Exam RET-301

RET 301 – Actuarial Topics for Canadian Retirement Plans is an exam of the Society of Actuaries' Fellowship (FSA) pathway. Its syllabus covers the Nov 2026/Jul 2027 sittings.

Learning Objectives

Assumptions (20–30%) The candidate will understand how to analyze/synthesize the factors that go into selection of actuarial assumptions for funding purposes of retirement plans under Canadian pension legislation, regulatory policies, tax legislation, and actuarial standards of practice.

Describe and apply appropriate techniques used in the development of assumptions for funding purposes

Evaluate and recommend appropriate assumptions for funding purposes

Evaluate actual experience, including comparisons to assumptions

Readings:

RET301-101-25: A Problem-Solving Approach to Pension Funding and Valuation, 2nd Ed., Ch. 5 (background only) (1a, 1b, 1c)

Selection of Mortality Assumptions for Pension Plan Actuarial Valuations, CIA Educational Note, Apr 2026 (1a, 1b)

Mortality Improvements Research, CIA Report, Apr 2024 (1a, 1b, 1c)

2024 Canadian Pensioner Mortality Research Project, CIA Report, Mar 2026 (Sections 1 and 8 only) (1a, 1b, 1c)

Mortality Improvements Research, CIA Educational Note Supplement, May 2024 (1a, 1b)

Determination of Best Estimate Discount Rates for Going Concern Funding Valuations, CIA Educational Note, Apr 2023 (1a, 1b)

Expenses in Funding Valuations for Pension Plans, CIA Revised Educational Note, Jun 2023 (1a, 1b)

Reflecting Increasing Maximum Pensions Under the Income Tax Act in Solvency, Hypothetical Wind-up and Wind-up Valuations, CIA Revised Educational Note, Dec 2023 (1a, 1b)

Assumptions for Hypothetical Wind-Up and Solvency Valuations with Effective Dates on or after June 30, 2025, and no later than June 29, 2026, CIA Educational Note, Sep 2025 (1a, 1b)

RET301-102-25: CAPSA Guidance Solvency or Hypothetical Wind-up Liabilities Based on Actual Life Insurance Company Annuity Quotation (1a, 1b)

RET301-100-25: Financial Services Commission of Ontario: Actuarial Guidance Note: Determination of the Solvency Liability Adjustment (1a)

Methods (20–30%) The candidate will understand how to prepare valuation results, including required contributions, for various purposes under Canadian pension legislation, regulatory policies, tax legislation, and actuarial standards of practice.

Differentiate between various purposes for valuing pension plans, including:

Going concern funding

Solvency and hypothetical wind-up

Termination/wind-up

Analyze a variety of asset valuation methods appropriate for regulatory purposes

Prepare valuation results for ongoing plans appropriate for regulatory purposes

Prepare valuation results for special purposes, including plan terminations, plan mergers or spin-off, actuarial equivalence calculations and asset transfers

Readings:

Part 1000 of the CIA Standards of Practice - General, CIA, Jan 2026, sections 1000-1700 (2a-2d)

Standards of Practice - Pensions, CIA, Jan 2026, sections 3100-3500 (2a-2d)

Guidance on Events Occurring After the Calculation Date of an Actuarial Opinion for a Pension Plan, CIA Revised Educational Note, May 2024 (2a-2d)

Guidance on Selection and Disclosure of Plausible Adverse Scenarios, CIA Educational Note, Apr 2023 (2a-2d)

Section 3500 of the Practice-Specific Standards for Pension Plans: Pension Commuted Values (Subsection 3570), CIA Educational Note, May 2023 (2d)

Section 3500 of the Practice-Specific Standards for Pension Plans: Pension Commuted Values (other than Subsection 3570), CIA Educational Note, May 2023 (2d)

Calculation of Incremental Cost on a Hypothetical Wind-Up or Solvency Basis, CIA Educational Note, Apr 2023 (2a, 2c)

Regulations: Evaluation and Application (20–30%) The candidate will understand how to evaluate and apply Canadian pension legislation, regulatory policies, and tax legislation for registered retirement plans.

