Actuarial Consultant, Private Pension Plans Division

Important messages

We are committed to providing an inclusive and barrier-free work environment, starting with the hiring process. If you need to be accommodated during any phase of the evaluation process, please use the Contact information below to request specialized accommodation. All information received in relation to accommodation will be kept confidential.

Assessment accommodation

OSFI believes in offering employees flexibility and in creating a workplace that is productive, engaging, collaborative, and inclusive, all the while being supportive of employees’ wellbeing. As such, OSFI is experimenting with a hybrid work model (a combination of telework and onsite work) that will shape how we use our physical workplace to establish new norms, ways of collaborating, and working together and will adjust its model based on lessons learned.

POSITION LOCATION / WORK ARRANGEMENT:
This position is located in Ottawa. However, the successful candidate may report to the Ottawa, Toronto or Montreal office for in-office work.

Due to the nature of the work and operational requirements, this position requires physical presence (in-office work) from one of the following OSFI offices across Canada: Ottawa, Toronto or Montreal.

The option of teleworking is available on a part-time basis in accordance with OSFI’s Guidelines on Telework. Teleworking arrangements are determined on a case-by-case basis depending on the nature of the work required by the position, the operational and business needs, as well as the candidate’s work preferences.

EMPLOYMENT EQUITY:
OSFI is committed to achieving a representative workforce that reflects the diversity of the Canadian population. We are dedicated to building and promoting a diverse, equitable and inclusive workforce, representative of all Canadians regardless of race, ethnicity, colour, religion, sex, age, disability, sexual orientation, gender identity or expression, socio-economic background or lived experience. By embracing diversity and inclusion, our department ensures broader discussions, better decisions, and a more positive workplace.

We invite you to be part of the change by joining an organization where individual differences are recognized, valued and respected. We welcome all candidates to apply and strongly encourage candidates to self-declare if they belong to an Employment Equity designated group: Aboriginal* Peoples, Persons with Disabilities, Women or Visible Minorities (Black people and other racialized groups).

*The term “Aboriginal” is used within this job advertisement as it relates to the Employment Equity Act and other legislative frameworks. The term “Indigenous” is used where possible, in alignment with the United Nations Declaration on the Rights of Indigenous Peoples.

Achieving a representative and diverse workforce has been identified as an organizational need for OSFI and may be applied at any time during this appointment process. If this criterion is used, only those who have indicated that they are members of the specified designated group(s) will be considered. As such, first consideration for an appointment may be given to candidates who self-declare as belonging to one or more of the four designated employment equity groups (Persons with a disability, Aboriginal people, Members of a Visible Minority, or Women).

In order to self-declare, please ensure to check off the appropriate box within the online application under the Employment Equity section. We encourage you to consult theses links to learn more about employment equity and self-declaration:
•https://www.canada.ca/en/public-service-commission/jobs/services/gc-jobs/employment-equity.html
•https://www.canada.ca/en/public-service-commission/jobs/services/gc-jobs/applying-government-canada-jobs-how-to-apply.html#EE

Duties

The Actuarial Consultant will be part of OSFI’s Private Pension Plans Division (PPPD) whose mandate is to protect federally regulated pension plan members and other beneficiaries by developing guidance on risk management and mitigation, assessing whether private pension plans are meeting their funding requirements and managing risks effectively, and intervening promptly when corrective actions need to be taken.

The Actuarial Consultant will be expected to:
• Provide subject matter expertise on pension plans and pension legislation;
• Identify problems and emerging issues and consult with internal and external stakeholders to ensure that sound risk assessments and recommendations are made;
• Make decisions and recommendations that have an effect on plan members and other beneficiaries, employers, and plan administrators;
• Review actuarial reports, including those intended to support an application for the authorization of a transaction by the Superintendent, to ensure compliance with OSFI expectations;
• Perform estimates of pension plans’ financial positions to assist with supervisory work;
• Review the technical aspects of guidance and research papers from the Canadian Institute of Actuaries (CIA) and other professional associations, and keep PPPD informed of their impact;
• Provide technical actuarial advice on policy-related initiatives and changes to regulations; and
• Support and execute special projects related to the responsibilities of the PPPD.

Work environment

Our Role:
OSFI is an independent federal government agency that regulates and supervises more than 400 federally regulated financial institutions and 1,200 pension plans to determine whether they are in sound financial condition. In fulfilling its mandate, OSFI supports the government's objective of contributing to public confidence in the Canadian financial system.
Learn more about us 👉 https://youtu.be/QO_3vnPKuZI

Our People and Culture:
People are the foundation of our organization. You will become part of a diverse community that acknowledges everyone has varied experience and fosters an environment where communication and teamwork amplify our effectiveness. We have several networks dedicated to ensuring that the department continues to grow as an inclusive, accessible, respectful and diverse workplace. All employees are encouraged and welcome to join the following networks and participate in their activities and events.
• Diversity of Thought
• Family Responsibilities
• Gender
• 2SLGBTQIA+
• Mental Health and Accessibility
• Multiculturalism (Affinity Groups: Indigenous, Asian, Black)
• Unconscious Bias
Hear about our people 👉 https://youtu.be/diUspmpYWQI

Our Rewards:
💵 Compensation: OSFI offers a competitive salary, and employees may be eligible for in-range increases and economic adjustments. Salaries are based on qualifications, experience and knowledge. The Public Service Pension Plan is a defined benefit pension plan (indexed for inflation), where both the employer and the employee contribute.

💰 Performance Pay: OSFI employees are eligible for an annual bonus based on their performance throughout the year.

