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CIA Annual Meeting Session 2302

CIA Annual Meeting Session 2302. LOOKING BACK…focused on the future. A Regulator Actuary’s View On. Pension Funding Valuation. Introduction. Experience as a regulator actuary Do not represent views of Ontario government or FSCO George Ma, Chief Actuary, FSCO. Topics of Discussion.

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CIA Annual Meeting Session 2302

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  1. CIA Annual MeetingSession 2302 LOOKING BACK…focused on the future

  2. A Regulator Actuary’s View On Pension Funding Valuation

  3. Introduction • Experience as a regulator actuary • Do not represent views of Ontario government or FSCO • George Ma, Chief Actuary, FSCO

  4. 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

  5. Filings With FSCO • 1,600 to 1,800 reports annually • Risk-based review • Compliance concerns found in 30% of the cases reviewed

  6. Regulatory Concerns • Contributions

  7. Regulatory Concerns • Contributions • Filings

  8. Regulatory Concerns • Contributions • Filings • Solvency

  9. Regulatory Concerns • Contributions • Filings • Solvency • Transfer ratio

  10. Actuarial Concerns • Assumptions and methods

  11. Actuarial Concerns • Assumptions and methods • Expenses

  12. Actuarial Concerns • Assumptions and methods • Expenses • Asset valuation

  13. Actuarial Concerns • Assumptions and methods • Expenses • Asset valuation • Compliance

  14. Actuarial Concerns • Assumptions and methods • Expenses • Asset valuation • Compliance • Disclosure

  15. Tips for Valuation Filings • Regulatory filings up to date?

  16. Tips for Valuation Filings • Regulatory filings up to date? • Consistency and compliance

  17. Tips for Valuation Filings • Regulatory filings up to date? • Consistency and compliance • Appropriate assumptions and methods

  18. Tips for Valuation Filings • Regulatory filings up to date? • Consistency and compliance • Appropriate assumptions and methods • Adequate disclosure

  19. Tips for Valuation Filings • Regulatory filings up to date? • Consistency and compliance • Appropriate assumptions and methods • Adequate disclosure • Funding up to date?

  20. Comments on Going Concern Funding • “Best estimate” investment return assumption • Full Funding on going-concern basis • Asset smoothing and assumptions • Flat benefit & CAE plans

  21. Closing Remarks • Current pension environment • More focus on risks • Update of actuarial standards • Harmonization of funding rules

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