(Below is the text of an e-mail sent to all holders of Scheme Actuary Certificates on behalf of the Practising Certificates Committee, 24 January 2006)

GN48: Compliance review: Pensions came into effect as recommended practice from 31 December 2004. It will become a practice standard from 1 January 2007.

Scheme Actuaries are reminded that at the time of the renewal of their practising certificate during 2007, they will be required to provide the attestation set out in Appendix 2 to GN48. This means that Scheme Actuaries need to have implemented the review requirements of GN48 in respect of all relevant advice provided in the 12 months prior to signing this attestation.

Those who are due to renew in January/February 2007 and will require to submit their applications in late 2006 should do so as normal and the Practising Certificates Committee will exercise judgement in accepting that the attestations will cover the period from 1 January 2006 to the date of signing the application.

Scheme Actuaries should also note that GN48 requires that they retain evidence of review. Where a Scheme Actuary changes employment, he or she will need to make arrangements to have access to such evidence in respect of their prior employment.

On the broader issue of peer review, we note that the Pensions Regulator is encouraging users of actuarial advice to enquire about the process of review that their actuary uses. Notwithstanding the specific requirements of GN48, we strongly encourage all actuaries to satisfy themselves that their work is subject to appropriate review.

Cath Bryson
for the Practising Certificates Committee
24 January 2006