Longer lifespans changing pension math

New mortality tables will mean increased costs for DB plans
By Sarah Dobson
|Canadian HR Reporter|Last Updated: 12/02/2013

People are living longer. Even 20 years ago, people weren’t enjoying such longevity. So the Canadian Institute of Actuaries (CIA) is developing new mortality tables that would solely use Canadian data for the first time.

It’s about providing more accurate tools when performing pension valuation work, said Jacques Lafrance, president of the CIA in Ottawa.

"We need to have Canadian tables because we felt that the mortality experience of Canadians may be different from people in the U.S."