Government Operations committee  Right in my head, no. As a rule of thumb, when you look at the public service, it's about 70% of the total liabilities of the RCMP, the Canadian Forces, and the public service. So if you do the math, you could do $4.4 billion divided by .07 and you would have a sense of the cur

Government Operations committee  It is the result of the credits made by employees and the government in the past.

Government Operations committee  Yes. There are two aspects to it, because you could say we had a small surplus in 2008. If I look at a longer period and I start with the 1999 report until now, at that time we projected that the life expectancy of public service men who were 65...that they would live until 85. I

Government Operations committee  I will give you a bit of a comparison with the OECD countries. There are mainly three ways to recognize the pension promise or the liabilities related to public servants. First, in Mexico, for example, you pay the retirees and you don't necessarily book the liabilities before, wh

Government Operations committee  In my view, there were not enough.

Government Operations committee  That's right.

Government Operations committee  Thank you for that question. The annual Report on the Public Service Pension Plan indicates that the ratio of pensioners to employees has remained relatively stable over the past 10 years, at around 60%. That figure is expected to hit 65% in the near future, 76% in 5 years and 8

Government Operations committee  I would like to first correct the $50 billion. It was actually $28 billion, and it was a national surplus. The decision was taken at that time through Bill C-78 to finance the liabilities—the pension benefits and the pension promise going forward—by tangible assets. I cannot comm

Government Operations committee  Yes. I think you are right to say that, especially when we compare Canada's situation with those of OECD countries. In many other countries, the pension liabilities are not reported in their books. In the case of Canada, we have been doing this for many decades now. Even then,

Government Operations committee  To answer that, I'd like to give you some information that is more relevant to the national level. As you know, the eligibility age for the old age security program went from 65 to 67. That change will start coming into effect in 2023 and be fully implemented by 2029. As for wha

Government Operations committee  As stated by Kim Gowing earlier, the public service pension plan deficit as at March 31, 2011, is $4.4 billion.

Government Operations committee  In the previous report, in 2008, there was a small surplus of about $1 billion.

Government Operations committee  And if you...oh, sorry.

Government Operations committee  If you look at how the situation evolved from 2008 to 2011, you will see in our report that many factors have affected the funding status of the plan. One item was, of course, the investment losses of 2008 and 2009. But another aspect of it is...I changed the assumptions of the r

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