Barbara Sanders

I am an actuarial educator and researcher with a strong interest in public policy surrounding pensions. Before joining the Department of Statistics and Actuarial Science at Simon Fraser University, I spent 8 years in pension consulting. My research is heavily influenced by my background in industry, exploring emerging issues in pension practice through both qualitative and quantitative lenses. My current focus is on sustainability and intergenerational equity in occupational pension arrangements, innovative pension designs, and pension plan consolidation.

Current Projects

• Decumulation options in employer sponsored pension plans
  Joint work with Bonnie-Jeanne MacDonald and Laura Strachan
  Sponsors: National Pension Hub of the Global Risk Institute , National Institute on Ageing
  The goal of this project is to establish a road map for how best to structure, implement, and provide Canadians with added financial longevity protection through Variable Payout Life Annuities (VPLAs). A key part of the research is a series of case studies of pension organizations who either already have a VPLA option or are contemplating adding such an option in the future.
• Quantifying the welfare impacts of pension mergers
  Joint work with Jean-François Bégin
  Sponsors: Society of Actuaries , Canadian Institute of Actuaries
  The ultimate goal of this project is to add a quantitative element to the discussion of the merits of plan mergers and consolidation, by providing a framework and an evaluation mechanism to assess the welfare impacts of either generic or specific deals.
• Modern metrics for intergenerational equity in occupational pension plans
  Joint work with Louis Adam and Claudia Gagné
  Sponsor: Canadian Institute of Actuaries
  Intergenerational equity has been an important consideration in the management of social security programs and blocks of annuity business for a long time but received relatively little attention in the occupational pension sphere until recently. As interest in risk-sharing pension designs continues to grow, intergenerational equity will become more and more important. Proper dialogue around intergenerational equity is severely hindered by three factors: (1) the lack of uniform definitions and language, (2) practitioners’ lack of familiarity with existing metrics for intergenerational equity, and (3) limited availability of modern, forward-looking metrics suitable for use with the stochastic projections that most large plans nowadays employ. The objective of this project is to fill these gaps by cataloguing relevant definitions of intergenerational equity, identifying existing metrics, and developing new ones suitable for occupational pensions in stochastic applications.
  Working paper

Publications

In academic journals

• Bégin, J.-F., Sanders, B. and Xu, X. Modelling and Forecasting Subnational Mortality in the Presence of Aggregated Data. North American Actuarial Journal . Accepted.
• Ng, C., Sanders, B. and Bégin, J.-F. (2022). Controlling the E ects of Adverse Selection in Flexible Benefit Plans: A Pricing-Based Approach. Insurance: Mathematics and Economics . (105) 293-312. (Winner of the Actuarial Foundation of Canada’s Maple Leaf Research Award)
• Yi, L., B. Sanders and J.-F. Bégin. (2020). Redistribution in Modern Occupational Pension Plans: Hidden Versus Explicit Risk Transactions. Journal of Pension Economics and Finance . 21(2) 260-293.
• Wang, S., Lu, Y. and Sanders, B., (2018) Optimal investment strategies and intergenerational risk sharing for target benefit pension plans. Insurance: Mathematics and Economics . (80) 1-14.

Peer-reviewed, industry-oriented reports and articles

• Bégin, J.-F. and Sanders, B. (2023). Benefits at Risk in Lifetime Pension Pools. Society of Actuaries and Canadian Institute of Actuaries.
• MacDonald, B.-J., Sanders, B., Strachan, L., Frazer, M. (2021). Affordable Lifetime Pension Income for a Better Tomorrow. How we can address the $1.5 trillion decumulation disconnect in the Canadian retirement income system with Dynamic Pension Pools. Toronto, ON: National Institute on Ageing, Ryerson University and Global Risk Institute. (Winner of Georgetown CRI 2021 Annual Policy Innovation Forum Call for Papers Award)
• Gros, B. and Sanders, B. (2019) The Quest for Sustainability in Contingent Pension Plans. C. D. Howe Institute Commentary 553 , September 2019.
• Sanders, B. (2019). “The Target Benefit Plan Spectrum: Implications for Plan Design and Regulation”, The Retirement Forum , vol 21. Society of Actuaries.
• Sanders, B. (2016) Analysis of Target Benefit Plan Design Options – Project Report, Society of Actuaries, February 2016
• Sanders, B. (2016). Target benefit plans: exploring the simplest design. Society of Actuaries.
• Sanders, B. (2016). Target benefit plans: enhancing stability and security. Society of Actuaries.
• Canadian Institute of Actuaries (2015). Report of the Task Force on Target Benefit Plans.

Other articles

• Gros, B. and B. Sanders. (2020). The Link between Governance and Sustainability in Contingent Pension Plans. Plans & Trusts , (38)2 p. 8-13. March-April 2020. International Foundation of Employee Benefit Plans.
• B. Sanders. (2014). Intergenerational Equity in Target Benefit Plans. Plans & Trusts , July 2014. International Foundation of Employee Benefit Plans.

Supervision

• Prospective MSc Students
  I am looking to work with students who have a strong quantitative background, solid programming skills, and who are driven by curiosity. If you would like to explore problems at the intersection of actuarial science and pension economics with me, send me an email with a description of your skills and interests, a copy of your (unofficial) transcript, and a full CV.
• Current MSc Students
  Nikhil Kapoor* , Vatsal Desai*
• MSc Graduates
  Wenyuan Zhou* , Xueyi (Wendy) Xu* , Yige (Vivan) Jin* , Cherie Ng* , Jing (Nicole) Wang, Lu Yi* , Yueren Wang*, Zetong (Cecilia) Li , Dejie (Katherine) Kong* , Botao (Bobby) Han
• Undergraduate Research Assistants
  Tianxing Yan* , Leo Steeves , Fei (Elsa) Chen* , Qi (Richard) Li*, Nathan Esau , Jing (Nicole) Wang, Braden Rustand
(* indicates co-supervision)

Teaching

• Interest Theory and Applications (ACMA 201)
  Spring 2022
• Mathematics of Compound Interest (ACMA 210)
  Fall 2016, Fall 2015, Fall 2013, Fall 2007 (sessional), Fall 2006 (sessional)
• Actuarial Mathematics I (ACMA 320)
  Spring 2020, Spring 2018, Spring 2015, Spring 2014, Spring 2013
• Financial Economics for Actuaries (ACMA 340)
  Spring 2021
• Actuarial Mathematics II (ACMA 425)
  Fall 2004 (sessional)
• Actuarial Communication (ACMA 360W)
  Fall 2022, Fall 2021, Spring 2020 (co-taught with Jean-François Bégin)
• Risk Theory (ACMA 335)
  Fall 2014, Fall 2010
• Pension Theory
  Undergraduate: Spring 2008, Spring 2007, Spring 2006
  Graduate: Spring 2007, Spring 2006
• Stochastic Models of Retirement Income (ACMA 850)
  Fall 2019, Spring 2018, Fall 2015
• Actuarial Risk Management (ACMA 832)
  Spring 2023, Spring 2022, Spring 2021