IFoA reviews actuaries’ work on DB pensions
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The Institute and Faculty of Actuaries has launched a thematic review of the advice given by actuaries to the sponsors of UK defined benefit pension schemes.
The review will be looking at advice on funding and/or strategy which led to material changes being considered, agreed or adopted.
The institute said: “Actuarial advice to sponsors is critical to the financing of DB pension schemes, which affects the long-term security of member benefits. The range of advice in this area is potentially wider than the advice given to trustees and may involve other professionals. The review will look at current practices adopted by actuaries in this area.”
Senior review actuary David Gordon said corporate pensions advice is a significant area of public interest since the advice given by corporate actuaries can have a material impact on pension scheme members.
The review runs until 2 September.
The review will be looking at advice on funding and/or strategy which led to material changes being considered, agreed or adopted.
The institute said: “Actuarial advice to sponsors is critical to the financing of DB pension schemes, which affects the long-term security of member benefits. The range of advice in this area is potentially wider than the advice given to trustees and may involve other professionals. The review will look at current practices adopted by actuaries in this area.”
Senior review actuary David Gordon said corporate pensions advice is a significant area of public interest since the advice given by corporate actuaries can have a material impact on pension scheme members.
The review runs until 2 September.
One-to-one discussions planned
The IFoA also plans to hold one-to-one discussions in the autumn with a subset of participating actuaries to cover a number of topics, including how the advice was reviewed and how potential conflicts were treated.
It said once the review has been completed, it will provide individual private feedback to participating organisations. The organisation will also produce a formal report with generalised feedback on its website.
The report is likely to be published in early 2023 with the private feedback being provided around a month before publication, according to the IFoA.
