Expert Valuation Advice
Uh oh, it’s that time of year, again. Time to talk to your actuary and get that pension valuation done. Ugh, the numbers…words…more numbers.
Why, why, why?
Because as a good employer it’s your job to take care of your employees and you need an accurate snapshot of how your plan is doing. Are you in a strong position? Underwater? Chugging along fine? A pension valuation allows you to budget properly and understand the costs and underlying structure of your defined benefit pension plan.
Why so formal?
Most jurisdictions require periodic pension valuation reports – some annually, some every three years. The governments in those jurisdictions want to make sure that the plans are being run in a reasonable fashion and that the members of the plan have some level of assurance that the plan is being taken care of.
In many Canadian jurisdictions, the government has delegated the reporting responsibility to an actuary, or rather a Fellow of the Canadian Institute of Actuaries, an individual who, through education and experience, understands pension plans and can offer calculations and reporting as to a plan’s well-being.
The actuary’s goal is to help stakeholders understand what is happening in their pension plan. Not just where it is today, but to help with planning for the future.
At Mondelis, we’ve been looking after pension plans for over 25 years. We have four FCIA’s, admin staff and junior staff that can look after your reporting needs. And, the best part is, when you partner with us you get the same high degree of experience in providing personalized service as large consulting houses – at a fraction of the cost.
Contact us today to learn more!