The Institute for Research on Public Policy and the Retirement and Savings Institute at HEC Montréal hosted a working lunch on the possibility of raising the age of eligibility for the Québec and Canada pension plans (QPP/CPP).
Although people are living longer in Quebec and in the rest of Canada, most – especially Quebecers – claim their QPP/CPP in their early 60s. Should the age of eligibility for claiming public pensions be raised, as some have proposed?
Pierre-Carl Michaud, the author of a new analysis of the intentions and behaviour of future retirees, spoke on the possible effects of raising the eligibility age to access public pensions. Following his presentation, a panel of experts discussed the analysis and the complex policy issues that need to be considered.
The moderator was Bernard Morency, adjunct professor at the Retirement and Savings Institute, member of the Canadian Institute of Actuaries and former first vice-president of the Caisse de dépôt et placement du Québec.
Bernard Morency, FCIA, is an adjunct professor and collaborates with the Retirement and Savings Institute at HEC Montréal. He is a senior fellow at the Global Risk Institute and the C.D. Howe Institute. As an independent consultant and speaker he specializes in comparative strategies among retirement programs, as well as their governance, design and investments. He was a member of the Report by the committee of experts on the future of the Québec retirement system. For nine years he worked at the Caisse de dépôt et placement du Québec (CDPQ), where he was executive first vice-president of depositors, strategy, and head of operations.
Pierre-Carl Michaud is a professor in the applied economics department of HEC Montréal. He holds the Research Chair in Intergenerational Economics, and is the director of the Retirement and Savings Institute at HEC Montréal. His research aims to understand life-cycle behaviour along a number of dimensions including savings, insurance and pensions, as well as health investments and the economic consequences of demographic change. He has received funding from numerous organizations for this work and his research has been published in journals in economics, demography and public health. In 2018, he received the Marcel-Dagenais Award from the Société canadienne de science économique for his research.
René Beaudry, FSA, FCIA, is cofounder and senior partner of Normandin Beaudry. As an actuary and total rewards consultant, his areas of expertise include the overall management strategies, investment and financing for pension plans. Normandin Beaudry employs more than 250 specialists in pension plans, compensation, group insurance and communication of employee experience.
Jean-Claude Ménard, FSA, FCIA, was chief actuary of the Government of Canada at the Office of the Superintendent of Financial Institutions Canada from 1999 to 2019. In this capacity he was responsible for preparing actuarial reports for the Canada Pension Plan, Old Age Security, the Canada Student Loans Program, and the retirement and social benefits plans of federal public employees. From 1980 to 1999, he held various positions at the Québec Pension Plan (now Retraite Québec), including the post of chief actuary and assessment director, which he held from 1995 to 1999. Recently retired, he hopes to stay active in the actuarial profession by continuing to study Canadian and international longevity.
Marie-Josée Naud is a union adviser with the education service of the Fédération des travailleurs et travailleuses du Québec (FTQ). She is primarily responsible for the negotiating training program, the administration and governance of pensions, and group insurance. Previously she held various positions at Hydro-Québec in the field of analytical chemistry. She is a member of the board at Retraite Québec and she sits on several pension committees.