Chief Actuary of the Government of Canada unveils external peer review panel for 32nd Actuarial Report on the Canada Pension Plan

OTTAWA, ON, Nov. 24, 2025 /CNW/ - Today, the Office of the Chief Actuary (OCA) announced the 3 names of the panel members selected to review the 32nd Actuarial Report on the Canada Pension Plan (CPP). The Actuarial Report on the Canada Pension Plan provides useful information to Canadians on the financial state of the CPP.

The panel members are:

• Stephen Butterfield
• Iyad Hourani
• Michel St-Germain

They are Fellows of the Canadian Institute of Actuaries and recognized for their extensive experience in risk management, governance, funding, and design of pension plans and social security programs.

To ensure impartiality and to enhance the credibility of the peer review process, the selection of the panel is based on the recommendations of the experts at the United Kingdom Government Actuary's Department (GAD). GAD will also provide an independent opinion on the work done by the peer reviewers. The OCA would like to thank all candidates who submitted their applications.  

The OCA produces the report as part of their statutory triennial financial review of the CPP. This is the 10th external peer review of the CPP Actuarial Report since 1999. These reviews generate valuable recommendations that have been a source of continuous improvements in the quality and transparency of CPP actuarial reports.

The tabling of the Actuarial Report on the CPP is expected to take place before December 31, 2025. After the report is tabled, the panel will perform its review and submit their report by the end of April. Once GAD issues its opinion, the OCA will publish the review panel's report and GAD's opinion on the Office of the Superintendent of Financial Institutions website.

Quote

"The independent peer review process is a vital part of our commitment to impartiality, transparency, and excellence in actuarial reporting. It helps ensure that our analysis of the Canada Pension Plan (CPP) remains robust and continues to provide Canadians and stakeholders with forward-looking, reliable, relevant, and objective information. I am pleased to welcome a distinguished panel of experts to review the 32nd CPP Actuarial Report, and I look forward to their valuable insights."

- Assia Billig, Chief Actuary of the Government of Canada

Quick facts

• The Actuarial Report on the Canada Pension Plan assesses the plan's long-term financial sustainability and guides policy decisions that affect millions of Canadians. It builds public trust by providing transparent, expert analysis of demographic, economic, and investment trends.
• The previous report, the 31st Actuarial Report on the Canada Pension Plan, was tabled in the House of Commons on December 14, 2022.

Related links

• Peer reviewer biographies
• Actuarial Report (31st) on the Canada Pension Plan
• Review of the 31st Actuarial Report on the Canada Pension Plan
• Opinion of the United Kingdom Government Actuary's Department (GAD) on 31st CPP Report Peer Review

SOURCE Office of the Superintendent of Financial Institutions

OSFI - Media Relations, Email: [email protected], Telephone: [phone]