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SOURCE Eckler Ltd.
Eckler Ltd.'s latest Analysis examines implications for plan sponsors
TORONTO, Sept. 20, 2013 /CNW/ - Just as the outlook begins to brighten
for defined benefit (DB) pension plans, the Canadian Institute of
Actuaries (CIA) has released new guidance that could increase the solvency liabilities of indexed DB plans by up
to 15%, according to Eckler Ltd.'s latest Analysis. Non-indexed plans
will also feel the impact of the new guidance, although it will be much
The new guidance is based on the results of an extensive review of group
annuity purchase pricing conducted by a CIA committee, and affects the
calculation of a DB plan's solvency and wind-up liabilities for funding
The ultimate impact of the new guidance on a plan's funding will depend
on a wide range of factors, including the terms of the pension plan,
the make-up of its membership, the jurisdiction in which it is
registered and whether it is exempt from solvency funding.
"Hardest hit by the new guidance are plans that provide automatic, full
inflation-indexation protection and are required to fund the cost of
this inflation protection on a solvency basis," says Ian Edelist,
Principal and Toronto pension practice leader at Eckler. "In fact,
these plans would be required to use a negative interest rate if they
had to do a valuation at June 30, 2013. We have estimated the increase
in solvency liabilities to the average fully indexed plan is up to 15%,
while the increase seen by non-indexed plans is expected to be up to
About Eckler Ltd.
Eckler Ltd. is a leading consulting and actuarial firm with offices
across Canada and the Caribbean. Owned and operated by its active
Principals, the company has earned a reputation for service continuity
and high professional standards. Our select group of advisers offers
excellence in a wide range of areas, including financial services,
pensions, benefits, communications, investment management, pension
administration, change management and technology. Eckler Ltd. is also a
founding member of Abelica Global - an international alliance of
independent actuarial and consulting firms operating in over 20
countries. Visit www.eckler.ca for more information.