Laurence Frappier (pictured) has taken over as chief actuary at the Office of the Superintendent of Financial Institutions (OSFI), effective October 1. She takes up the role as the office's work on the Canada Pension Plan (CPP) comes into focus following a recent cut to contribution rates.
As chief actuary, Frappier is responsible for actuarial reports on key social security programs, including the CPP. She also oversees reports on pension and benefits plans for federal public servants and other federal plan members, OSFI said.
OSFI announced on June 16 that she would take the role on October 1, following the retirement of chief actuary Assia Billig. Billig was appointed in 2019, succeeding Jean-Claude Ménard, who retired after 20 years in the post.
"Laurence's expertise, leadership and longstanding contributions to the Office of the Chief Actuary make her exceptionally well suited for this role. Her work will help ensure Canadians continue to benefit from trusted actuarial analysis that supports informed decision-making and confidence in important public programs," said Peter Routledge, Superintendent of Financial Institutions.
Frappier joined the Office of the Chief Actuary in 2011 after 15 years in private pension consulting. Most recently, as senior director, she led a team preparing actuarial reports and studies on the CPP, Old Age Security, Employment Insurance and other programs. She holds a Bachelor of Science in Mathematics from the Université de Montréal and is a Fellow of the Society of Actuaries and the Canadian Institute of Actuaries.
OSFI said she will carry forward the office's commitment to independence, impartiality, professional excellence and transparent reporting, and that its work must keep responding to an evolving demographic and economic environment.
The office also prepares reports on Old Age Security, the Canada Student Loans Program, and plans for the Canadian Forces, the RCMP, federally appointed judges and Members of Parliament.
Frappier takes over weeks after the CPP's base contribution rate was cut. Bill C-30 received Royal Assent on June 19, lowering the base rate from 9.9% to 9.5% from 2027. The employee and employer rates each fall from 4.95% to 4.75%, while the additional CPP introduced in 2019 is unchanged.
Finance Canada said the change saves about $133 a year for an employee earning $70,000, with matching savings for employers. Across 16 million contributors, total CPP contributions are expected to fall by more than $3 billion a year. The Knowledge Bureau noted that because maximum pensionable earnings rise each year, workers earning near or above the limit may still pay higher total contributions.
Billig's 33rd Actuarial Report on the CPP assessed the change. She submitted it to the finance minister on May 28, and it was published on June 8. It found the reduced rate clears the minimum contribution rate needed to sustain the base plan: 9.22% for 2028 to 2033, and 9.20% from 2034.
The report also projects a smaller asset pool. The CPP fund is now projected to reach $2.7 trillion by 2050 and $19 trillion by 2100. That is $239 billion (8%) lower by 2050, and $8.3 trillion (30%) lower by 2100, than the revised 32nd report projected. Benefits and Pensions Monitor reported that annual contributions are projected to fall short of expenditures from 2027, four years sooner than in the previous report.
For advisors working with employers and individual clients, the lower contribution rate changes the payroll costs and retirement savings calculations that feed into group benefits and retirement planning conversations from 2027.
The 32nd Actuarial Report, tabled in Parliament in December 2025, concluded the CPP remains sustainable. On July 3, the office released an independent panel's review of that report. Three Fellows of the Canadian Institute of Actuaries found its methods and assumptions reasonable and compliant with professional standards. The office produces a CPP report every three years, and federal and provincial finance ministers must review the plan's financial state on the same cycle.
The appointment is one of several leadership changes at OSFI. Josée Turcotte became deputy superintendent of integrity, national security and integrated solutions in September, succeeding the retiring Kathy Thompson.
