The Canadian Institute of Actuaries has released its first updated pensioner mortality tables in more than 10 years, a change that pension plan administrators say could increase pension liabilities by two to three per cent.
The CPM2024 tables were published March 11, 2026, replacing the CPM2014 tables that had been the industry standard since 2014.
The new tables are built on data covering approximately 1.6 million individual records — about three times the volume used to produce the previous tables. The data spans 2011 to 2021 and includes the mortality experience of the COVID-19 pandemic, though pandemic-related spikes were isolated to establish rates applicable as of 2024.
Life expectancy projections
The institute also published a new mortality improvements scale, CanMI-2024, in 2024. The scale reflects faster projected gains in life expectancy than the previous CPM-B scale.
Combined, the new mortality tables and the updated improvements scale are estimated to add about one year of life expectancy at age 65 compared to previous assumptions. The institute says that translates to an approximate increase of two to three per cent in liabilities and current service costs, with most of the impact driven by the updated improvements scale.
Table selection changes
The CPM2024 tables differ from their predecessors in an important way: they no longer distinguish between sectors and do not include a built-in mechanism to guide table selection.
Plan administrators must now choose from three versions — CPM2024, CPM2024 Light for plans with lower mortality experience, and CPM2024 Heavy for plans with higher mortality — based on plan-specific experience and the socio-economic characteristics of plan members.
Funding valuations
For going concern valuations, the institute says the CPM2024 tables should be taken into account for valuations as at Dec. 31, 2025. Depending on context and materiality, however, adoption may be deferred to a subsequent valuation.
For solvency valuations, mortality assumptions remain prescribed by the institute. The CPM2014 tables must continue to be used until actuarial standards are formally updated. An initial communication on the promulgation of the new tables is expected in the coming months.
Accounting valuations
The CPM2024 tables should also be considered in accounting valuations conducted after the research report’s publication date. As with funding valuations, adoption may be deferred to a subsequent fiscal year depending on context and materiality.
The tables apply to actuarial valuations for both pension plans and other post-employment benefit plans.
Given the scope of the changes and the expanded data set now available, the institute says it may be appropriate for plan administrators to consider conducting a customized mortality study to develop plan-specific assumptions.
