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Public Pensions Reporting Act (R.S.C., 1985, c. 13 (2nd Supp.))

Act current to 2024-05-14

Public Pensions Reporting Act

R.S.C., 1985, c. 13 (2nd Supp.)

An Act to impose reporting requirements with respect to public pension plans and to amend certain Acts in consequence thereof

[1986, c. 16, assented to 26th March, 1986]

Marginal note:Short title

 This Act may be cited as the Public Pensions Reporting Act.

Marginal note:Definitions

 In this Act,

Chief Actuary

Chief Actuary means the Chief Actuary of the Office of the Superintendent of Financial Institutions; (actuaire en chef)


Minister, in relation to any provision, means such member of the Queen’s Privy Council for Canada as is designated by the Governor General in Council as the Minister for the purpose of that provision. (ministre)

  • R.S., 1985, c. 13 (2nd Supp.), s. 2, c. 18 (3rd Supp.), s. 40
  • 1992, c. 1, s. 143(E)

Marginal note:Pension plan review

Marginal note:Where plan is amended

 Where an amendment is made to a pension plan referred to in subsection 3(1) and the amendment affects the cost of benefits or creates an initial unfunded liability, the Minister shall cause the Chief Actuary to conduct an actuarial review of the plan as of the effective date of the amendment.

Marginal note:Cost certificate

  •  (1) The Chief Actuary shall, within eighteen months after the review date of a pension plan reviewed in accordance with section 3, file with the Minister a cost certificate in respect of the plan.

  • Marginal note:Contents of cost certificate

    (2) A cost certificate filed pursuant to subsection (1) in respect of a plan referred to in paragraphs 3(1)(a) to (e) shall set out

    • (a) the estimated cost of benefits under the pension plan (expressed as a percentage of pensionable payroll, showing separately the employer contributions and the employee contributions) in respect of service

      • (i) for the three plan years following the review date, where that date falls on the last day of a plan year, or

      • (ii) for the plan year in which the review date falls and the two subsequent plan years, where that date falls on any other day of a plan year;

    • (b) the actuarial method for computing the cost of benefits, including, where applicable, the rule for allocating the cost between the employer and the employees in respect of service for the next two plan years following the applicable plan year referred to in paragraph (a); and

    • (c) the amounts of any new initial unfunded liability and any new experience deficiency or surplus on the review date and any special payment to be made in respect thereto.

  • Marginal note:Idem

    (3) A cost certificate filed pursuant to subsection (1) in respect of a plan referred to in paragraph 3(1)(f) shall show the estimated annual cost of monthly pensions, monthly guaranteed income supplements, allowances, and other benefits, if any, for each of the ten years following the review, and for each fifth year thereafter for a period not less than thirty years from the date of such a review.

  • R.S., 1985, c. 13 (2nd Supp.), s. 5
  • 2000, c. 12, s. 271

Marginal note:Valuation report

  •  (1) The Chief Actuary shall, in respect of a review required pursuant to paragraphs 3(1)(a) to (e), file with the Minister a valuation report based on the review of the plan, within the time limit referred to in subsection 5(1).

  • Marginal note:Contents of valuation report

    (2) A valuation report filed pursuant to this section shall be prepared in a manner consistent with the guides and Recommendations for the preparation of an actuarial report in connection with a pension plan, published by the Canadian Institute of Actuaries, and shall include such additional information as the Minister may from time to time require.

Marginal note:Change in actuarial methods or assumptions

 Where, in the review of a pension plan, actuarial assumptions or methods are used that differ from those used for the immediately preceding review in respect of which a cost certificate was filed pursuant to section 5 and such different assumptions or methods result

  • (a) in a decrease in the going concern unfunded actuarial liability but do not result in an excess of going concern assets over the going concern actuarial liabilities, the outstanding special payments shall be recalculated by multiplying each of the amounts thereof by a factor having, as numerator, the going concern unfunded actuarial liability and, as denominator, the sum of the present values of the previously determined special payments where the present values are calculated on the basis of the actuarial assumptions used at the current review; or

  • (b) in an excess of the going concern assets over the going concern actuarial liabilities, the valuation report referred to in section 6 shall include a statement as to the method, if any, proposed for the disposition of such excess.

Marginal note:Assets report

Marginal note:Reports laid before Parliament

  •  (1) The Minister shall lay before Parliament any cost certificate, valuation report or assets report filed with the Minister pursuant to this Act, within thirty sitting days of their being filed if Parliament is then sitting, or if Parliament is not then sitting, on any of the first thirty days thereafter that Parliament is sitting.

  • Marginal note:Dissolution of Parliament

    (2) If, at the time any cost certificate, valuation report or assets report is received by the Minister, Parliament is dissolved, the Minister shall forthwith cause a copy of the certificate or report to be published in the Canada Gazette.

Related and Consequential Amendments



Marginal note:Coming into force

Footnote * This Act shall come into force on a day to be fixed by proclamation.


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