Notice of Intent: Reliance on Third-Party Data Providers

Group: Actuarial Standards Board

Publication date: 08-09-2023

Version: Current

Language available: Bilingual

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On May 10, 2021, the Bank of Canada (BOC) revised the CANSIM series for the daily (V39057), weekly (V80691347) and monthly (V122553) rates for real return bond data from June 1, 2020, onward (i.e., both retroactive and prospective applications), to capture the rollover of the 2050 bond. The previously published rates were based on the 2044 bond. Both the Committee on Pension Plan Financial Reporting and the Actuarial Evidence Practice Committee produced explanatory reports in May 2021 and June 2021, respectively, to address the impact of the CANSIM series revisions on their practice areas.

This unanticipated retroactive application by the BOC, as well as any future methodology changes by the BOC (i.e., elimination of reporting real return bond rates), prompted the Actuarial Standards Board (ASB) to establish a designated group (DG) to analyze the impact of the reliance on all third-party data providers cited in our Standards of Practice.

Categories: Practice

Types: Consultations

Topics: Actuarial evidence, Pensions

Pages: 3

Format: PDF

Accession no.: 223138