Adjustment Factors Can Improve LDI Valuations
The adjustment factors for the CIA’s 2018 disability termination table may not have an immediate impact on many plan sponsors’ LTD premium rates, as most large insurance companies develop their own LTD termination tables for pricing and financial reserving purposes, says an Eckler ‘GroupNews.’ However, incorporating these adjustment factors in the Canadian Institute of Actuaries (CIA) ‘2018 LTD Termination Study’ to the current termination rate assumption would potentially improve the accuracy of valuing liabilities for post-employment benefits including disability income under self-insured LTD plans or continuation of health and dental benefits for disabled employees. The potential impact will depend on demographics of individual plan sponsors, including the distribution of their membership by the risk factors. It also suggests that having a streamlined disability process with one provider could lower overall LTD costs significantly.
Liquid Alternative Use More Than Doubles
Institutional investments in liquid alternative ETFs will more than double in the next 12 months, says Greenwich Associates. Liquid alternatives are investment vehicles that deliver exposure to alternative asset classes with daily liquidity. Common vehicles include closed-end funds, mutual funds, and ETFs. They began proliferating in institutional portfolios following the global financial crisis during which many investors with large allocations to alternative asset classes experienced liquidity issues caused in part by relatively long lockup periods. “For more than 20 years, institutional investors have been adding alternative asset classes to their portfolios. More recently, institutions have been adopting exchange-traded funds (ETFs) as a versatile, jack-of-all-trades portfolio tool,” says Andrew McCollum, Greenwich Associates managing director and author of ‘Liquid Alternative ETFs: The Next Frontier in Institutional Investing.’ “The intersection of these trends could ultimately bring about a transformation of alternative investments in institutional portfolios.” Today, liquid alts represent about four per cent of institutional assets, with average allocations ranging from a high of six per cent of total assets among public pension funds to a low of two per cent among corporate funds and OCIOs in the U.S. These allocations represent $882 billion in institutional assets currently invested in liquid alts, including $564 billion from public funds.
Employee Experience Linked Financial Performance
A study by Willis Towers Watson, supported by advanced analytics, reveals a compelling and predictive link between employee experience (EX) and employer’s superior financial performance. It found companies demonstrating a strong EX consistently beat their sector on average by a clear margin of two to four percentage points across key performance metrics, including return on assets and equity, one-year change in profitability, and three-year changes in revenue and profitability. In contrast, companies delivering less effective EX consistently underperformed their peers by one to 10 percentage points.
Canada Life Streamlines Fund Shelf
On its journey to move to one brand in Canada, Canada Life will be moving to a single shelf of segregated funds under the Canada Life name, making it the biggest update to the fund shelf in the company’s history. The new streamlined offering will include 75 best-of-class funds, taken from the Great-West Life, London Life and Canada Life shelves, including 36 funds that appear across the three shelves today; 12 funds that are unique to Canada Life; 16 fund mandates that were unique to Great-West Life and London Life; and 11 Pathways funds. “We’re taking the best of the best segregated funds from Great-West Life, London Life, and Canada Life to create a new, curated, stronger Canada Life shelf that provides solutions designed to perform across a full market cycle,” says Paul Orlander, executive vice-president, individual customer, Canada Life. Segregated funds on the current Canada Life shelf that are not included in the new segregated fund shelf will be soft capped for new business, effective immediately. Customers who are already invested in a fund that’s being soft capped will still be able to make additional contributions. No new Great-West Life or London Life policies will be issued as of January 1, 2020. Customers with existing Great-West Life or London Life policies will still be able to make contributions, switch between funds, or set pre-authorized contributions.
Inflows Increase ETF Assets
ETFs listed in Canada saw net inflows of US$347 million in September, bringing year-to-date net inflows to US$11.35 billion, says ETFGI. In the month, Canadian ETF assets increased by two per cent from US$138.91 billion in August to US$141.75 billion. Year-to-date through to the end of September, Canadian ETF assets increased 22.7 per cent from US$115.48 billion to US$141.75 billion. At the end of September 2019, the Canadian ETF/ETP industry had 739 ETFs/ETPs, with 888 listings, from 37 providers on two exchanges.
