The purpose of this educational note is to provide guidance to actuaries for determining commuted values for pension plans that is not covered under subsection 3570. A separate educational note has been prepared for subsection 3570.
An educational note on the same subject was originally issued on August 13, 2020. This educational note is an update to the prior educational note in light of the recent quinquennial review and update of the pension-specific standards of practice (Part 3000). It ensures that references within the note are aligned with the revised Section 3500 of the Practice Specific Standards for Pension Plans (other than subsection 3570), effective December 1, 2022. Moreover, the content about calculation of unisex mortality rates from the April 2006 educational note has been carried over into this educational note.