Thank you for the question.
I'll start with the 32nd actuarial report, which was tabled on December 8, 2025. It shows an assessment and the financial health of the plan over the next 75 years. It confirms that the Canada Pension Plan is financially sustainable, with the minimum contribution rate set at about 70 basis points below the statutory rate of 9.9% for the base plan.
The 33rd actuarial report is a supplemental report to the 32nd actuarial report. It is based on the same general assumptions as the 32nd actuarial report. The only difference is that it reflects the proposed change in Bill C-30, which was done pursuant to the existing legislation in the Canada Pension Plan, section 115.
In terms of the report, regarding nominal versus real, I'll just say that the chief actuary, in fulfilling the report, follows actuarial principles in analyzing the financial health of the plan. There are inflation assumptions built into the numbers for benefits, contributions, growth of employee earnings, the increase in employment earnings, where it's forecasted to go, and how that feeds into contributions and benefits paid out.