CPPIB Acquires Pattern
Pattern Energy Group Inc. is being acquired by the Canada Pension Plan Investment Board (CPPIB). CPPIB concurrently entered into an agreement with Riverstone Holdings LLC to combine Pattern Energy and Pattern Energy Group Holdings 2 LP under common ownership, bringing together the operating assets of Pattern Energy with the projects and capabilities of Pattern Development. Pattern Energy is a renewables developer in North America and Japan with a diversified portfolio of contracted operating assets, aligning well with CPPIB’s renewable energy investment strategy and the increasing global demand for low-carbon energy.
Feuilloley Heads RI Team
Nalini Feuilloley is director of the responsible investment team at BMO Global Asset Management – North America. She previously served as head of Canada of the UN-supported Principles for Responsible Investment (PRI), where she managed the Canadian base of institutional clients and educated the broader investment community on ESG issues and integration strategies. Prior to this, she covered pension funds, endowments, and foundations at BlackRock Canada.
Retirement Readiness Focus Of Session
‘Are your employees retirement ready?’ is the focus of the CPBI Ontario ‒ Ottawa Chapter fall seminar. Marc-Antoine Morin, assistant vice-president of product development in group retirement solutions at Manulife, will examine what’s happening in the decumulation environment and discuss the options available for members entering retirement. Jeffrey Hodgson, director, industry and stakeholder affairs, at the Canada Pension Plan Investment Board, will provide an introduction to the board. It takes place November 20 in Ottawa, ON. For information, visit Retirement Readiness
Commuted Value Interest Rate Assumptions
The interest assumptions required to calculate commuted values and marriage breakdown values for an event which occurs in any month up to and including November 2019 are now available at www.an-actual-actuary.com. An Excel spreadsheet on the website contains nine worksheets:
• Commuted Values February 2011 CIA
• Marital Breakdown: CSOP 4300 ‒ January 2012
• Ontario (Bill 133) Prior Rates – Rates for Ontario Marital Breakdown with valuation date prior to January 1, 2012
• Annuity Proxy for Solvency Calculations for Non-Indexed & Fully-Indexed Pensions
• Minimum Interest on Employee Required Contributions
• HISTORICAL Marital Breakdown: CSOP 4300 ‒ May 2009 (Now Frozen)
• HISTORICAL: Commuted Values ‒ 2009 Basis (Now Frozen)
• HISTORICAL: Commuted Values ‒ 2005 Basis (Now Frozen)
• HISTORICAL: Commuted Values ‒ 1993 Basis (Now Frozen)
You can use this spreadsheet to compare the interest rates which you may have calculated and/or you can download the spreadsheet to your own computer. Another actuary has already provided a peer review of the updated rates in this spreadsheet and determined that he/she agrees with the results.
Research Shows Mental Health ROI
First-of-its-kind Canadian research has found that positive returns on investment (ROI) of workplace mental health initiatives are within reach for Canadian businesses, says Deloitte Canada. Its analysis reveals that companies with mental health programs in place for one year had a median annual ROI of $1.62 for every dollar invested. For companies with programs in place for three or more years, the median annual ROI is more than double ‒ valued at $2.18 for every dollar spent. ‘The ROI in workplace mental health programs: Good for people, good for business’ explores historical investment and savings data from seven large Canadian companies at various stages of rolling out mental health programs and supports. “There’s both an economic and moral imperative for Canadian employers to take action, recognizing that the cost to the Canadian economy of poor mental health in our workplaces is estimated to be $50 billion annually,” says Anthony Viel, chief executive officer at Deloitte Canada. Key findings show wellness programs are more likely to achieve positive ROI when they support employees along the entire spectrum of mental health ‒ from promotion of well-being to intervention and care; employers could achieve greater program ROI by prioritizing investing in higher-impact areas such as leadership training and preventive interventions, including psychological care benefits; if employers measure their baseline data and take stock of existing initiatives, many organizations would realize they have already started to use the right tools to strengthen workplace mental health; and putting in place mechanisms to measure performance can enable organizations to achieve desired program impact, improve adoption rates, and enhance decision-making.
