No.
Evidence of meeting #88 for Finance in the 41st Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was rate.
A video is available from Parliament.
Evidence of meeting #88 for Finance in the 41st Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was rate.
A video is available from Parliament.
4:45 p.m.
Conservative
Brian Jean Conservative Fort McMurray—Athabasca, AB
So he's the only person taking a hit on this legislation that goes back some six years.
4:45 p.m.
NDP
Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC
One of the questions that were submitted by the Library of Parliament has to do with the impact of the amendments on unfunded liabilities. But could you first tell me what is the current amount in unfunded public sector pension liabilities?
4:45 p.m.
Director, Pensions and Benefits Sector, Treasury Board Secretariat
I'm sorry, I didn't hear the translations.
4:45 p.m.
NDP
Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC
I am going to try to find the word in English. Give me two seconds.
4:45 p.m.
NDP
Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC
What is the current amount in unfunded public sector pension liabilities?
4:45 p.m.
Executive Director, Pension Policy and Program, Treasury Board Secretariat
The net liability for the public sector plans is about $150 billion—$149 billion.
4:45 p.m.
NDP
Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC
What will the impact of this measure be on unfunded liabilities?
4:45 p.m.
Executive Director, Pension Policy and Program, Treasury Board Secretariat
What will the impact of these changes be? These changes don't change the funding of the plans. They just change the cost sharing of the plans.
4:45 p.m.
NDP
Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC
In other words, the liabilities will not be affected.
4:45 p.m.
Executive Director, Pension Policy and Program, Treasury Board Secretariat
No.
4:45 p.m.
NDP
Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC
What is the impact of the unfunded liabilities on the government's budget? Does that lead to costs? Does that create operating costs for the government's overall operations?
4:45 p.m.
Executive Director, Pension Policy and Program, Treasury Board Secretariat
Do you mean specific to the changes we are making?
4:45 p.m.
NDP
Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC
No, the question really has to do with the structure of the liability.
4:45 p.m.
Executive Director, Pension Policy and Program, Treasury Board Secretariat
I'm not sure what you mean by the structure of the liability.
4:45 p.m.
NDP
Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC
Is the unfunded liability going to create budget costs for the government, be they real costs or accounting costs?
4:45 p.m.
Executive Director, Pension Policy and Program, Treasury Board Secretariat
I can't speak as an accountant, but generally it's the annual current service amounts that affect the government on a budgetary basis. The overall pension liability is carried in the Public Accounts of Canada.
4:45 p.m.
Conservative
4:50 p.m.
NDP
Hoang Mai NDP Brossard—La Prairie, QC
Thank you, Mr. Chair.
Have studies or audits been done on the impact on attracting people to the public service? Have consultations been held with various groups about that?
4:50 p.m.
Executive Director, Pension Policy and Program, Treasury Board Secretariat
Yes, in accordance with legislation, there are pension advisory groups under each superannuation act. These pension advisory committees were consulted leading up to these changes.
