Institute and Faculty of Actuaries statement on EIOPA QIS results

"The Institute and Faculty of Actuaries (IFoA) welcomes EIOPA’s publication of the preliminary QIS results.  We note that there is much more work required for EIOPA and the European Commission to fully understand the valuation of sponsor support, and we hope that our research on the valuation of employer covenant, published in January this year, has helped inform the debate."

“The significance of the capital requirements for UK defined benefit pension schemes indicates the importance of resolving the outstanding issues before the publication of the revised IORP directive, and we look forward to continuing our work with EIOPA and the Commission to achieve the best outcome for UK pension schemes.”

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.