✈️ Vacation and Leave: OSFI employees start with 4 weeks of paid vacation, 2 personal days and 5 days of Family Related Leave with Pay among other various types of paid and unpaid leave.

💻 Flexible Work Arrangements: OSFI offers flexible work arrangements by providing support for compressed work week schedules, flexible work hours and teleworking, in order for employees to achieve their work objectives while achieving balance between work and homelife.

📖 Learning and Development: OSFI offers career advancement opportunities and encourages innovative thinking in its work environment. Employees may be reimbursed for relevant professional association membership fees.

Intent of the process

The immediate need is to staff one position with a language requirement of English essential on an indeterminate basis.

A pool of qualified or partially qualified candidates may be created to staff similar or identical positions with various linguistic profiles and requirements, security requirements and/or various tenures within the Office of the Superintendent of Financial Institutions (OSFI), which may vary according to the position being staffed.

Positions to be filled: 1

Information you must provide

Your résumé.

In order to be considered, your application must clearly explain how you meet the following (essential qualifications)

ESSENTIAL EDUCATION:
• Graduation with a degree* from a university with an acceptable specialization in accounting, actuarial science, business administration, economics, finance, mathematics, statistics or other relevant field OR an acceptable combination of relevant professional industry experience and education.

* The term “degree” refers to a bachelor or a higher-level degree, as established by educational authorities.

Degree equivalency

ESSENTIAL EXPERIENCE:
• Experience in writing correspondence, reports, or briefing notes regarding issues associated with the financial services industry**, developing options, and making recommendations to senior management.
• Significant*** experience conducting research and analysis to provide actuarial advice related to issues associated with the financial services industry**.

** Financial services industry experience is defined as experience working in one or more of the following areas: (a) financial institutions including banks, trust and loan companies, insurance companies and pension plans (b) firms dealing with audits or consulting engagements to such institutions (including reinsurance brokers) (c) technology and data companies providing services to financial institutions or linked to the delivery of financial services (d) government departments that directly deal with the supervision and regulation of these institutions (e) Indigenous Institutions including: Band operations, trustees or administrators of pension plans, insurance institutions, lending institutions or other related areas providing financial services (f) other relevant areas, such as but not limited to, financial risk management, investment management, corporate treasury functions or commercial lending.
*** Significant is defined as having the depth and breadth of experience that is normally acquired by performing the tasks over a period of approximately three (3) years. Candidates must clearly demonstrate their roles and responsibilities pertaining to this experience.

The following will be applied / assessed at a later date (essential for the job)

English essential

Information on language requirements

ESSENTIAL KNOWLEDGE:
• Knowledge of significant issues facing Canadian pension plans.
• Knowledge of OSFI’s Instruction Guide for the Preparation of Actuarial Reports for Defined Benefit Pension Plans.
• Knowledge of the General Standards of Practice of the CIA.

ESSENTIAL COMPETENCIES:
• Critical Thinking
• Results Orientation
• Interpersonal Communication
• Collaboration

ESSENTIAL ABILITIES:
• Ability to communicate effectively in writing.
• Ability to communicate effectively verbally.

The following may be applied / assessed at a later date (may be needed for the job)

ASSET EDUCATION:
• Graduation with a graduate degree* from a university with an acceptable specialization in accounting, actuarial science, business administration, economics, finance, mathematics, statistics.
• Professional designation in a field relevant to the duties of the position such as Associate of the Canadian Institute of Actuaries (ACIA), Associate of the Society of Actuaries (ASA), Fellow of the Canadian Institute of Actuaries (FCIA), Chartered Enterprise Risk Analyst (CERA) or Chartered Financial Analyst (CFA).

* The term “graduate degree” refers to a master’s or a higher-level degree, as established by educational authorities.

Degree equivalency

ASSET EXPERIENCE:
• Experience in supervising, regulating, or administering registered pension plans.
• Experience in developing and conducting actuarial valuations and providing cost estimates for registered pension plans.
• Experience in working with pension investments.
• Experience in developing regulatory policy and guidance or providing advice and interpretation of legislation to stakeholders.

ASSET KNOWLEDGE:
• Knowledge of the Pension Benefits Standards Act, 1985 (PBSA), the Pension Benefits Standards Regulations, 1985 (PBSR) and the Directives of the Superintendent Pursuant to the Pension Benefits Standards Act, 1985.
• Knowledge of the Standards of Practice and Educational Notes of the CIA applicable to pension plans.

ORGANIZATIONAL NEEDS:
OSFI is committed to having a skilled and diverse workforce representative of the Canadian population. In order to meet our employment equity objectives, selection for this position may be made from among qualified candidates who self-declare as belonging to one or more of the following Employment Equity groups: Persons with a disability, Aboriginal people, Members of a Visible Minority, or Women. OSFI is committed to diversity and inclusion, and we strongly encourage candidates to self-declare if they belong to one of these designated employment equity groups.

OPERATIONAL REQUIREMENTS:
• Ability and willingness to work overtime on occasion.

Conditions of employment

• Security – Reliability Status
• Ability and willingness to travel within Canada when required.
• In our hybrid workplace environment, the ability to work remotely from home within Canada with access to the Internet in one’s residence is a condition of employment.

Other information

The Public Service of Canada is committed to building a skilled and diverse workforce that reflects the Canadians we serve. We promote employment equity and encourage you to indicate if you belong to one of the designated groups when you apply.

Information on employment equity

Preference

Preference will be given to veterans first and then to Canadian citizens and permanent residents, with the exception of a job located in Nunavut, where Nunavut Inuit will be appointed first.

Information on the preference to veterans

We thank all those who apply. Only those selected for further consideration will be contacted.