ARC 2025 - Assia Billig

Measuring Impacts of Systemic Risks on Canada Pension Plan Sustainability

Moderator: Daniel Bauer, Senior Associate Dean for Programs, Hickman-Larson Chair in Actuarial Science, University of Wisconsin-Madison

The Canada Pension Plan is a pillar of retirement security for millions of Canadians. In this presentation the Chief Actuary, Assia Billig, explores the evolving financial and economic landscape and presents a variety of systemic risks that could impact the long-term sustainability of the CPP. This presentation examines how key systemic risks, including demographic shifts, macroeconomic shocks, investment performance, rapid technological transition, including AI, and climate change create vulnerabilities and potential opportunities for the plan. Using sensitivity and scenario analyses, the potential impact of these risks are assessed on CPP financing and long-term sustainability. The findings underscore the importance of proactive identification and understanding of risks to ensure the continued strength and reliability of the CPP for future generations.

Assia's Bio

Assia Billig was appointed Chief Actuary within the Office of the Superintendent of Financial Institutions in April 2019.

The Chief Actuary prepares actuarial reports on the Canada Pension Plan, the Old Age Security program, the Canada Student Loans Program, and pension and benefits plans for federal public servants, the Canadian Forces, the Royal Canadian Mounted Police, federally appointed judges and Members of Parliament.

Ms. Billig joined the Office of the Chief Actuary (OCA) in 2008, where she was involved in the preparation of statutory actuarial reports on the Canada Pension Plan and Old Age Security Program, as well as of the various national and international actuarial studies. Prior to joining the OCA, she worked in private pension consulting.

Ms. Billig is the vice-chair of the International Actuarial Association (IAA) Social Security Committee and the chair of the Technical Commission on Statistical, Actuarial and Financial Studies of the International Social Security Association.

Ms. Billig is a Fellow of the Society of Actuaries and the Canadian Institute of Actuaries. She has completed her undergraduate studies in Moscow State University and has PhD in Mathematics from University of Alberta.