Document library
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- Author:
- Economic Capital Subgroup of the Society of Actuaries Risk Management Task Force
Specialty guide on economic capital
At its most basic level Economic Capital can defined as sufficient surplus to cover potential losses, at a given risk tolerance level, over a specified time horizon. This is the working we will use throughout this Specialty Guide, adding details as needed ... read more >>
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- Author:
- P J L O'Keeffe; A J Desai; K Foroughi; G J Hibbett; A F Maxwell; A C Sharp; N H Taverner; M B Ward; F J P Willis
- Source:
- British Actuarial Journal [BAJ] (2005) 11(3): 407-496
Current developments in embedded value reporting
This paper reviews the developments in reporting of traditional embedded value and summarises some of the reasons why this is now undergoing change. It considers the purpose of an embedded value calculation and the effect of differing attitudes to risk. ... read more >>
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- Author:
- A D Wilkie; M P Owen; H R Waters
- Source:
- British Actuarial Journal [BAJ] (2005) 11(2): 199-312
Notes on options, hedging, prudential reserves and fair values
In this paper we present many investigations into the results of simulating the process of hedging a vanilla option at discrete times. We consider mainly a `maxi' option (paying Max(A, B)), though calls, puts and `minis' are also considered. We show the ... read more >>
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- Author:
- I Iqbal
- Source:
- British Actuarial Journal [BAJ] (2005) 11(1): 133-182
Effective decision making in a life company
In the recent past life companies have made many decisions which they have had cause to deeply regret. This paper looks at the range of decision making theories available. It then examines recent examples of decisions that had unfavourable consequences ... read more >>
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- Author:
- A C L Dyson; J Exley
- Source:
- British Actuarial Journal [BAJ] (1995) 1(3): 471-557
Pension fund asset valuation and investment
The theoretical basis for, and practical application of, the discounted income method for valuing UK pension fund assets is discussed, with particular reference to the widely adopted application to variable income (equity type) assets, as proposed by ... read more >>
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- Author:
- Herbert Smith
GN48: Compliance review: pensions. Legal advice
Advice on the legal position of the Scheme Actuary and the Reviewer in the context of Guidance Note 48 (GN48) which relates to compliance review in the context of advice provided by Scheme Actuaries. ... read more >>
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- Author:
- Continuous Mortality Investigation
CMI Working paper 9. An analysis of the preliminary results of the mortality of male pensioners of self-administered pension schemes for the period 2000 to 2002 as reported in Working paper 4
Continuous Mortality Investigation Technical Support and Research Committee of the Pensions Board Working Paper 9 An analysis of the preliminary results of the mortality of male pensioners of self-administered pension schemes for the period 2000 to ... read more >>
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- Author:
- Alan Goodman
- Source:
- Financial Consumer Support Committee, SPB
Consumer understanding of risk
This report summarises the findings of research commissioned by the profession from Professor Nick Chater, University of Warwick, into how consumers make financial choices and the extent these choices are open to manipulation by the way information is ... read more >>
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- Author:
- Continuous Mortality Investigation
CMI Working paper 10. The mortality of impaired assured lives, 1991-2002
November 2004 Continuous Mortality Investigation Mortality Sub-Committee Working Paper 10 The Mortality of Impaired Assured Lives, 1991-2002 1 T H E M O R T A L I ... read more >>
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- Author:
- Neil Robjohns; Joanne Wells
- Source:
- Life Convention 2004
Trends in critical illness risk costs (handout)
1 2004 Life Convention 7-9 November EICC Edinburgh Scotland D09 Trends in Critical Illness Risk Costs Working Party / Research Group Update Neil Robjohns Munich Re (UK Life Branch) Joanne Wells Hannover Life Re (UK) Critical Illness Trends Research ... read more >>
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- Author:
- Continuous Mortality Investigation
CMI Working paper 8. Considerations for the graduation of the CMI 1999-2002 mortality experience
CMI Working paper 8. Considerations for the graduation of the CMI 1999-2002 mortality experience Continuous Mortality Investigation Mortality sub-committee Working Paper 8 Considerations for the Graduation of the CMI 1999-2002 Mortality Experience ... read more >>
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- Author:
- Social Policy Board\; Peter Taylor-Gooby
Public expectations of pension provision. Final report to the Actuarial Profession
Final report to the Actuarial Profession based on analysis of data on trust in pensions from the 2002 British Social Attitudes survey, specially-commissioned focus group interviews and literature review. Public Expectations of Pension Provision Final ... read more >>
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Guidelines on the respective roles of the Investigating Actuary and the Case Officer
The Disciplinary Schemes commenced on 1 January 2004 and introduced a new approach to how the Profession investigates complaints of alleged professional misconduct. In particular, the Schemes introduced the concepts of Adjudication Panels and the ... read more >>
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- Author:
- Pensions Board\; Technical Support and Research Committee
Report on mortality basis in Technical Memorandum 1 (TM1): Statutory Illustrations of Money Purchase Benefits (SMPI)
Under the disclosure requirements for money purchase benefits introduced by the DWP from April 2003, pension scheme trustees or managers are required to produce a projection once a year showing the amount of annuity that an individual's pension fund might ... read more >>
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- Author:
- The Actuarial Profession
Guidelines on referral for Disciplinary Investigation by an Honorary Secretary
The Disciplinary Schemes of both the Institute and Faculty are designed to respond to complaints. However, there is also a process which allows the Profession to initiate an investigation pro-actively. 22.10.2004 1/5 THE ACTUARIAL PROFESSION ... read more >>
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- Author:
- Professional Competence Task Force
Consultation Report of the Professional Competence Task Force
The Professional Competence Task Force was set up in autumn 2002, with the remit of reviewing the membership and education structure of the profession, both pre and post qualification, and recommending any necessary changes in the light of various current ... read more >>
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- Source:
- Response from the Actuarial Profession
Response to the Morris Review's initial consultation document of June 2004. Highlights
Highlights of the submission by the Actuarial Profession to the Morris Review of the profession which resulted from the Penrose Report into events at Equitable Life. Contents include: the context in which actuaries work\; a changing ethos in society\; ... read more >>
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- Author:
- Life Office Taxation Working Party; Matthew Taylor
Life assurance companies - forthcoming changes
Sets out the principal tax, regulatory and accounting change documents currently in the pipeline. LIFE OFFICE TAXATION WORKING PARTY SEPTEMBER 2004 Page 1 of 2 In case of query please contact Matthew Taylor Life assurance companies forthcoming ... read more >>
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FTSE indices
A note on the Profession's involvement with stock market indices, including the FTSE Actuaries Indices, the FTSE All-World Index Series and the Stock Exchange Classification by Industry. STOCK MARKET INDICES A Committee was appointed in 1929 by the ... read more >>
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- Author:
- The Institute and Faculty of Actuaries
Work-based skills. Learning log - notes on completion of forms
Work-based skills. Learning log - notes on completion of forms Work-Based Skills Learning log – notes on completion, for students Applying for Fellowship/Associateship You should use the review form to accumulate evidence of your work-based skills. ... read more >>