22 May 2015
The Pensions Regulator has today issued its Annual Defined Benefit Funding Statement which sets out their key messages for DB schemes undertaking valuations in light of current market conditions.
Gareth Connolly, Chair of the Institute and Faculty of Actuaries' (IFoA’s) Pension Board, comments,
“The Institute and Faculty of Actuaries welcomes the guidance provided to sponsors and trustees in the Pensions Regulator’s 2015 Annual Funding Statement. Market conditions for 2015 valuations are extremely challenging in comparison to 2014 and are likely to place additional demands on sponsors. Our members, whether advising trustees or sponsors, will continue to assist the development of risk management frameworks to balance the continuing need to protect members’ benefits and the ability for sponsors to pay.”
~ENDS~
For further comment or to answer any questions that you may have please contact Annette Heninger, Media Relations Manager at the IFoA, on 07525 592 198 or by emailing annette.heninger@actuaries.org.uk
Editorial notes:
About the Institute and Faculty of Actuaries
The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.
Research undertaken by the IFoA is not commercial. As a learned society, research helps us to fulfil two of our royal charter requirements; to further actuarial science and serve the public interest.
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.
Members of the IFoA 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.
Members are 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 actuaries in society.
The IFoA is available to provide independent 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.