Canada: Actuarial Services

The IASB recently issued Clarification of Acceptable Methods of Depreciation and Amortization.

In a recent case, the Supreme Court of Canada, was asked to examine whether plan members had an equitable interest in the defined benefit surpluses in three federal government pension plans.

On November 30, 2009, the Canadian Association of Pension Supervisory Authorities (CAPSA) released a consultation paper on "The Prudence Standard and the Roles of the Plan Sponsor and Plan Administrator in Pension Plan Funding and Investment" for comment.

The Canadian Association of Pension Supervisory Authorities (CAPSA) has released its Proposed Regulatory Principles for a Model Pension Law, offering solutions to the burdensome and costly administration of multi-jurisdictional pension plans, and calling for an updated Memorandum of Reciprocal Agreement.

A final version of "best practices" guidelines for Capital Accumulation Plans, new income tax, CPP and EI provisions, and a case on the members’ right to terminate a pension plan may be headed to the Supreme Court of Canada.

As in its politics and culture, Québec is a "distinct society" when it comes to the administration of pension plans. Its Supplemental Pension Plans Act(SPPA) includes many requirements that do not exist in other jurisdictions. That said, the basic principles for administering pension plans are quite similar to those in the rest of Canada and, therefore, some recent Québec cases could have cross-country impact.