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Published byTate Rivett Modified over 10 years ago
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future
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A Regulator Actuary’s View On Pension Funding Valuation
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Introduction Experience as a regulator actuary Do not represent views of Ontario government or FSCO George Ma, Chief Actuary, FSCO
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Topics of Discussion Issues related to funding valuation reports filed with FSCO Suggestions to improve regulatory and actuarial compliance Comments on current pension actuarial practice
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future 1,600 to 1,800 reports annually Risk-based review Compliance concerns found in 30% of the cases reviewed Filings With FSCO
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Regulatory Concerns Contributions
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Regulatory Concerns Contributions Filings
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Regulatory Concerns Contributions Filings Solvency
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Regulatory Concerns Contributions Filings Solvency Transfer ratio
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Actuarial Concerns Assumptions and methods
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Actuarial Concerns Assumptions and methods Expenses
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Actuarial Concerns Assumptions and methods Expenses Asset valuation
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Actuarial Concerns Assumptions and methods Expenses Asset valuation Compliance
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Actuarial Concerns Assumptions and methods Expenses Asset valuation Compliance Disclosure
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Tips for Valuation Filings Regulatory filings up to date?
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Tips for Valuation Filings Regulatory filings up to date? Consistency and compliance
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Tips for Valuation Filings Regulatory filings up to date? Consistency and compliance Appropriate assumptions and methods
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Tips for Valuation Filings Regulatory filings up to date? Consistency and compliance Appropriate assumptions and methods Adequate disclosure
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Tips for Valuation Filings Regulatory filings up to date? Consistency and compliance Appropriate assumptions and methods Adequate disclosure Funding up to date?
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Comments on Going Concern Funding “Best estimate” investment return assumption Full Funding on going-concern basis Asset smoothing and assumptions Flat benefit & CAE plans
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CIA Annual Meeting Session 2302 LOOKING BACK…focused on the future Closing Remarks Current pension environment More focus on risks Update of actuarial standards Harmonization of funding rules
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