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Ottawa, December 8, 2004
2004-077

Canada Pension Plan Financially Sound: Chief Actuary

The Canada Pension Plan is financially sound for at least the next half century at the currently legislated 9.9-per-cent contribution rate, according to the 21st Actuarial Report on the Canada Pension Plan, which was tabled in Parliament today by Minister of Finance Ralph Goodale.

"Canada is one of the few countries in the world with a rock-solid public pension system," said Minister Goodale. "Canadians can therefore continue to have confidence in the Canada Pension Plan and can count on it as an important part of their retirement savings."

Chief Actuary Jean-Claude Ménard’s report will serve as the basis for federal and provincial finance ministers’ statutory three-year review of the Canada Pension Plan in 2005. In preparation for this review, the report will be reviewed by a panel of three well-respected independent actuaries, who will report publicly on their findings.

The report is available on the Web site of the Office of the Superintendent of Financial Institutions at
http://www.osfi-bsif.gc.ca/eng/office/actuarialreports/index.asp#cpp.

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