1. H4-PD How to make Commuted Values work
CIA/CAS Meeting and CIA General Meeting
Mike Lombardi
Montreal
November 18, 2004
This document is incomplete without the accompanying discussion; it is confidential and intended solely for the information and benefit of the immediate recipient hereof.

2. Task Force on Pension Values Consistency
Established
by Practice Standards Council
Mandate
(a) examine economic and mortality assumptions and other issues of concern and recommend modifications for consistency to both the Standard of Practice for Determining Pension Commuted Values and the Practice-Specific Standards of Practice for Actuarial Evidence Section 4000 and
(b) where applicable, establish a rationale for maintaining ongoing differences in the two standards.

3. Task Force on Pension Values Consistency
Timing
The Task Force will report back to the Practice Standards Council by June 2005.

4. Task Force on Pension Values Consistency
Members
3 Pension practitioners
3 AE practitioners
Neutral chairperson not practicing in either area

5. Task Force on Pension Values Consistency
Members (cont’d)
Mike Lombardi (chair)
Jay Jeffery
Ghislain Nadeau
Don Smith
Rob Stapleford
Doug Townsend
David Wolgelerenter

6. Task Force on Pension Values Consistency
Process
First meeting of Task Force
to go back to first principles
to discuss general considerations in setting interest rate assumptions
to understand the different business environments in each practice area.
Draft discussion paper to be produced and distributed to TF
Meeting to review above draft discussion paper
Finalization of discussion paper

7. Task Force on Pension Values Consistency
Process (continued)
Distribution to CIA members and interested publics together with invitation for comment
Review of public consultation submissions
Revision of discussion paper incorporating public comments and submission to PSC
PSC input and feedback
Final report