I was appointed to the ninth Chairman of the Board at the Board meeting following the Ordinary General Meeting on May 24, 2018. I would like to offer a brief greeting at the installation.
First of all, let me take this opportunity to pay my respects to everyone who made efforts for developments of the Society. I would also like to express my sincere appreciation to the former Chairman of the Board, Takakazu Wada for his huge contributions to the Society, which were to promote activities directly linked to the missions of Certified Pension Actuaries during his term as Chairman, such as building and operating the Continuing Professional Development (CPD) program with the aim of maintaining and improving knowledge and skills in providing professional services of Certified Pension Actuaries, as well as issuing "Actuarial Standard of Practice in relation to funding of Defined Benefit Corporate Pension Plans" and "Actuarial Guidance in relation to Defined Benefit Corporate Pension Plans" in line with the deregulation that allows for more flexible contributions and benefit designs for defined benefit corporate pension plans.
With regard to the corporate pensions, the stricter regulation on governance of the defined benefit corporate pension plans has been enacted following the deregulation in January 2017, while a series of legal amendments including an expansion of the coverage of defined contribution pensions have been also enacted, resulting in an increase in the importance of Certified Pension Actuaries' involvement from the aspects of plan design as well as funding. The Society aims to widely diffuse and develop pension systems, and contribute to enhancing the financial well-being and welfare of citizens by engaging in the required business activities. Under this mission, we will continue to monitor the changing environment, revisions of domestic and overseas pension systems and accounting standards, and extend the focus beyond problem-solving for current practical issues to researching in the medium and long term on the financial stability of pension programs, as well as researching and recommending on regulatory issues of corporate pensions.
The International Actuarial Association, of which the Society is a full member, will be implementing its amended education syllabus in January 2021. Consequently, the Society has decided to review its educational systems including its actuarial examinations and the CPD program, and seek cooperation and support from related institutions in order to continue fulfilling the trust of the global community as a professional society.
The year 2019 marks the 30th anniversary since the Society was founded in April 1989, which will be celebrated by various events, which include hosting a symposium and publishing a commemorative publication. The Society will further promote public-interest activities to diffuse and develop corporate pensions. All Directors, including myself, are resolved to do our utmost for the future development of the Society. I sincerely hope that you will continue to support its endeavors.
May 2018
Ichiro Ogawa
Chairman of the Board and Representative Director
The Japanese Society of Certified Pension Actuaries
Having been elected chairman at the Board of Directors Meeting following the Ordinary General Meeting of May 28, I would like to take this opportunity to introduce myself.
Building on the untiring efforts of current and former association members, JSCPA became a public interest incorporated association on April 1, 2013. We have steadily endeavored to strengthen our foundations, and we will continue our efforts to develop and establish ourselves as a public interest incorporated association.
The Act on Partial Revision of the Employees’ Pension Insurance Act, Etc. for Securing the Soundness and Reliability of Public Pension Insurance Systems (subsequently, Revised Act) that took effect on April 1, 2014, revised the employees’ pension fund system. This was also accompanied by changes in basic regulations governing pension actuaries.
Specifically, the Revised Act transferred basic regulations governing pension actuaries from the Employees’ Pension Insurance Act to the Defined-Benefit Corporate Pension Act. In this process, JSCPA’s skill test (certification exam) was recognized as one measure of the knowledge required of Certified Pension Actuaries. This is also the outcome of the steadfast efforts of current and former association members as well as related parties, for which I express my profound gratitude. Going forward, passing all subjects of the certification exam will mean that applicants satisfy the knowledge criteria for Certified Pension Actuaries. JSCPA will do its utmost in administering the certification exam and will work to further develop an enriched structure for the many people aiming to become Certified Pension Actuaries.
We also intend to actively engage in the professional development of Certified Pension Actuaries. In fiscal 2014, with the view of implementing a program for continuing professional development (CPD), we have gained the consent of many association members to administer a trial exam. Through CPD, such as strengthening the content of practice-oriented and other seminars as well as supporting professional development through e-learning content, we hope to contribute to upgrading the value of Certified Pension Actuaries.
As noted above, the environment for corporate pension systems is changing day to day, as seen in the revision of the employees’ pension fund system and in retirement benefits accounting standards. JSCPA is keenly aware of its social mission as an association of pension specialists and as a public interest corporation. In addition to carrying out its actuarial operations, the association will enhance its contribution to the further development of corporate pensions by actively participating in the endeavors of the International Actuarial Association and through a broad range of research and proposal activities.
The JSCPA is a small association, with just 601 members as of March 31, 2014. The future progress of our association relies entirely on the cooperation of our members. I and all officers will make every effort to achieve the further development of the JSCPA, and we look forward to your ongoing support.
May 2014
Takakazu Wada
Chairman and Representative Director
The Japanese Society of Certified Pension Actuaries
I was appointed as JSCPA chairman at the board of directors meeting held after the annual general meeting on May 24, 2012. I would like to take this opportunity to make a few comments to our members.
At the same board of directors meeting, Mr. Yoshihiro Oyama was appointed as president. Mr. Oyama will be responsible for managing the association’s overseas activities, including international conferences.