Describe sources and framework of government regulation

Describe and apply Canadian pension legislation, regulatory policies and tax regulation pertaining to:

Plan design

Plan establishment

Members’ rights

Contributions and benefits

Plan amendment

Plan termination/wind-up

Plan merger or spin-off

Reporting requirements

Individual savings plans

Readings:

Morneau Shepell Handbook of Canadian Pension and Benefit Plans, 17th Edition, 2020

Ch. 5: Design, Registration, and Administration of Pension Plans (Background)

Ch. 8: Registration of Pension Plans Under the Income Tax Act and Taxation of Retirement Savings (3a, 3b)

Ch. 13: Supplementary Pension Arrangements (3a, 3b)

Ch. 14: Other Retirement Income, Savings, and Deferred Compensation Arrangements (3a, 3b)

Canadian Pensions and Retirement Income Planning, Willis Towers Watson, 6th Edition, 2017

Ch. 1: Overview (section 105, sections 120-145) (3a)

Ch. 2: Definitions (3a, 3b)

Ch. 3: Conceptual Overview of RRSP Contribution Rules (3a, 3b)

Ch. 5: Introduction to Pension Adjustments and General PA Rules (3b)

Ch. 6: Pension Adjustments for Defined Contribution RPPs and DPSPs (3b)

Ch. 7: Pension Adjustments for Defined Benefit Plans (3b)

Ch. 8: Pension Adjustments for Combination Plans and Hybrids (3b)

Ch. 9: Pension Adjustments for Plans with Several Participating Employers (3b)

Ch. 10: Past Service Pension Adjustments (3b)

Ch. 11: Pension Adjustment Reversals (3b)

Ch. 12: PSPA and PAR for Multi-Employer Plans (3b)

Ch. 14: Tax-Sheltered Retirement Savings Vehicle (3b)

Ch. 16: Registration Rules for Money Purchase Plans (3b)

Ch. 17: Registration Rules for Defined Benefit RPPS: Permissible Benefits (3b)

Ch. 18: Registration Rules for Defined Benefit RPPs: Eligible Contributions (3b)

Ch. 19: Registration Rules for DPSPs (3b)

Ch. 20: Registration Rules for Combination Plans and Hybrids (3b)

Ch. 21: Registration Rules for Multi-Employer Plans (3b)

Ch. 22: Filing Requirements for RPPs (3b)

Ch. 23: Pensions for the Highly Paid (3b)

RET301-103-26: R.R.O. 1990, Reg 909: General Regulations under Ontario Pension Benefits Act (Legislation in this note pertaining to JSPP & MEPP and historical funding relief is background only) (3a, 3b)

RET301-104-26: R.S.O. 1990, Ch. P.8 under Ontario Pension Benefits Act (Legislation in this note pertaining to JSPP & MEPP and historical funding relief is background only) (3a, 3b)

RET301-105-26: Regulation 310/13 Asset Transfers under Ontario Pension Benefits Act (Legislation in this note pertaining to JSPP & MEPP is background only) (3a, 3b)

RET301-106-25: Pension Asset Transfers made easier, Pension Benefits and Executive Compensation, February 2014 (3b)

RET301-108-25: FSRA - Limitations on Commuted Value Transfers and Annuity Purchases (DB Pension Plans) (3a, 3b)

RET301-109-25: Regulation 193/18 Purchase of Pension Benefits from an Insurance Company under Ontario Pension Benefits Act (3a, 3b)

RET301-112-25: FSRA Guidance - Application by Employer for Payment of Surplus on Full Wind Up of a Pension Plan (3b)

RET301-107-25: CAPSA: Adoption of the 2020 Agreement Respecting Multi-Jurisdictional Pension Plans (3a, 3b)

RET301-113-25: Canadian Association of Pension Supervisory Authorities (CAPSA) Communique Spring 2023 (3a, 3b)

RET301-114-25: FSRA: Questions and Answers on 2016 Agreement Respecting Multi-Jurisdictional Pension Plans (3a, 3b)

RET301-115-26: Q&A: Answering Your Tax Questions on RRSPs, TFSAs, and the New First-Home Savings Account (FHSA) (3b)

Regulations: Plan Funding (20–30%) The candidate will understand how to apply the Canadian pension legislation, regulatory policies, and tax legislation in the context of pension plan funding.