Sentiment On Executive Pay Increasingly Negative
Over the past several proxy seasons, institutional investor sentiment on executive pay has become more negative, particularly among large European asset owners and at least a few of the most influential U.S. pension plans, says an MSCI Weekly. For example, in 2018, the California Public Employees’ Retirement System (CalPERS) announced new voting policies that resulted in a significantly higher percentage of disapproval votes than in the past. In addition, at least six other large institutional investors were identified as voting against at least 25 per cent of all plans on a similar basis in 2017. However, not all large asset owners agree. Some continue to support virtually all pay plans proposed, while others have been even more aggressively opposed so the debate has yet to be resolved. But increasingly the emphasis has been on pay plan simplicity and transparency and on the need for better alignment between CEO pay incentives and the creation of sustainable, long-term value. Investors are asking tough questions and with a greater sense of urgency. Its previous research shows that CEO pay plans may have been misaligned with long-term shareholder returns.
Median Return Higher
The median return of the BNY Mellon Canadian Master Trust Universe, a BNY Mellon Global Risk Solutions fund-level tracking service, was up 1.66 per cent for the third quarter of 2019 despite slowing global growth indicators. The one-year median return as of September 30 rose 7.63 per cent, while the median 10-year annualized return was 8.38 per cent higher. “Equity markets around the globe reflected a continued slowdown in the economy, reporting only modest performance as compared to the last two quarters’ higher returns. Amid evidence of slower global growth, alternative asset classes posted positive results for the quarter and outperformed most traditional assets, with private equity leading the way,” says Catherine Thrasher, with strategic client solutions and global risk solutions at CIBC Mellon and BNY Mellon. Private equity investments delivered the strongest performance for the quarter, in contrast to the second quarter of 2019 where traditional asset classes outperformed alternatives. Private equity investments delivered a quarterly median return of 3.13 per cent, up from 0.76 per cent for the second quarter. The one-year median return for the private equity class was 11.42 per cent.
Impact Of Data Theft Grows
The Desjardins Group data theft actually hit 4.2 million members, which represents the entirety of the banking co-operative’s membership. It initially reported in June that 2.9 million customers had been impacted by the theft ‒ 2.7 million individuals and 173,000 businesses in Ontario and Quebec. The breach involved personal information ‒ including social insurance numbers ‒ but did not include banking information or passwords. The co-operative will offer any clients who had been victims of identity theft access to lawyers and experts and reimburse them for certain expenses incurred as a result. Since the theft was publicized, there have been no instances of fraud involving members accounts. Desjardins has said a single employee ‒ since fired ‒ was allegedly responsible for the breach detected in December 2018.
Pension Maximum Rises
The maximum pensionable earnings under the Canada Pension Plan for 2020 will be $58,700, up from $57,400 in 2019. The Canada Revenue Agency says the new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada. Contributors who earn more than $58,700 in 2020 aren’t required or permitted to make additional contributions to the CPP. The basic exemption amount for 2019 remains at $3,500. Employee and employer CPP contribution rates for 2020 will be 5.25 per cent, up from 5.1 per cent in 2019. The self-employed contribution rate will be 10.5 per cent, up from 10.2 per cent in 2019. This increase is due to the CPP enhancement that was implemented January 1, 2019. The maximum employer and employee contribution to the CPP for next year will be $2,898 each and the maximum self-employed contribution will be $5,796. The maximums in 2019 were $2,748.90 and $5,497.80, respectively.
Real Estate Fund Closes
RBC Global Asset Management Inc. (RBC GAM Inc.) has closed its Canadian Core Real Estate Fund. It was created in March 2019 together with British Columbia Investment Management Corporation (BCI) and QuadReal Property Group (QuadReal). This solution provides investors with access to a diverse commercial real estate portfolios. In order to create long-term alignment with investors, BCI will maintain a 50 per cent ownership position in each property held by the fund, and QuadReal will continue to manage the properties.
Choquet Joins Russell
André Choquet is director, client portfolio management, at Russell Investments. With over 25 years of experience with organizations such as OPTrust and Aon, he brings expertise in designing investment strategies, OCIO, risk management and ESG integration to its pension and non-profit clients.
CRO Role Examined
‘The changing face of risk management and the role of the CRO’ is the focus of a Global Risk Institute Speaker Series at Rotman session. Graham Bird, executive vice-president and chief risk officer, at Great-West Lifeco Inc., is the key speaker. It takes place November 7 in Toronto, ON. For information, visit CRO Risk
Court Rules Spouse Must Repay Benefits
The Supreme Court of Canada (SCC) has ruled that a spouse who received pension benefits for her husband who was missing for several years must now repay that man’s former employer. Its ruling is that Carleton University is entitled to the return of pension payments that it continued making after a retiree disappeared on a walk. The retired man was initially presumed to be alive, but once his remains were discovered after almost six years, he was deemed to have died the day after he disappeared. The pension payouts should have stopped immediately after he died so his former employer sought repayment of the pension benefits it paid while he was deemed missing. A trial court ruled in favour of the employer and its decision was upheld on appeal. The SCC decision was split, but in upholding the original ruling and dismissing an appeal from the former spouse, it said the pension plan unambiguously contemplated the termination of benefits upon the actual death, not the date his death was officially recognized. The dissenting opinion said that the appeal should be allowed, arguing the discovery of the remains should only put an end to future pension payouts and that restitution of past payouts shouldn’t be required.
