Status of Women committee  Good afternoon Madam Chair, honourable members of the committee. Thank you for the opportunity to appear before you today to address the issues related to women's retirement income security. The primary role of the OCA is to provide actuarial services to the federal and provinci

Status of Women committee  If I may, if I present this information by age group, the picture will be completely different. The ratio I alluded to was the ratio for the age group 18 to 69. That is the contributory period for the Canada Pension Plan. If I look at younger workers, the 85%, and in some cases e

Status of Women committee  From 1966 to 1986, it was 3.6%. After that there was a gradual increase which reached 5.6% in 1996. There was a significant increase from 1996 to 2003. It went from 5.6% to 9.9%.

Status of Women committee  At the very outset of the Canada Pension Plan, it was agreed that the contribution rate would not be enough. Around the year 2000, there was a consensus that the rate should be increased, even though in 1966, the thinking on the birth rate, in particular, was quite positive. In t

Status of Women committee  These people navigated the global financial storm very well in 2008. The return in one calendar year was -14%. That is not a return to be proud of, however stock market indices went down all over the world. There was a global financial collapse and stock market indices went down

Status of Women committee  The last two quarters on the financial markets have been positive, exceeding expectations. In that sense, things have recovered from the previous eight quarters. During that time, returns were lower than forecast. However, how things will evolve is quite uncertain. Be that as it

Status of Women committee  Well, although it's my office, I'm not responsible for this particular section of the business of OSFI. But when I look at my responsibility for the Canada Pension Plan, everything that helps to reduce the volatility of financial markets is definitely helpful to all administrator

Government Operations committee  Mr. Chair, honourable members of the committee, good morning. Thank you for the opportunity to appear before you today. The primary role of the Office of the Chief Actuary is to provide actuarial services to the federal and provincial governments that are Canada Pension Plan sta

Government Operations committee  I can confirm that the amount you mentioned is right, and indeed the actuarial report has shown a surplus. I would say it's inevitable in a sense. People are living longer, which means they are dying later. It's clear that the insurance plan might develop surpluses over time. I

Government Operations committee  It's a very good question. It was first reported in the 2011 actuarial report. Before that there was a small surplus.

Government Operations committee  First, because the changes are looking forward, it means the balance sheet as of March 31, 2011, is not impacted, so the deficit is exactly the same. Over time, employees will pay a bit more than they previously paid and the government will pay a bit less. As the total curren

Government Operations committee  There has been a trend in other jurisdictions where the objective is to share what we call the current service costs 50-50. In the most recent Ontario budget, I think they mentioned that, as well as in Quebec. This trend of sharing the current service cost in equal parts betwee

Government Operations committee  I would like to add a piece of information, if I may. What you're saying is true. The actuarial report contains an assumption. Again, it's an average, because the total cost is evaluated using averages. On average, the surviving spouse is three years younger than the plan partici

Government Operations committee  Yes.

Government Operations committee  The answer is yes.