Evaluate retirement funding alternatives for the plan sponsor, shareholders and participants

Evaluate funding restrictions imposed by regulations

Readings:

Canadian Pensions and Retirement Income Planning, Willis Towers Watson, 6th Edition, 2017 (4a, 4b)

Ch. 15: Pension Plan Valuation Concepts (excluding Section 1525)

Morneau Shepell Handbook of Canadian Pension and Benefit Plans, 17th Edition, 2020 (4a, 4b)

Ch. 13: Supplementary Pension Arrangements

Ch. 14: Other Retirement Income, Savings, and Deferred Compensation Arrangements

RET301-110-26: OSFI – Instruction Guide: Preparation of Actuarial Reports for Defined Benefit Pension Plans (sections 2.8 & 2.10 only) (4a, 4b)

RET301-103-26: R.R.O. 1990, Reg 909: General Regulations under Ontario Pension Benefits Act (Legislation in this note pertaining to JSPP & MEPP and historical funding relief is background only) (4a, 4b)

RET301-104-26: R.S.O. 1990, Ch. P.8 under Ontario Pension Benefits Act (Legislation in this note pertaining to JSPP & MEPP and historical funding relief is background only) (4a, 4b)

Canadian Pensions and Retirement Income Planning, Willis Towers Watson, 6th Edition, 2017 (4a, 4b)

Ch. 23: Pensions for the Highly Paid

RET301-111-25: Personal Tax Planning: A Fresh Look at Retirement Compensation Arrangements: A Flexible Vehicle for Retirement Planning (4a, 4b)

Source Material

Source Material

RET301-101-25: A Problem-Solving Approach to Pension Funding and Valuation, 2nd Ed., Ch. 5 (background only)

Outcomes 1a, 1b, 1c

Selection of Mortality Assumptions for Pension Plan Actuarial Valuations, CIA Educational Note, Apr 2026

Outcomes 1a, 1b

Mortality Improvements Research, CIA Report, Apr 2024

Outcomes 1a, 1b, 1c

2024 Canadian Pensioner Mortality Research Project, CIA Report, Mar 2026 (Sections 1 and 8 only)

Outcomes 1a, 1b, 1c

Mortality Improvements Research, CIA Educational Note Supplement, May 2024

Outcomes 1a, 1b

Determination of Best Estimate Discount Rates for Going Concern Funding Valuations, CIA Educational Note, Apr 2023

Outcomes 1a, 1b

Expenses in Funding Valuations for Pension Plans, CIA Revised Educational Note, Jun 2023

Outcomes 1a, 1b

Reflecting Increasing Maximum Pensions Under the Income Tax Act in Solvency, Hypothetical Wind-up and Wind-up Valuations, CIA Revised Educational Note, Dec 2023

Outcomes 1a, 1b

Assumptions for Hypothetical Wind-Up and Solvency Valuations with Effective Dates on or after June 30, 2025, and no later than June 29, 2026, CIA Educational Note, Sep 2025

Outcomes 1a, 1b

RET301-102-25: CAPSA Guidance Solvency or Hypothetical Wind-up Liabilities Based on Actual Life Insurance Company Annuity Quotation

Outcomes 1a, 1b

RET301-100-25: Financial Services Commission of Ontario: Actuarial Guidance Note: Determination of the Solvency Liability Adjustment

Outcomes 1a

Part 1000 of the CIA Standards of Practice - General, CIA, Jan 2026, sections 1000-1700

Outcomes 2a-2d

Standards of Practice - Pensions, CIA, Jan 2026, sections 3100-3500

Outcomes 2a-2d

Guidance on Events Occurring After the Calculation Date of an Actuarial Opinion for a Pension Plan, CIA Revised Educational Note, May 2024

Outcomes 2a-2d

Guidance on Selection and Disclosure of Plausible Adverse Scenarios, CIA Educational Note, Apr 2023

Outcomes 2a-2d

Section 3500 of the Practice-Specific Standards for Pension Plans: Pension Commuted Values (Subsection 3570), CIA Educational Note, May 2023

Outcomes 2d

Section 3500 of the Practice-Specific Standards for Pension Plans: Pension Commuted Values (other than Subsection 3570), CIA Educational Note, May 2023

Outcomes 2d

Calculation of Incremental Cost on a Hypothetical Wind-Up or Solvency Basis, CIA Educational Note, Apr 2023

Outcomes 2a, 2c

Morneau Shepell Handbook of Canadian Pension and Benefit Plans, 17th Edition, 2020

Ch. 5: Design, Registration, and Administration of Pension Plans (Background)

Ch. 8: Registration of Pension Plans Under the Income Tax Act and Taxation of Retirement Savings (3a, 3b)

Ch. 13: Supplementary Pension Arrangements (3a, 3b)

