We are the appointed actuaries for the Ontario Public Service Employees Union Pension Plan (the “Plan”) and have been retained by the Board of Trustees to perform an actuarial valuation of the Plan’s assets and liabilities as of December 31, 2010 for inclusion in these consolidated financial statements.

The valuation of the Plan’s liabilities is based on:

• Membership data provided by OPSEU Pension Trust as of December 31, 2009;
• Going concern liabilities determined as of December 31, 2009, projected to December 31, 2010 using management’s best estimate of the experience during 2010;
• Methods prescribed by Section 4100 of the Canadian Institute of Chartered Accountants’ (CICA) Handbook for pension plan financial statements; and
• Management’s best estimate assumptions for consolidated financial statement purposes as set out in Note 5, which we believe to be reasonable.

This valuation was undertaken for the purposes of the Plan’s consolidated financial statements and should not be used for any other purpose.

We have tested the membership data for consistency and reasonableness, and we believe it to be sufficient and reliable for the purposes of the valuation. Furthermore, in our opinion, the assumptions adopted and methods employed are appropriate for the purposes of the financial statement valuation and are in accordance with the requirements of Section 4100 of the CICA Handbook. Nonetheless, differences between the Plan’s future experience and the actuarial assumptions will result in gains or losses in future valuations and affect the financial position of the Plan.

This valuation has been prepared, and our opinions given, in accordance with accepted actuarial practice.

H. Clare Pitcher

Fellow, Society of Actuaries

Fellow, Canadian Institute of Actuaries

 

Cynthia L. Rynne

Fellow, Society of Actuaries

Fellow, Canadian Institute of Actuaries

May 26, 2011