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Can actuaries arbitrarily select the valuation assumptions?

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Can actuaries arbitrarily select the valuation assumptions?

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No. To calculate the capitalized value of a pension, the actuary will have to make certain assumptions. Because all actuaries are bound to the standards of practice as defined by the Canadian Institute of Actuaries (CIA), most assumptions used to perform a pension valuation are those dictated by the CIA, therefore ensuring a certain consistency between valuations performed by actuaries.

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