Public Accounts committee  I would like to raise three issues. First, you mentioned the slower pace. We mentioned that there's already a provision of $7.7 billion to take into account the expected future improvements. Behind that number is that we are projecting a reduction of 40% in the mortality rates

Public Accounts committee  Thank you for your question. I am a member of the Canadian Institute of Actuaries, which has more than 2,000 members across Canada. Perhaps I can use your question to explain this. Of course when we do assumptions, for example, we have to consult with experts and with our coll

Public Accounts committee  Thank you, Mr. Chair. The actuarial report provides a number of scenarios. Stocks can generate additional returns, but they're volatile. Different scenarios show that, to the extent that future asset class correlations are consistent with what we've seen in the past, there could

Public Accounts committee  Mr. Chair, concerning the repurchasing of debt, I am not a specialist. That having been said, for several years now we have been doing what follows in the actuarial report. As you know, since 2000, pensionable years of service are capitalized and the funds are invested with the P

Public Accounts committee  Good afternoon, Mr. Chairperson, honourable members of the committee. Thank you for the opportunity to appear before you today. The Office of the Chief Actuary is an independent unit within the Office of the Superintendent of Financial Institutions. It offers a range of actuaria

Government Operations committee  I didn't have any input on this. This initiative is called the pooled registered pension plan. I have two observations to make. I would say the first is that size matters. Indeed, I think Bill Morneau released a report for the Ontario legislature and said in his report that in

Government Operations committee  According to Mr. Morneau's report, and based on his study, after $40 billion you start to get interesting returns with reasonable expenses.

Government Operations committee  Yes. A decision was taken to finance service after 2000. That means that even if it's an old plan, to some extent it's a very young plan for services after the year 2000, which means that in terms of cashflow, the contributions coming in are expected to be higher than the benefit

Government Operations committee  Well, the story is different, I would say. Every year now, we are releasing on our website a fact sheet page on registered pension plan coverage. In that two-page fact sheet you can see that about 87% or 88% of public sector pension plans continue to be covered by defined benef

Government Operations committee  We don't have a precise number on the demographic composition of the downsizing currently under way. What we do have, however, is a projection of these contributors, and according to the most recent report, we are projecting about 300,000 contributors in 2016-17. That's the numbe

Government Operations committee  We don't have precise numbers, but I'm ready to say that in 2014, in the next triennial report for the public service, we will take this into consideration and have more precise numbers in that.

Government Operations committee  I think it's just a reflection of what is happening in the Canadian population. When you look at the composition of workers aged between 20 and 69, we have seen a shift to older workers. Right now the average age of a new person in the public service is 34. Ten years ago it was 3

Government Operations committee  In terms of this part of my statement, I will say that it has a much more positive impact on the financial sustainability of the Canada Pension Plan, the fact that people are working longer.

Government Operations committee  Yes, and the government has introduced, with the agreement of the provinces, what we call the post-retirement benefit. In 2012, the work cessation test was removed from the Canada Pension Plan. Therefore, all Canadians have the choice and the flexibility between retirement income

Government Operations committee  Well, there is a deficit of about $4.4 billion for the public service. I will have to get back—