09:00 – 09:40

Registration

09:40 – 09:45

Opening Remarks
Jean-François Poitras (FCIA), Senior Advisor, Desjardins Insurance

09:45 – 10:15

Session 1 –  CIA Public Statement on Retirement Age and Public Pension Plans

Speakers:
Michel St-Germain (FCIA), Member, Single Topic Task Force on Retirement Age, CIA
Jacques Tremblay (FCIA), Co-champion, Single Topic Task Force on Retirement Age, CIA
           

Member feedback is key to the development of the CIA’s public statement on retirement age and its impact on public pension plans. Attendees will have the opportunity to provide their insight on these important issues and will receive an update on the task force work to date, key findings, and next steps.

10:15 – 11:15

Session 2 –  Québec Funding Regulations: Actuarial and Investment Implications

Moderator:  Jean-François Poitras (FCIA), Senior Advisor, Desjardins Insurance

Speakers: 
Ramy Rayes (ACIA), director, asset allocation, bcIMC
Michel St-Germain (FCIA)

With defined benefit (DB) plan funding, solvency is no longer a central consideration in Québec or Ontario, but a stabilization provision is now required. The repercussions on the actuarial and investment field are many. This session examines the factors behind these changes and the aim of this provision. The speakers will discuss the CIA’s position on these regulations and the questions that they raise, including the following: the provision and the interest rate risk; how to measure a plan’s financial situation and choose a return assumption; the viability of DB plans; treatment of alternative investments; the need to amend investment policies and risk reduction measures; and the appropriateness of liability-driven investment (LDI).

11:15 – 11:30

Refreshment Break

11:30 – 12:30

Session 3 –  Purchasing Annuities in the New Legislative Environment
           
Moderator: 
Laurence Audy (FCIA), associate director, client relationships, defined benefit solutions, Sun Life Financial

Speakers:
Louis-Bernard Désilets (FCIA), senior consultant, Normandin Beaudry
Alan Savoie (FCIA), senior consultant, retirement savings, Normandin Beaudry
           

A host of legislative changes affecting pension plans have taken place in recent years, and others are in the pipeline. What will be the repercussions of these changes on the strategies for purchasing annuities? How does purchasing annuities remain an effective risk management tool in this new environment? What challenges lie in store for sponsors interested in purchasing annuities? 

12:30 – 13:15

Luncheon

13:15 – 14:15

Session 4 – Qualitative Considerations in Asset Liability Modelling (ALM).

Moderator:
Patrick Desrosiers (FCIA), vice-president and director, relationship management & LDI actuarial issue leader, TD Asset Management

           
Speaker: 
Ramy Rayes (ACIA), director, asset allocation, bcIMC
                    

This session provides an overview of approaches used in ALM studies and discusses new considerations in this area including the impact of climate change, among other factors.

14:15 – 15:15

Session 5 – Investment Opportunities for Pension Plans in a Low Interest Rate Environment 

Moderator: Patrick Desrosiers (FCIA), vice-president and director, relationship management & LDI actuarial issue leader, TD Asset Management

Speaker:
Tommy Ouellet (FCIA), senior analyst, liability driven investment, Fiera Capital

This session will examine various investment opportunities that are available to pension plan sponsors in order to maximize their investment return and optimize the risk-return trade-off of their pension portfolio in the current low interest rate environment and regulatory framework.