Professional Development
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Vantage Venues – 150 King St. W.

Program

Tuesday, November 6, 2018

08:30 – 16:30 – Registration and CIA Information Desk 

09:30 – 09:35 – Opening Remarks 

Daniel Klein (FCIA), Chair, Investments Subcommittee of the Continuing Education Committee
Tulio Walles Mora (FCIA), Chair, Pension Subcommittee of the Continuing Education Committee

Seminar moderator:
June Smyth (FCIA), Chair, Continuing Education Committee

09:35 – 10:35 – Session 1: The New Québec and Ontario Pension Funding Rules from an Investment Perspective

Moderator: 
Jared Mickall (FCIA), principal, Mercer
Speakers: 
Maxime Carrier (FCIA), vice-president and director, TD Asset Management
Neil Lamb (FCIA), vice-president and director, TD Asset Management

In recent years, both the Québec and Ontario governments have introduced significant reforms to funding rules for plans registered in their respective jurisdictions. As the largest manager of defined benefit pension assets in Canada, TD Asset Management has had a number of clients impacted by these new funding rules. The speakers will share their observations on the impact of the new rules in each jurisdiction from an investment perspective.

10:40 – 11:40 – Session 2: Longevity Risk and the Implications of MI-2017

Moderator:
Alison Savill (FCIA), director, pricing, defined benefit solutions, Sun Life Financial 
Speakers: 
Gale Kelly*, partner, professional practice, audit, KPMG
Steven Rimmer*, modeler, RMS LifeRisks 

New generations are benefitting from tremendous advancements in medical science and can expect to live significantly longer than their grandparents. In light of this, the CIA Task Force on Mortality Improvement published a report in September 2017 to address longevity improvement trends by presenting the MI-2017 improvement scale. Join us to hear Risk Management Solutions (RMS) share their perspective on current longevity trends in Canada and learn how MI-2017 fits in. This session will also cover how auditors view the use of MI-2017 for accounting purposes.

11:40 – 12:40 – Luncheon 

12:45 – 14:00 Session 3: Climate Change Considerations for Pension Valuations

Moderator:
Tulio Walles Mora (FCIA), actuary, Eckler
Speakers: 
Zahir Bhanji (FCIA), vice-president and chief financial officer, US insurance, Manulife/John Hancock
Karen Lockridge (FCIA), principal, responsible investment, Mercer

Actuarial practice is not immune to the ever-increasing scrutiny related to the financial implications of climate change. However, it may not be obvious to pension actuaries how to assess the potential impact of climate change and how to reflect this in actuarial assumptions and related disclosure of pension plans.

In this session, speakers will provide a brief overview of the climate science, and the potential knock-on impacts to the financial system, which may have significant implications for all asset owners, including pension funds. The session will also consider these impacts from the perspective of the pension actuary, including general considerations with respect to evolving actuarial practice, as well as the use of specific tools such as climate change scenario analysis, which may be used to inform capital market assumptions. 

14:05 – 15:05 –  Session 4: State of the Private Debt Market

Moderator:
Martin Bélanger (FCIA), director, investments, Western University
Speaker: 
Richard Bradlow*, partner, Penfund
Theresa Shutt*, chief investment officer, IAM Private Debt Group

The private debt market has exploded in recent years due to the low interest rate environment and bank retrenchment from the space. Private debt offers competitive returns and low correlation with other asset classes, characteristics that are prized by institutional investors. The private debt market can be classified into a number of different subcategories, with the most common being the seniority of the capital structure, the type of lending transaction (corporate, real estate, infrastructure), and geography. Our panellists will explore opportunities in the senior debt segment of the market (infrastructure and senior direct lending) and in the junior debt segment (mezzanine and subordinated real estate debt), at this stage of the business cycle.

15:05 – 15:15 – Refreshment Break

15:15 – 16:15   Session 5: Ten Years After the Economic Crisis, What’s the Outlook Today?

Moderator: 
Daniel Klein (FCIA), assistant vice-president, financial risk management, Foresters Financial
Speaker:  Benjamin Tal*, deputy chief economist, CIBC World Markets

A decade after the economic crisis of 2008 wreaked havoc throughout the financial industry, the markets find themselves in a precarious position. A very long bull market and healthy GDP growth face uncertainty with trade wars on the rise, government finances strained, and consumer spending benefitting from historically low but now rising interest rates. Are there lessons from 2008 that are relevant today?

16:15 – 16:20 – Closing Remarks

Daniel Klein (FCIA), Chair, Investments Subcommittee of the Continuing Education Committee
Tulio Walles Mora (FCIA), Chair, Pension Subcommittee of the Continuing Education Committee

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