Acknowledgement
Funding for this work has been received from the following organizations: the National Pension Hub of the Global Risk Institute, the Canadian Institute of Actuaries, the Institute and Faculty of Actuaries, the Society of Actuaries, the Social Sciences and Humanities Research Council, the University of Kent, and the University of Waterloo. Additionally, we acknowledge helpful comments received from Alex Maynard, University of Guelph, and the Review Group established by the three actuarial organizations. This article is a subproject of a larger project entitled Population Aging, Implications for Asset Values, and Impact for Pension Plans: An International Study. In addition to the authors, the project team for the larger project includes researchers Lori Curtis and Kathleen Rybczynski, University of Waterloo, Mark Zhou, Canada Mortgage and Housing Corporation, and Miguel Leon-Ledesma, University of Kent; and contributor Tony Wirjanto, University of Waterloo. The full project team thanks all who have made this project possible.