Budget response from the Institute and Faculty of Actuaries-Pensions

Commenting on today’s announcement, Jane Curtis, Immediate-past President of the Institute and Faculty of Actuaries said: “The Institute and Faculty of Actuaries believes that the current legislative framework provides sufficient flexibility to meet the needs of sponsors of pension schemes, trustees and members.  We therefore welcome the Chancellor’s announcement today which demonstrates that the Government has listened to industry concerns about smoothing.”

Notes to editors:

1.    Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues

2.    Members of the Actuarial Profession have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.

3.    The Profession is governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of the Profession in society.

4.    The Institute and Faculty of Actuaries is available to provide expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.

For further information please contact Paul Reynolds on 07961957487 or paul.reynolds@actuaries.org.uk