liaison with Government Authorities on Pension and Social Security Matters.

Mr. Michel St-Germain has forty-five years of experience providing actuarial advice on defined benefit pension plans at a global consulting firm. For many years he held senior roles. Mr. St-Germain actively uses his knowledge and experience through public discussions and collaboration with decision-makers on issues related to public and private pensions. He served as President of the CIA and was a member of the Actuarial Public Oversight Board as well as the International Actuarial Association Forum on Pensions, Benefits and Social Security, and he continues his work with the CIA.

Ms. Jill Wagman is a Managing Principal at an actuarial consulting firm and has thirty years of experience working in the retirement industry. She was a member of the previous peer review panel for the 30th CPP Actuarial Report and conducted an independent review of the Ontario Retirement Pension Plan Actuarial Funding Report. She is a member of many professional boards, including her role as Chair of the Board of Directors for her current employer. Ms. Wagman has also served as the Vice-Chair of the Actuarial Standards Oversight Council and volunteered with the CIA on various committees.