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The 2024 Canadian Pensioner Mortality Research Project of the Canadian Institute of Actuaries (CIA), whose release was announced in our November 2025 communication, was published on March 11, 2026. This is the second set of Canadian pensioner mortality tables published by the CIA, the first having been published over ten years ago in 2014. Practitioners have eagerly awaited the update, given the significant events in recent years.
The experience used to build the CPM2024 tables covers the period from 2011 to 2021 and therefore includes the mortality experience linked to COVID-19. However, mortality spikes attributable to the pandemic have been isolated in order to establish mortality rates that are applicable as of 2024.
It should be noted that the data used to develop the CPM2024 tables reflects a major effort by the CIA to enlarge the pool of experience data used to produce mortality tables. The data set contains approximately 1.6 million individual records, around three times the volume of data used to produce the CPM2014 tables.
It should also be noted that a new mortality improvements scale (CanMI-2024) was published by the CIA in 2024 and reflects faster improvement in life expectancy.
The combined impact of using the CPM2024 mortality tables and the CanMI-2024 improvements scale, compared with the CPM2014 tables and the CPM-B scale, is estimated to add about one year of life expectancy at age 65, corresponding to an approximate increase of 2% to 3% in liabilities and current service costs. The impact is mainly produced by the updated improvements scale.
Unlike the CPM2014 mortality tables, the CPM2024 tables no longer distinguish between sectors and do not provide a simple mechanism to guide table selection. As a result, the choice between available tables (“CPM2024,” “CPM2024 Light” reflecting the experience of plans with lower mortality or “CPM2024 Heavy” reflecting higher mortality) must be made based on plan-specific experience and the socio-economic characteristics of its members. Our experts can help you select the most appropriate table for your plan.
The CPM2024 mortality tables should be taken into account in going concern valuations as at December 31, 2025. However, depending on context and materiality, their adoption, if applicable, may be deferred to a subsequent valuation. For now, legislator expectations and the market reaction remain to be seen.
With respect to solvency valuations, mortality assumptions are prescribed by the CIA. The CPM2014 mortality table must therefore continue to be used until the actuarial standards are updated. An initial communication regarding the promulgation of the new mortality tables is expected in the coming months.
The CPM2024 mortality tables should also be taken into consideration in accounting valuations performed following the publication of the research report. However, depending on context and materiality, their adoption may be deferred to a subsequent fiscal year. For now, auditor expectations remain to be seen.
These tables could be used in actuarial valuations for both pension plans and other types of post-employment benefit plans.
In view of these developments and the recent change in available mortality data, it may be appropriate to consider conducting a customized mortality study to develop plan-specific mortality assumptions.
Normandin Beaudry has conducted an in-depth study on mortality in Canada covering more than one million lives per year. Through our rigorous methodology based on income and place of residence, we offer our clients a more accurate estimate of mortality and a more precise valuation of pension benefits. This approach also has a direct influence on plan funding and the analysis of premium competitiveness during annuity purchases.
Would you like more information? Contact your Normandin Beaudry consultant or email us.
