The Office of the Chief Actuary changes hands as Bill C-30 reshapes contributions from 2027
Laurence Frappier became chief actuary at the Office of the Superintendent of Financial Institutions on October 1, taking over the office that prepares the actuarial reports on the Canada Pension Plan, the Old Age Security program, and the pension and benefits plans covering federal public servants and other federal plan members.
She inherits a plan whose contribution rate has just been cut.
Bill C-30 received Royal Assent on June 19, lowering the base CPP rate from 9.9 percent to 9.5 percent from 2027.
Employee and employer rates each fall from 4.95 percent to 4.75 percent, and the additional CPP introduced in 2019 is unchanged.
Finance Canada put the saving at about $133 a year for an employee earning $70,000, with matching savings for employers, Insurance Business reported.
Across 16 million contributors, total contributions are expected to fall by more than $3bn a year.
The Knowledge Bureau noted that workers earning near or above the limit may still pay higher total contributions, because maximum pensionable earnings rise each year.
The 33rd Actuarial Report on the CPP, submitted by outgoing chief actuary Assia Billig on May 28 and published on June 8, found the reduced rate clears the minimum contribution rate needed to sustain the base plan, at 9.22 percent for 2028 to 2033 and 9.20 percent from 2034.
It also projects a smaller asset pool.
The fund is now expected to reach $2.7tn by 2050 and $19tn by 2100, figures that are $239bn or 8 percent lower by 2050, and $8.3tn or 30 percent lower by 2100, than the revised 32nd report projected.
The 32nd Actuarial Report on the Canada Pension Plan, tabled in Parliament in December 2025, concluded the plan remains sustainable.
On July 3, the office released an independent panel's review of that report, in which three Fellows of the Canadian Institute of Actuaries found its methods and assumptions reasonable and compliant with professional standards.
The office produces a CPP report every three years, and federal and provincial finance ministers must review the plan's financial state on the same cycle.
Frappier joined the Office of the Chief Actuary in 2011 after 15 years in private pension consulting.
As senior director, she led a team preparing actuarial reports and studies and providing actuarial and advisory services on the CPP, Old Age Security, Employment Insurance and other programs.
She holds a Bachelor of Science in Mathematics from the Université de Montréal and is a Fellow of the Society of Actuaries and the Canadian Institute of Actuaries.
Laurence's expertise, leadership, and contributions to the Office of the Chief Actuary suit her for the role, Superintendent of Financial Institutions Peter Routledge said in OSFI's announcement.
Routledge added that her work will help Canadians keep receiving actuarial analysis that supports decision-making in public programs.
According to OSFI, Frappier will carry forward the office's commitment to independence, impartiality, professional excellence and transparent reporting while ensuring its work continues to respond to an evolving demographic and economic environment.
OSFI announced the appointment on June 16, following Billig's retirement, Insurance Business reported.
Billig was appointed in 2019 and succeeded Jean-Claude Ménard, who retired after 20 years in the post.