Biosimilar Approval Process Changed
To improve efficiencies and better align with national processes for the funding consideration of biosimilar products, new biosimilar products and their new indications approved by Health Canada will no longer require a routine review by the Committee to Evaluate Drugs or the Ontario Steering Committee for Cancer Drugs, says an Eckler ‘GroupNews.’ Manufacturers will still be required to make complete submissions to the Ontario Public Drug Programs (OPDP) to have biosimilar products considered for listing and funding. If required, the OPDP may continue to seek advice from the province’s expert drug advisory committees. Allowing new biosimilar products to bypass the routine review process should reduce the time required to list new drugs. The Ontario government also claims it will better align with national strategies to improve service and efficiency, it says.
More Believe In Sustainable Investing
The proportion of institutional investors who do not believe in sustainable investment has fallen by almost half since 2017, but performance concerns are still a challenge, says a Schroders survey. Its 2019 survey only found 11 per cent of respondents who do not believe in sustainable investments. In 2017, the proportion was 20 per cent. The decline was biggest in Latin America where the change was from 29 per cent in 2017 to 12 per cent in this year’s survey. In Europe, only nine per cent of the respondents said they did not believe in sustainable investment versus 15 per cent in 2017. But sustainable investing was still challenging for investors. In this year’s survey, 76 per cent stated it was at least ‘somewhat’ so. This is the same proportion as in the 2017 survey, although with a different split. In the 2019 survey, 16 per cent of respondents said they found investing sustainably was ‘very challenging,’ down from 22 per cent in 2017, and 60 per cent said they found it ‘somewhat challenging,’ up from 55 per cent in 2017.
Trading Desks Relying On Algos
To determine appropriate execution strategies and algos, traders are relying on increasingly sophisticated execution data, which is now a vital tool on trading desks, says Greenwich Associates. “Trading in this new environment both requires and produces vast amounts of data,” says Richard Johnson, principal for Greenwich Associates market structure and technology and author of ‘Peak Performance: What the Buy Side Expects from their Algos.’ “The key to achieving peak performance with algos is knowing which data points matter most.” The report is a comprehensive study of algo key performance indicators (KPIs) to date and helps traders optimize algo performance by identifying and analyzing the most important components of execution quality. It reveals how traders rate the importance of factors like impact, reversion, information leakage and adverse selection for liquidity-seeking, implementation shortfall, VWAP, and other types of algos.
Jacob-Goudreau Has Senior Role
Finance And Stress Discussed
An ACPM national session hosted by the Atlantic Regional Council will discuss ‘Finance and Stress: Can Plan Sponsors and Administrators ease the pain?’ With 48 per cent of Canadian workers saying they’ve lost sleep because of financial worries, the lack of financial literacy contributes to financial stress which can affect workplace performance, personal relationships, and individual opportunities for an adequate and sustainable retirement. Bill VanGorder, past chair of CARP; Nikki Keating, director of finance at Bell; and Gary Rabbior, president, of the Canadian Foundation for Economic Education; will examine the challenges of financial literacy and wellness. It takes place November 12 in Halifax, NS. For information, visit Finance And Stress
Teachers’ Fund Could Shift To AIMCo
The Alberta government wants management of the $18 billion Alberta Teachers’ Retirement Fund shifted to Alberta Investment Management Corp. (AIMCo), an institutional investment manager with more than C$108.2 billion of assets from more than 30 pension, endowment, and government funds in Alberta. The proposal in the recent provincial budget is intended to lower costs and achieve significant and necessary economies of scale that would protect returns to pensioners. The transfer is only a proposed change until the appropriate legislation is introduced and passed in the Legislative Assembly. It also recommended that assets from the C$10.3 billion Workers’ Compensation Board and the C$2.3 billion Alberta Health Services be transferred to AIMCo for management.
