Professional Development

Pension Seminar

Toronto - November 13, 2013


07:00 – 15:00          Registration and CIA Information Desk

07:00 – 08:00          Hot Buffet Breakfast

08:00 - 08:10           Opening Remarks

08:10 – 09:10 – Session 1 PPFRC update
Heather Wolfe (FCIA), assistant vice-president, defined benefit solutions, Sun Life Financial
Manuel Monteiro (FCIA), partner, Mercer Canada
Nilesh Patel (FCIA), vice-president and director, TD asset management

In this session, the Committee on Pension Plan Financial Reporting (PPFRC) will provide an update on its activities over the past year, as well as upcoming initiatives. In particular, it will discuss recent changes to the guidance regarding group annuity purchase pricing, the use of alternative settlement methods for hypothetical wind-up and solvency valuations, and proposed changes to the educational note on the selection of mortality assumptions.       

09:10 – 10:10 – Session 2 Regulators Updates
Stephen Cheng (FCIA), managing director and senior consulting actuary, Westcoast Actuaries
Michael Peters*, BC deputy superintendent of pensions
Lester Wong (FCIA), acting chief actuary, Financial Services Commission of Ontario

Representatives from the BC and Ontario pension regulators will provide updates on their new legislative measures as well as information on their policy guidelines concerning the use of letters of credit for solvency funding purposes.

10:10 – 10: 30         Networking Break

10:30 – 12:00 – Session 3
Update on the Canadian Pensioner Mortality Study
Tulio Walles (FCIA), actuary, Eckler
Conrad Ferguson (FCIA), partner, Morneau Shepell
Bob Howard (FCIA)
Manuel Monteiro (FCIA), partner, Mercer Canada

Kim Young (FCIA), financial adviser, Sun Life Financial

This session will provide an update on comments received by the Pension Experience Subcommittee regarding its July 2013 draft report. Subcommittee members will address issues raised, implications for the final report, and next steps. Participants will also hear from the Actuarial Standards Board on the implementation of the new tables.

12:00 – 14:00          Luncheon and Luncheon Speaker: Richard Worzel

 What’s Next for Humanity? The Future, and Our Place in It
What’s ahead for humanity, for Canada, for pensions, and for actuaries? That’s what leading futurist Richard Worzel will address. Among the topics he’ll touch on will be: technology, and where it’s leading us; climate change, and what it will do to us; demographics and longevity, and the surprises ahead; and anxiety, how we feel about the future, and what we are doing about it. “We’re in for a wild, but fascinating, ride,” he says, “and those who will benefit are those who are prepared.”

The Luncheon Speaker is sponsored by Sun Life Financial

14:00 – 15:00 – Session 4 Canadian Accounting Standards: The New Standards for Private Enterprises and Not-for-Profit Organizations
Charlene Moriarty (FCIA), principal, Morneau Shepell
Nancy Estey*, CPA, CA, principal, Canadian Accounting Standards Board

In May 2013, the Canadian Accounting Standards Board (AcSB) issued its new standards for the reporting of employee future benefits of private enterprises, described in section 3462 of part II of the CICA Handbook. The new standards, which replace those set out under section 3461 of the Handbook – Accounting, come into effect for fiscal years beginning on or after January 1, 2014.

Section 3462 also applies for the most part to private not-for-profit organizations. However, in response to concerns raised by stakeholders of the not-for-profit community, the AcSB issued an exposure draft in June 2013 for a new section 3463 that would apply to private not-for-profit organizations. Section 3463 is expected to be finalized this fall.

Nancy Estey, a principal for the AcSB, will discuss the substantive changes to reporting of employee future benefits for both private enterprises and private not-for-profit organizations, as well as some “hot off the press” information on the results of the feedback received on the section 3463 exposure draft.

15:00 – 15:40 – Session 5 ASB Update on New Actuarial Evidence Standard of Practice Moderator:    
June Smyth (FCIA), senior consultant actuary, Baynes & White
Nancy Yake (FCIA)

Is some of your work as a pension actuary actuarial evidence work, and subject to part 4000 of our Standards of Practice?  Familiarity with the actuarial evidence standards can be important.  A revised part 4000 was approved by the Actuarial Standards Board (ASB) in June 2013, and is effective on December 31, 2013.  Nancy Yake, the chair of the ASB’s Designated Group that prepared the revised part 4000, will discuss the revised actuarial evidence standards - the background, their applicability, and the implications for pension actuaries.

15:40 – 15:55          Networking Break

15:55 – 16:55 – Session 6
Retirement Savings: What Should be the Role of the Public and Private Sectors?
Jean-François Poitras (FCIA), actuarial senior advisor, Desjardins Sécurité financière

René Beaudry (FCIA), partner, Normandin Beaudry
Bernard Morency (FCIA), executive vice-president, Caisse de dépôt et placement du Québec
Michel St-Germain (FCIA), partner, Mercer (Canada)

The recent D’Amours report in Québec has proposed a new public pension plan, the “longevity pension”, as a way of increasing retirement savings. Meanwhile, Ontario is looking at building its own public pension plan, while others propose addressing this issue by improving the Canada Pension Plan (CPP). Some argue that the matter should be left entirely to the private sector via new vehicles such as pooled registered pension plans. This session will discuss whether additional savings for retirement should be mandatory or voluntary; whether public plans should be improved and, if so, whether it should be through the CPP or a new plan; what additional benefits should be provided and at what age; and the CIA’s role in this debate.

16:55 - 17:00              Closing remarks



*Not a member of the CIA.