Mission and Mandate of the OCA

The mandate of the Office of the Chief Actuary is to conduct statutory actuarial valuations of the CPP, Old Age Security (OAS) program and federal public sector employee pension and insurance plans. These valuations estimate the financial status of these plans and programs as required by legislation. Since 2001, the OCA has also been responsible for undertaking the actuarial review of the Canada Student Loans Program (CSLP).  

The OCA prepares actuarial reports as required by legislation including reports on proposed changes to the CPP introduced in Parliament. The Chief Actuary submits these reports to the ministers of Finance, Human Resources and Social Development (HRSD) and to the President of the Treasury Board. The OCA also provides sound actuarial advice to these departments that assist them in the design, funding and administration of these programs.

Social Insurance Programs Section

This Unit assists the Chief Actuary in the provision to the Ministers of Finance and HRSD of statutory actuarial reports showing the costs, liabilities and long-term financial projections for the CPP, the OAS and the CSLP respectively. Other non-statutory actuarial services include actuarial estimates of costs and liabilities and long-term financial projections of any changes to change the CPP, the OAS and the CSLP being considered by governments.  

Public Sector Insurance and Pension Programs Section

This section assists the Chief Actuary in the provision to the President of Treasury Board of statutory actuarial reports on the costs, liabilities and long-term financial projections in respect of several insurance and pension programs. Other non-statutory actuarial services normally associated with the administration of these programs:

• Actuarial estimates of costs and liabilities of all public insurance and pension programs for Public Accounts purposes;
• Actuarial information to Treasury Board on the costs charged by private life insurance companies for the group life, health and disability programs sponsored by the government for its employees;
• Actuarial information and services to the various sponsors of Public Sector programs in respect of transfer and arrears values, Retirement Compensation Arrangements, credit-splitting on spousal union breakdown, optional survivor benefits, etc.;
• Actuarial estimates of costs and liabilities, of proposals to change any of the public insurance and pension programs; actuarial information and services to Treasury Board in respect of privatization agreements of certain government departments or Crown Corporations; and
• Actuarial information and services to the Department of Justice or the Judge Advocate General in respect of litigation cases under any of the insurance and pension programs of the government, including expert witness testimony in court cases.

Supplying Actuarial Information and Services

Policy for Supplying Actuarial Information and Services on the Canada Pension Plan:

In the interest of fostering informed public commentary on the Canada Pension Plan, the Chief Actuary has in the past responded to many requests to explain actuarial information and, in some circumstances, to do special actuarial work related to the Canada Pension Plan when time and resources made this possible. This policy is designed to standardize practices used to foster informed public commentary on the Canada Pension Plan and ensure transparency in their operation. (posted December 9, 1999)

Policy for Supplying Actuarial Information and Services on Other Government Programs:

For services on other government programs, the Chief Actuary has also responded to requests to do special actuarial work related to the public pensions, when time and resources made this possible. This policy is also designed to standardize practices used to foster informed public commentary on the public pensions and ensure transparency in their operation.

Applicable Fees:

In each fiscal year (April 1 to March 31) a charge for special information or actuarial work on a fee for service basis provided by the Office of the Chief Actuary (OCA) is necessary to reflect the adequate costs incurred by the OCA.  On a full cost recovery basis, the charge to be paid for actuarial services provided by the Chief Actuary of the Office of the Superintendent of Financial Institutions (OSFI), in respect of requests for services ancillary to the mandate of the Chief Actuary on the Canada Pension Plan or on other government programs, is $220 per hour starting May 7, 2007.