Fiera Capital’s CIA Method Accounting Discount Rate Curve

The Canadian Institute of Actuaries (CIA) retained the services of Fiera Capital Investment Management Inc. to produce, on a monthly basis, Fiera Capital’s CIA Method Accounting Discount Rate Curve that can be used by sponsors to select the appropriate accounting discount rate to value pension and other post-employment benefit plan liabilities.

Our Approach

Fiera Capital’s calculation guidelines for preparing the Fiera Capital’s CIA Method Accounting Discount Rate Curve can be found in the Methodology section (below) and was derived from the Canadian Institute of Actuaries’ official document Second Revision Educational Note – Setting the Accounting Discount Rate Assumption for Pension and Post-Employment Benefit Plans (document published in December 2020).

The details of this revised approach can be found in our 2020 Implementation Note (applicable from December 2020). The resulting curve under the revised approach is available for the end of November 2020 on our website for comparison purposes only.

Specialized Investment Solutions

The current environment, namely the rapidly aging and longer-living population, the tightened accounting regulations and the increasing market volatility, poses real challenges for Pension Funds to meet their expectations.

Fiera Capital understands this dynamic and is dedicated to help institutions find the best investment solution to mitigate those risks and achieve required returns.

Custom Liability-Driven Investment Strategy

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Publication Dates

Market Data Date Publication Date
December 31, 2020 January 4, 2021
January 29, 2021 February 3, 2021
February 26, 2021 March 3, 2021
March 31, 2021 April 6, 2021
April 30, 2021 May 5, 2021
May 31, 2021 June 3, 2021
June 30, 2021 July 6, 2021
July 30, 2021 August 5, 2021
August 31, 2021 September 3, 2021
September 30, 2021 October 5, 2021
October 29, 2021 November 3, 2021
November 30, 2021 December 3, 2021
December 15, 2021 December 20, 2021
December 31, 2021 January 5, 2022

Curve

May 2021

April 2021

March 2021

February 2021

January 2021

October 2020

September 2020

August 2020

July 2020

June 2020

May 2020

April 2020

March 2020

February 2020

January 2020

November 2019

October 2019

September 2019

August 2019

July 2019

June 2019

May 2019

April 2019

March 2019

February 2019

January 2019

November 2018

October 2018

September 2018

August 2018

July 2018

June 2018

May 2018

April 2018

March 2018

February 2018

January 2018

November 2017

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017

November 2016

September 2016

August 2016

July 2016

June 2016

May 2016

April 2016

March 2016

February 2016

January 2016

November 2015

October 2015

September 2015

August 2015

July 2015

June 2015

May 2015

April 2015

March 2015

February 2015

January 2015

November 2014

October 2014

September 2014

August 2014

July 2014

June 2014

May 2014

April 2014

March 2014

February 2014

January 2014

November 2013

October 2013

September 2013

August 2013

July 2013

June 2013

May 2013

April 2013

March 2013

February 2013

January 2013

December 2012

November 2012

October 2012

September 2012

August 2012

July 2012

June 2012

May 2012

April 2012

March 2012

February 2012

January 2012

November 2011

October 2011

September 2011

Contact

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Legal Note

This document is provided for your private use and for information purposes only as of the date indicated herein and is subject to change without notice. It has been prepared and is based on information believed to be reliable. However, Fiera Capital makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained therein or accepts any liability whatsoever for any loss arising from any use of or reliance on this document whether relied upon by the recipient or user or any other third party (including, without limitation, any customer of the recipient or user).

The information, opinions, estimates, projections and other materials contained herein are not to be construed as an offer to sell, a solicitation for or an offer to buy, any products or services referenced herein (including, without limitation, any commodities, securities or other financial instruments), nor shall such information, opinions, estimates, projections and other materials be considered as investment advice or as a recommendation to enter into any transaction. No part of this document or any related material and information may be reproduced in any manner without the prior written permission of Fiera Capital.

Source: ICE Data Indices, LLC, used with permission. The ICE BofA Canada Broad Market Index is compiled using bond valuations provided by Statpro.

ICE Data Indices, LLC is licensing the ICE BofA indices “as is,” makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofA indices or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Fiera Capital, or any of its products or services.

DISCLAIMERS

This document is provided for your private use and for information purposes only as of the date indicated herein and is subject to change without notice. It has been prepared and is based on information believed to be reliable. However, Fiera Capital makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained therein or accepts any liability whatsoever for any loss arising from any use of or reliance on this document whether relied upon by the recipient or user or any other third party (including, without limitation, any customer of the recipient or user).

The information, opinions, estimates, projections and other materials contained herein are not to be construed as an offer to sell, a solicitation for or an offer to buy, any products or services referenced herein (including, without limitation, any commodities, securities or other financial instruments), nor shall such information, opinions, estimates, projections and other materials be considered as investment advice or as a recommendation to enter into any transaction. No part of this document or any related material and information may be reproduced in any manner without the prior written permission of Fiera Capital.

Source: BofA Merrill Lynch, used with permission. The Bank of America Merrill Lynch Canada Broad Bond Market Index is compiled using bond valuations provided by Statpro.

BofA Merrill Lynch is licensing the BofA Merrill Lynch indices “as is,” makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch indices or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Fiera Capital, or any of its products or services.