Ch. 14: Other Retirement Income, Savings, and Deferred Compensation Arrangements (3a, 3b)

Ch. 13: Supplementary Pension Arrangements (4a, 4b)

Ch. 14: Other Retirement Income, Savings, and Deferred Compensation Arrangements (4a, 4b)

Canadian Pensions and Retirement Income Planning, Willis Towers Watson, 6th Edition, 2017

Ch. 1: Overview (section 105, sections 120-145) (3a)

Ch. 2: Definitions (3a, 3b)

Ch. 3: Conceptual Overview of RRSP Contribution Rules (3a, 3b)

Ch. 5: Introduction to Pension Adjustments and General PA Rules (3b)

Ch. 6: Pension Adjustments for Defined Contribution RPPs and DPSPs (3b)

Ch. 7: Pension Adjustments for Defined Benefit Plans (3b)

Ch. 8: Pension Adjustments for Combination Plans and Hybrids (3b)

Ch. 9: Pension Adjustments for Plans with Several Participating Employers (3b)

Ch. 10: Past Service Pension Adjustments (3b)

Ch. 11: Pension Adjustment Reversals (3b)

Ch. 12: PSPA and PAR for Multi-Employer Plans (3b)

Ch. 14: Tax-Sheltered Retirement Savings Vehicle (3b)

Ch. 16: Registration Rules for Money Purchase Plans (3b)

Ch. 17: Registration Rules for Defined Benefit RPPS: Permissible Benefits (3b)

Ch. 18: Registration Rules for Defined Benefit RPPs: Eligible Contributions (3b)

Ch. 19: Registration Rules for DPSPs (3b)

Ch. 20: Registration Rules for Combination Plans and Hybrids (3b)

Ch. 21: Registration Rules for Multi-Employer Plans (3b)

Ch. 22: Filing Requirements for RPPs (3b)

Ch. 23: Pensions for the Highly Paid (3b)

Ch. 15: Pension Plan Valuation Concepts (excluding Section 1525) (4a, 4b)

Ch. 23: Pensions for the Highly Paid (4a, 4b)

RET301-103-26: R.R.O. 1990, Reg 909: General Regulations under Ontario Pension Benefits Act (Legislation in this note pertaining to JSPP & MEPP and historical funding relief is background only)

Outcomes 3a, 3b

Outcomes 4a, 4b

RET301-104-26: R.S.O. 1990, Ch. P.8 under Ontario Pension Benefits Act (Legislation in this note pertaining to JSPP & MEPP and historical funding relief is background only)

Outcomes 3a, 3b

Outcomes 4a, 4b

RET301-105-26: Regulation 310/13 Asset Transfers under Ontario Pension Benefits Act (Legislation in this note pertaining to JSPP & MEPP is background only)

Outcomes 3a, 3b

RET301-106-25: Pension Asset Transfers made easier, Pension Benefits and Executive Compensation, February 2014

Outcomes 3b

RET301-108-25: FSRA - Limitations on Commuted Value Transfers and Annuity Purchases (DB Pension Plans)

Outcomes 3a, 3b

RET301-109-25: Regulation 193/18 Purchase of Pension Benefits from an Insurance Company under Ontario Pension Benefits Act

Outcomes 3a, 3b

RET301-112-25: FSRA Guidance - Application by Employer for Payment of Surplus on Full Wind Up of a Pension Plan

Outcomes 3b

RET301-107-25: CAPSA: Adoption of the 2020 Agreement Respecting Multi-Jurisdictional Pension Plans

Outcomes 3a, 3b

RET301-113-25: Canadian Association of Pension Supervisory Authorities (CAPSA) Communique Spring 2023

Outcomes 3a, 3b

RET301-114-25: FSRA: Questions and Answers on 2016 Agreement Respecting Multi-Jurisdictional Pension Plans

Outcomes 3a, 3b

RET301-115-26: Q&A: Answering Your Tax Questions on RRSPs, TFSAs, and the New First-Home Savings Account (FHSA)

Outcomes 3b

RET301-110-26: OSFI – Instruction Guide: Preparation of Actuarial Reports for Defined Benefit Pension Plans (sections 2.8 & 2.10 only)

Outcomes 4a, 4b

RET301-111-25: Personal Tax Planning: A Fresh Look at Retirement Compensation Arrangements: A Flexible Vehicle for Retirement Planning

Outcomes 4a, 4b