This educational note provides guidance on assumptions to be used for hypothetical wind-up and solvency valuations for 2023 and the first half of 2024. It confirms the initial guidance for 2023 assumptions that was provided in the educational note supplement issued on January 25, 2023. The period for which this educational note is effective is extended to June 29, 2024, and is expected to be annual thereafter (i.e., effective from each June 30 to June 29 of the following year, subject to any updates provided by the Committee on Pension Plan Financial Reporting (PPFRC) at future dates). The rationale for the change in timing is to provide notice of any change in guidance, beyond applicable spreads, in advance of when assumptions for calendar year-end valuations are typically prepared.