Plastic Viewed As Financially Material
The ‘2019 RIA Investor Opinion Survey’ has found that 82 per cent of respondents believe it is important for companies in their investment portfolio to reduce plastic waste. It also found most investors view single-use plastic as financially material as 70 per cent believe companies that reduce plastic waste from their products and packaging will be better long-term investments and 58 per cent believe companies continuing to rely on single-use plastics in their products or packaging will suffer a reputational decline. Other highlights are that 79 per cent of respondents would like their financial services provider to inform them about responsible investment (RI) options. However, only 23 per cent of respondents have been asked by their provider if they are interested in RI. Interest in RI has grown since last year’s survey, along with the desire for RI information as 72 per cent respondents expressed interest in RI, up from 60 per cent in 2018. Knowledge continues to lag interest with 72 per cent of respondents knowing little or nothing about RI, an improvement from 81 per cent in 2018. Overall, 26 per cent currently own responsible investments with young people are at the forefront of RI ownership, with 36 per cent of respondents aged 18 to 34 owning RI, compared to 18 per cent among those 55+.
Markets Leap Into Algo Pool
After years of watching their equity market peers shift business to algorithmic trades, many FX market participants finally took the leap into the algo pool themselves last year, with adoption increasing by 25 per cent year on year, says Greenwich Associates’ ‘FX Execution: Competing in a World of Algos.’ Algo adoption rates in FX have remained surprisingly flat over the last five years, even as algorithmic trades proliferated in other markets that have become largely electronic in nature. However, after last year’s spike in usage, about one in five FX market participants are now trading via algorithm ‒ a share that is consistent across the major markets of North America and Europe, and on the rise in Asia. It says it is important to note, however, that institutional and corporate FX customers did not shift trading volume away from traditional voice trades to eTrading last year, even with new factors like MiFID II best execution requirements that favour electronic execution. On the contrary, the share of notional FX trading volume executed electronically has hovered around 80 per cent for the past several years.
CDPQ Invests In Coop fédérée
The Caisse de dépôt et placement du Québec (CDPQ), the Fonds de solidarité FTQ, Fondaction, and Desjardins Capital will invest $300 million La Coop fédérée, the largest agri-food enterprise in Quebec and the only Canada-wide agricultural co-operative. This investment takes the form of preferred shares and the amounts invested will be paid into the share capital of La Coop fédérée. The proceeds will be used to finance the capital acquisition and capital investment projects of La Coop fédérée and its divisions.
Pickett Joins CBRE Caledon
Darrin Pickett is vice-president, asset management, at CBRE Caledon Capital Management. In this capacity, he will be responsible for the overarching asset management strategy for the firm’s infrastructure investments, working in conjunction with the investment teams. Prior to joining the firm, he was a senior principal in the infrastructure and natural resources group at Ontario Teachers’ Pension Plan and vice-president ‒ power, energy, infrastructure for CIT Capital Securities.
Session Looks At Pension Law
The ‘Osgoode Certificate in Pension Law’ equips participants with what they need to navigate this often complex and liability-laden area effectively. Sessions will be held Toronto, ON, for six days between February 5 and March 11, 2020. For information, visit Pension Law Certificate
Data Integration Examined
‘Data Integration & Machine Learning: What’s Possible Today & What’s Coming in Health Benefits’ will be discussed at a Toronto Area Chapter of the International Society of Certified Employee Benefit Specialists (ISCEBS) session. Mike Sullivan, CEO and co-founder of CUBIC Health, will discuss the benefits and limitations of machine learning. It takes place November 5 in Toronto, ON. For information, visit Data Integration
Employers Eliminating Waiting Period
More employers are considering eliminating the waiting period to join capital accumulation plans (CAPs) – at least for employee contributions, says Sun Life’s ‘2019 Designed for Savings Benchmark Report. It also identifies inertia is a powerful force that it can work to an employee’s advantage during bouts of market volatility. Despite periods of volatility over the past five years, it meant plan members had a very limited reaction to market movements. It also shows that target date funds continue to grow. In 2010, target date funds represented about seven per cent of CAP assets with Sun Life. By the end of 2018, assets held in target date funds had grown to 29 per cent of total CAP assets. More than 80 per cent of all contributions go to target date funds. This growth is coming largely at the expense of balanced, target risk, and Canadian equity funds which have all experienced significant declines during the past five years.
