Addressing the Pensions
Dilemma in Canada
By the Certified General Accountants
Association of Canada
ACKNOWLEDGEMENTS
CGA-Canada takes this opportunity to thank Rock Lefebvre and Amar Goomar of our
Research and Policy Department and to recognize the valuable contributions made by
Michel St-Germain and Sébastien Cliche of MERCER Human Resource Consulting.
Appreciation is extended also to the members of the Association’s Research Steering
Committee and to the associates of MERCER who afforded support, expertise and peer
review to the exercise.
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Addressing the Pensions
Dilemma in Canada
BY THE CERTIFIED GENERAL ACCOUNTANTS
ASSOCIATION OF CANADA
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Foreword .......................................................................................................................................7
Introduction..................................................................................................................................9
1. Executive Summary ..............................................................................................................11
2. Key Findings..........................................................................................................................13
Funding ............................................................................................................................13
Accounting ........................................................................................................................18
Public Policy ......................................................................................................................22
3. How the funding situation of pension plans in Canada was measured............................26
Difference between funding and accounting ................................................................26
Funding requirements in Canada ..................................................................................26
The actuarial basis to be used in this study ...................................................