Website: normandin-beaudry.ca
Head office address (Canada): 630 René-Lévesque Blvd. West, 30th floor, Montreal, QC H3B 1S6
Year established: 1992
Ownership structure: private, independent; wholly owned by its professionals; exclusively Canadian interests
Target market/client profile: employers, plan sponsors, and pension administrators across all sectors
Number of professional staff: more than 350
Canadian office locations: Montreal (head office), Toronto, Quebec City
Normandin Beaudry (NB) is a Montreal-based actuarial and total rewards consulting firm, privately owned by its own professionals. The company advises Canadian employers and plan sponsors on group benefits, pension, savings, and investment consulting.
NB started in Montreal in 1992 when two actuaries, René Beaudry and André Normandin, spotted an opening in Canada’s consulting market. Both had studied actuarial science at Université Laval and spent years in separate roles before building the firm together.
The company was built to serve plan sponsors only, not the insurers or service providers it might later recommend to those clients. That conflict-free model was uncommon in Canadian actuarial consulting at the time and guided how the firm operated from its first days.
Normandin Beaudry moved into its first real office in Old Montreal in 1993 with just four people on staff. The company had no outside investors and funded its early growth entirely through client billings.
Those earnings went straight back into the firm to hire young actuaries, many of them fresh out of school. From that base, NB built its client list steadily and grew into a broader practice over the following decade.
In 2004, the firm made a key move and acquired Gestion-Conseil Loran, a Montreal-based compensation consultancy. That deal brought compensation work alongside NB’s existing actuarial and pension expertise for the first time.
That same year, the company built a dedicated communication team to help clients explain complex pension and benefits content to employees. In 2016, the firm launched a wholly owned subsidiary, Normandin Beaudry Private Management (NBPM), to offer investment management for high-net-worth families.
The company opened a Toronto office in 2018, its first location outside Quebec, to serve clients across central Canada. In October 2023, Normandin Beaudry joined MBWL International, a joint venture of Milliman, Barnett Waddingham, and Lurse, as its fourth equal partner.
That move gave Canadian clients access to pension and benefits consulting in more than 30 countries while the firm kept its Canadian ownership structure in place.
Since then, Normandin Beaudry has continued to publish research on pension issues for Canadian plan sponsors. It has tracked Quebec municipal and university pension plans through its Pension Plan Financial Position Index since 2021. In January 2026, that index showed the sector held strong surpluses as at December 31, 2025.
That same month, Normandin Beaudry also weighed in on dynamic pension funds, a DC retirement income vehicle newly formalized in Quebec that gives plan members a path to lifetime income.
NB offers actuarial, pension, group benefits, and investment consulting to employers and plan sponsors across these areas:
Normandin Beaudry also runs health and compensation practices covering disability management, absenteeism cost control, and total rewards benchmarking. Its pan-Canadian remun survey tracks compensation trends across Canadian organizations each year.
Drug cost management is one area where the firm has been active. In March 2026, NB consultants Jacques-André Morin and Jean-Philippe Bernard flagged that generic GLP-1 drugs as a real cost opportunity for plan sponsors. They said plan sponsors would need proactive carrier governance and cost management tools already in place to capture those savings.
Éric Montminy has served as president of Normandin Beaudry since 2010. He joined the firm in 1998 and held consulting roles for over a decade before taking the top position. Montminy holds ASA and CEBS designations and completed executive education programs at both Harvard Business School and London Business School.
Other senior members of Normandin Beaudry’s leadership team include:
As a private firm owned entirely by its professionals, Normandin Beaudry operates without an external board of directors. Its subsidiary, NBPM, maintains its own independent board and reports to the Autorité des marchés financiers in Quebec.
Normandin Beaudry serves Canadian employers and plan sponsors across four sectors:
The firm works with organizations of all sizes, from large national employers to small and mid-size businesses. It operates from offices in Montreal, Toronto, and Quebec City.
Normandin Beaudry publishes original research on pension and benefits issues relevant to Canadian plan sponsors. In March 2026, Dimitri Poliak, principal at NB, told Benefits and Pensions Monitor (BPM) that retirement readiness in Canada plays out on two fronts:
In April 2026, Louis-Bernard Désilets, partner at Normandin Beaudry, flagged PS 3251 as a major shift for public sector plan sponsors. He noted the new accounting standard would force organizations to reflect the real-time economic position of their plans on financial statements starting in 2029.
Plan sponsors can find Normandin Beaudry’s full contact and service details in our consultant directory.
Normandin Beaudry and its professionals have earned recognition from Benefits and Pensions Monitor in recent years.
Our Top Consultants 2025 report named Normandin Beaudry among Canada’s elite pensions and benefits consultancy firms. The award recognizes accomplishments and service offerings over the prior 12 months.
Our Elite Women 2025 list also featured Suzanne Paiement, partner, health at NB, among 43 women leaders. All 43 were recognized for their impact across Canada’s benefits, pensions, and institutional investment industries.
Since 2023, Normandin Beaudry has completed 25 DEI projects, including 18 DEI assessments for 19 client organizations that employ more than 250,000 people. It has also been a signatory to the UN PRI since 2015, through its subsidiary NBPM.
NB principals David Dupont and Lydia Audet discussed new Canadian mortality tables and pension cost implications with BPM in April 2026. That exchange is one example of how the firm contributes to the country’s pension industry discussions.
PS 3251 may force plan sponsors to rethink risk and funding strategies, says Normandin Beaudry
‘It will be easier to select the appropriate table for a particular pension plan, based on their socioeconomic factor,’ says Normandin Beaudry’s David Dupont
Normandin Beaudry's Dimitiri Poliak outlines what it takes to close Canada's retirement gap
Generic Ozempic may arrive with significant savings, but sponsors who press carriers on day-one strategy will see that money hit their bottom line, argues Jean-Phillipe Bernard
Sponsors secure $6.9 billion in 2025 annuity deals as insurers sharpen pricing despite market slowdown
Normandin Beaudry warns new mortality tables could eat into pension cushions
‘With dynamic pension funds, savings in DC plans are now on the same footing as DB plans,’ says Louis-Bernard Désilets
New survey from Mercer indicates modest pay growth, minimal workforce changes
'The design of these programs needs to swing back,' says Normandin Beaudry's Darcy Clark
Pension plan funded ratios soar in Q3 2025, fuelled by strong markets and strategic risk management
