Mr. Speaker, with regard to (a), as reported in the annual reports of the Canada pension plan, CPP, the CPP’s assets available for benefit payments as at March 31, 2011, were valued at $151.6 billion; at March 31, 2010, they were valued at $131.4 billion; and at March 31, 2009, they were valued at $110.0 billion.
With regard to (b), the CPP’s consolidated financial statements are included in the public accounts and published in the annual reports of the CPP. The cash balances reported in the CPP’s consolidated financial statements consist of the total cash held by the CPP account and the CPP Investment Board, the CPPIB.
As at March 31, 2011, the deposit with the Receiver General for Canada in the CPP account was $23 million and CPPIB's cash was $11 million, for a total of $34 million in the consolidated statement of financial position and the consolidated statement of cash flow.
As at March 31, 2010, the deposit with the Receiver General for Canada in the CPP account was $175 million and CPPIB’s cash was $5 million, for a total of $180 million in the consolidated statement of net assets and the consolidated statement of cash flow.
As at March 31, 2009, the deposit with the Receiver General for Canada in the CPP account was $90 million and CPIB’s cash was $5 million, for a total of $95 million in the consolidated statement of net assets and the consolidated statement of cash flow.¸
With regard to (c), according to the annual reports of the CPP, for fiscal year 2010–11, approximately $31.6 billion were paid in benefits; for 2009–10, approximately $30.4 billion were paid in benefits; and for 2008–09, approximately $29 billion were paid in benefits.
With regard to (d), the 25th actuarial report on the Canada pension plan was tabled in the House of Commons on November 15, 2010. The report presents the financial status of the CPP as at December 31, 2009. According to the report, the CPP is expected to meet its obligations and remain financially sustainable over the long term under a contribution rate of 9.9%.
The Chief Actuary is required under the legislation to produce an actuarial report on the CPP every three years. The CPP legislation also requires that the Chief Actuary prepare an actuarial report any time a bill is introduced in Parliament that has, in the view of the Chief Actuary, a material impact on the estimates in the most recent triennial actuarial report. This reporting ensures that the long-term financial implications of proposed plan changes are given timely consideration by the Minister of Finance.
With regard to (e), the next actuarial report is expected be tabled before Parliament in the fall of 2013. It will present the financial status of the plan as at December 31, 2012.