Régie des rentes du Québec

Actuarial valuations: points to consider

Below are a few points to consider with regard to actuarial valuations. The Supplemental Pension Plans Act remains the key resource to ensure an actuarial valuation complies with all requirements.

Key considerations

Interest rates on a solvency basis

The interest rate used to discount the amortization payments on a solvency basis must be prorated to the following, according to their respective liabilities:

  • the interest rate for retired members (uninsured pensions)
  • the interest rate for the other members.

Actuarial Information Summary

Report concerned

The actuary who signs the actuarial valuation report must complete the Actuarial Information Summary and sign the declaration it contains in the following cases:

  • The actuarial valuation is after 14 December 2009.
  • The actuarial valuation is after 30 December 2008 in the case of pension plans for municipal and university sectors, as well as for the plan for early childhood centres (CPEs) and accredited private daycares in Québec.
  • The actuarial valuation is after 30 December 2009 in the case of the pension plan for emergency medical technicians in Québec.

The Régie's specifications

The Régie gives guidance on certain lines of the Actuarial Information Summary as a complement to the instructions given on the form.

Partial actuarial valuation

Where the Actuarial Information Summary is related to a partial actuarial valuation, the actuary must fill out lines 001 to 014a, 185 to 190, 201, 204, and part VII of the summary.

In the case of pension plans for municipal and university sectors, as well as for the plan for early childhood centres (CPEs) or accredited private daycares in Québec, the actuary must fill out lines 196 and 198 of the summary instead of lines 201 and 204.

Relief measures for private sector pension plans

Measures used

The actuarial valuation report prepared according to the conditions provided for in the regulations must meet the following two requirements:

  • It must specify which temporary relief measures are used (assets smoothing on the basis of solvency, the consolidation of certain deficiencies or extension of the amortization period).
  • It must contain a description of the asset valuation method, where the relief measure for assets smoothing on the basis of solvency is used.

The regulations in question are the Regulation providing temporary relief measures for the funding of solvency deficiencies and the Regulation providing new relief measures for the funding of solvency deficiencies of pension plans in the private sector.

Legal references

Note that...

A municipal sector pension plan is a plan where the employer is a municipality, a body referred to in section 18 of the Act respecting the Pension Plan of Elected Municipal Officers or a municipal housing bureau.

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