Under the leadership of Mr. Masaharu Sasaki, former president and chairman, in fiscal 2011 the JSCPA focused on introducing reforms required under the new public interest corporation system and building an efficient operational structure that harnesses information and communications technology (ICT). We are making steady progress toward meeting the requirements of the new public interest corporation system, including passing a resolution at the annual general meeting to amend the JSCPA Statutes, and we plan to apply for Cabinet Office approval soon in the aim of making the transition to the new system in April 2013. My immediate priorities are to put the association on a firm footing by gaining approval as a public interest corporation, making a smooth transition to the new system, and developing and establishing a new administrative structure. On the ICT front, in March 2012 we completely upgraded the JSCPA website and added various new functions including online study options. Member surveys show high demand for such programs, which help our busy members to continually develop their skills, and we will gradually expand the content of this section.
The corporate pensions environment entered a new era at the end of March 2012, when tax qualified pension plans, Japan’s first corporate pension schemes, were abolished 50 years after establishment, and the two new corporate pension laws, the Defined Benefit Corporate Pension Act and the Defined Contribution Pension Act, marked ten years since coming into effect (ten and a half years in the case of the Defined Contribution Pension Act). However, as corporate pension finances continue to come under pressure from deteriorating economic and financial conditions, the Ministry of Health, Labour and Welfare lost no time in establishing an advisory committee on asset and financial management of employees’ pension funds, etc., in April 2012 to conduct wide-ranging discussions on existing and future policies for both asset management regulation and financial management. Following revision of the international accounting standard for employee benefits, it was also decided that in two years’ time Japan will adopt immediate recognition of unfunded retirement benefit obligations in consolidated balance sheets. Needless to say, ongoing consideration of integrated reforms to social security and tax systems will affect the future of public pensions and, depending on the direction chosen, these reforms may also have a major impact on corporate pensions.
In such an environment of ceaseless change in corporate pension systems, the JSCPA is keenly aware of its public and social mission as an association of pension specialists and a public interest corporation. In addition to carrying out its usual duties, the association will enhance its contribution to the further development of corporate pensions through a broad range of research and proposal activities.
The main theme of our action plan for fiscal 2012 is to examine and make proposals on the future of corporate pension schemes, based on the evolving debate over reforms to social security systems. In setting this theme, we recognized that corporate pension schemes, as systems operated by companies, are inevitably affected in significant ways not only by the economic and financial environment, but also by changes in the corporate business environment, including social security, employment, and accounting systems. We cannot shed light on the future of corporate pension schemes by examining them in isolation. We will address this challenging goal by establishing a special committee to consider mid- to long-range issues, and its first task will be to consult with experts within and outside the association to determine how to approach this examination.
The JSCPA is a small association, with just 588 members as of March 31, 2012. Sparing time from their busy day-to-day work, a total of 243 members contribute to the management of the association by taking part in various committee activities. I would like to take this opportunity to thank them. The future progress of our association relies entirely on the cooperation of our members. I will make every effort to achieve further development for the JSCPA, and I look forward to your ongoing support.
Hiroshi Suzuki
Chairman
The Japanese Society of Certified Pension Actuaries
Having been appointed as JSCPA president at the board of directors meeting held after the annual general meeting on May 24, 2012, I would like to share a few thoughts with our members.
At that board of directors meeting, Mr. Hiroshi Suzuki was appointed as JSCPA chairman, and under his leadership I will be responsible for managing the association’s overseas activities, including international conferences.
The JSCPA is a full member association of International Actuarial Association (IAA) since August 1999, one year after the reformation that made the IAA into an association of actuarial associations. By contributing to the running of the IAA, full members are able to have their views reflected in management of the organization. Moreover, the IAA always attaches a list of full members when submitting comments to international bodies such as the International Accounting Standards Board. Thus full membership of the IAA can be regarded as a prerequisite for maintaining an equal footing with major actuarial associations in other countries.
Criteria for full IAA membership are reviewed periodically, and at that time existing full members made up of national actuarial associations must demonstrate that they fulfill the new criteria. If they are unable to do so, they may lose full membership. Consequently, daily progress is required simply to maintain full membership.
However, if we merely satisfied ourselves with maintaining full IAA membership, obviously the level of our activities would soon fall below that of other members. I believe that we need to go beyond just maintaining full membership to actively participate in IAA activities and network with major overseas actuarial associations so that we play a leadership role and maintain equality with other leading associations. In particular, the IAA is currently preparing actuarial standards that accord with international accounting standards relating to retirement benefits, and these actuarial standards will affect Japanese enterprises if they voluntarily adopt international accounting standards. In this context, it is vital that the JSCPA works to ensure its views are reflected at the IAA, and our IAA activities are becoming more important than ever.
It is valuable for JSCPA members to take part in colloquia of the IAA Pensions, Benefits and Social Security Section and other international conferences, and every year we send delegates, especially from among our younger members, to attend and present papers at such events. This is based on the recognition that presenting research results and exchanging views with overseas pension specialists at such international meetings provides a tremendous opportunity for our members to gain fresh insights that will contribute to the further development of the JSCPA, and we plan to continue such activities.
Our overseas activities, such as participation in the IAA and attendance at international conferences, are essential to the advancement of the JSCPA, but the continuation of these activities depends on the cooperation of our members. I will do my utmost to encourage the development of the association, and I would like to request your further understanding and support.
Yoshihiro Oyama
President
The Japanese Society of Certified Pension Actuaries
