1. 2009 Annual Meeting ● Assemblée annuelle 2009 Halifax, Nova Scotia ● Halifax (Nouvelle-Écosse) 2009 Annual Meeting ● Assemblée annuelle 2009 Halifax, Nova Scotia ● Halifax (Nouvelle-Écosse) Canadian Institute of Actuaries Canadian Institute of Actuaries L’Institut canadien des actuaires L’Institut canadien des actuaires

2. 2009 Annual Meeting ● Assemblée annuelle 2009 Halifax, Nova Scotia ● Halifax (Nouvelle-Écosse) 2009 Annual Meeting ● Assemblée annuelle 2009 Halifax, Nova Scotia ● Halifax (Nouvelle-Écosse) PD-36 Nova Scotia Pension Review Panel PD-36 Nova Scotia Pension Review Panel Speakers: Dick Crawford Ron Pink Moderator: Peter Hayes Speakers: Dick Crawford Ron Pink Moderator: Peter Hayes

3. Background Societal change Declining pension coverage One of 3 Panels/Commissions Final report January, 2009 2009 Annual Meeting Assemblée annuelle 2009 2009 Annual Meeting Assemblée annuelle 2009

4. Themes Hopes and promises Governance Flexibility New stuff – Province-wide plan – Promotion – Minimum funding standard 2009 Annual Meeting Assemblée annuelle 2009 2009 Annual Meeting Assemblée annuelle 2009

5. Our session … Hopes and promises (Ron and Dick) Governance (Ron) Flexibility (Ron and Dick) New stuff – Province-wide plan (Dick) – Member issues (Dick) – Promotion (Ron and Dick) – Minimum funding standard (Peter) … and YOU!!! 2009 Annual Meeting Assemblée annuelle 2009 2009 Annual Meeting Assemblée annuelle 2009

6. Funding Current regime – Going concern and solvency Criticisms – Exceptions Municipalities, SMEPPs, Universities – Going concern and solvency Too much discretion, too conservative … 2009 Annual Meeting Assemblée annuelle 2009 2009 Annual Meeting Assemblée annuelle 2009

7. Funding (cont’d) Proposed new minimum funding standard – Same for all plans – Must include ALL promises – Less conservative than solvency, less discretion than going concern Doesn’t preclude higher funding (per plan’s funding policy) 2009 Annual Meeting Assemblée annuelle 2009 2009 Annual Meeting Assemblée annuelle 2009

8. Our session … Hopes and promises (Ron and Dick) Governance (Ron) Flexibility (Ron and Dick) New stuff – Province-wide plan (Dick) – Member issues (Dick) – Promotion (Ron and Dick) – Minimum funding standard (Peter) … and YOU!!! 2009 Annual Meeting Assemblée annuelle 2009 2009 Annual Meeting Assemblée annuelle 2009