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Valani
Aurigen
SOA

Sponsorship Program

An invitation to support the Seminar for the Appointed Actuary

Front page Sponsorship

Program

07:00-16:00 Registration
07:00-08:00 Hot Buffet Breakfast
08:00-08:10 Opening Remarks

Deborah McMillan, Committee on Continuing Education Pension Subcommittee

08:10-09:25 Session 1 - Pension Plan Financial Reporting (PPFRC) Update
  • Moderator: Deborah McMillan, senior consulting actuary, Baynes & White
  • Speakers: Gavin Benjamin, Towers Watson; Manuel Monteiro, partner, Mercer (Canada)

The Committee on Pension Plan Financial Reporting (PPFRC) will provide an update on its activities and projects over the past year. Topics to be discussed include:

* Guidance on assumptions for hypothetical wind-up and solvency valuations;

* The Task Force on Pension and Post-retirement Benefit Accounting Discount Rates; and

* Questions that have arisen related to the revised Practice-Specific Standards for Pension Plans.

09:25-10:25 Session 2 - Marriage Breakdown Pension Valuation: Ontario’s Bill 133, Plan Sponsor Costs, and Other Issues

In simple terms, family law says that a pension is family property and on marriage breakdown each spouse has an entitlement to half of the pension earned during marriage. What does this mean? What is the “value” of the pension earned during marriage—in Ontario and elsewhere—and why would it be different from the commuted value? What do pension valuators do with the marriage breakdown disclosure documents administrators provide to them? How does Ontario’s Bill 133 fit into the picture? How can plan sponsors minimize costs related to member marriage breakdown? How are assets typically divided? This session will answer all these questions and more.

10:25-10:45 Networking Break
10:45-12:00 Session 3 - Peeking Inside the Black Box: the Canadian Annuity Market and Other De-risking Solutions
  • Moderator: Robert Kay, Sibson Consulting
  • Speakers: Brent Simmons, senior managing director, DB solutions, Sun Life; Sankar Mahalingham*, actuary and plan sponsor from RSA (UK)

De-risking is the new buzzword for defined benefit pension plans but what does that really mean and how can it help plan sponsors have one less pension headache? Brent Simmons from Sun Life will present an overview of the de-risking landscape in Canada, including an insider’s guide to the Canadian annuity market, with useful information on capacity, pricing, impact of supply and demand, strategies for optimizing price, product options, common misconceptions and an update on current annuity purchase conditions. Sankar Mahalingham, actuary and plan sponsor from RSA (UK), will share insights from the UK, where de-risking continues apace. In particular, Sankar will use RSA’s own experience to highlight some of the options open to sponsors of defined benefit plans, including details of its industry-leading synthetic de-risking transaction in 2009.

12:00-13:45 Luncheon Sun Life logo
  • Luncheon Speaker: Chris Mathers

Have you ever wondered about the business world’s seedy underbelly? Chris Mathers will provide you with a glimpse into crime and espionage in his keynote address “Crime in Business and the Business of Crime”. As a veteran undercover agent at the RCMP and intelligence officer at one of the world’s largest forensic accounting firms, Chris has seen it all and is able to offer unique insights on this topic with his larger-than-life personality.

14:00-15:00 Session 4 - Moving Beyond the Limitations of Traditional Replacement Rates

The longstanding belief that people can maintain their standard of living in retirement with a replacement rate of about 70 percent to 80 percent is highly inaccurate, according to the recently released SOA paper Moving Beyond the Limitations of Traditional Replacement Rates. Bonnie-Jeanne MacDonald, primary author of this paper, will share her thoughts on why pension actuaries should move beyond this simple rule of thumb towards more evidence-based and individual measures of how much income people actually need in retirement.

15:00-15:20 Networking Break
15:20-16:20 Session 5 - Current Pensions Accounting Issues

This session will discuss the revisions to IAS 19, and will also look at interpretations of IFRIC 14, and transition issues, and provide an update on proposed changes to CICA 3461.

16:20-16:30 Closing Remarks

Heather Wolfe

16:30-17:30 Wine and Cheese Reception