Demographic Composition Challenges Employers
The new demographic composition of workforces is challenging employers to incorporate additional elements within their basic benefits package to engage, retain, and attract multigenerational talent, says research from View Inc. in collaboration with Future Workplace on workplace wellness in Canada and the United States. The survey found that 70 per cent of employees report that a workplace that supports or enhances their health and wellbeing would encourage them to accept a job offer. Only three out of 10 (34 per cent) of Canadian employees rated their workplace ability to support their overall wellness needs with a score of 75 per cent or higher, demonstrating the need for employers to increase their efforts to improve workplace wellbeing. “The research shows that employer health and wellness efforts fall short despite Canadian companies’ investments in on-site gyms, ergonomics, and healthy food choices,” says Grant Walsh, president of View Canada. “It’s the invisible factors such as air quality and access to natural light that are often overlooked yet provide a significant influence on workplace wellness, employee productivity, and the overall quality of the employee experience.”
DB Plans Post Positive Returns
Canadian defined benefit plans posted positive investment returns in the third quarter of 2019, says the Northern Trust Canada Universe, despite periods of market volatility driven by global economic and political events during the three months ending September 30. The median plan in its universe generated a 1.6 per cent return in the third quarter. Markets were roiled during the quarter by developments in U.S.-China trade negotiations; Brexit; an impeachment inquiry in the U.S.; escalating tensions between the U.S., Iran, and Saudi Arabia; civil unrest in Hong Kong; and the crash of Argentina’s Merval Equity Index. A brief inversion of the U.S. yield curve also sparked investor fears surrounding the future state of the global economy. However, North American stock markets ended the quarter with solid gains. During the quarter, a number of central banks, including the U.S. Federal Reserve, responded to the fears and uncertainties with an accommodative tone, cutting interest rates and engaging in further stimulus. In Canada, the central bank held steady, supported by strong economic data coming out of the second quarter and with inflation meeting the Bank of Canada’s target. The Canadian economy continues to be supported by relatively healthy employment and a recovering housing market.
Australia Makes Biggest ESG Strides
With 44 per cent of its A$2.24 trillion (US$1.6 trillion) in total professionally managed assets invested responsibly, Australia has made some of the biggest strides in environmental, social, and governance (ESG) investing in the Asia Pacific, says Cerulli Associates. This is due to the strong push of super funds and some of the largest fund managers’ commitments to responsible investments. In 2018, responsible investment assets under management (AUM) totaled A$980 billion, up 13 per cent over the previous year. Growth has been supported by regulatory standards, particularly in the area of disclosure. Companies offering super products, managed funds, and investment-related life insurance particularly have to comply with the Financial Services Reform Act 2002. This law requires companies providing financial products with an investment component to state in their product disclosure statements how much they consider labour standards and environmental, social, or ethical issues in their investments However, Australia’s responsible investment market is not without challenges. Companies still have to improve their ESG incorporation practices and be more systematic in their approaches to responsible investment, it says.
Risk Appetite Grows
Over half of professional investors expect their risk appetite to grow over the next year, whilst views on the outlook for the global economy remain mixed, says a survey by NN Investment Partners. While nearly 60 per cent of investors said they will need to take more risk to secure returns, 14 per cent said they expect the increase in risk appetite to be significant. It also found just over a quarter expect an acceleration in global economic momentum over the next year, whilst 39 per cent said they anticipate a slowdown. More than half will increase their allocation to equities, while 38 per cent said they will invest more in fixed income.
Group Members Get Access To Centre
SSQ Insurance group plan members will now be able to access their group insurance in its Customer Centre and mobile app interface. This was already an online hub for general insurance. With single authentication, its customers will be able to quickly and easily consult their general and group coverage in one place. The centre will also offer special group insurance features such as direct deposit, coverage eligibility, online claims, and personal information self-service.
Innes Joins Morneau Shepell
Session Looks At Pooling
The CPBI Southern Alberta Region will examine ‘Industry Pooling for High Cost Drugs ‒ What It Is and Results To Date.’ Dan Berty, executive director of the Canadian Drug Insurance Pooling Corporation (CDIPC), will explain how its embedded EP3 and industry level pooling mechanisms work, results to date, and trends seen since its inception. It takes place November 21 in Calgary, AB. For information, visit Drug Pooling