9 December 2010
John said: "Over the last 25 years, pension costs and risks have escalated out of all proportion. The movement towards defined contributions is a natural reaction to this, but this move might not be right for all employers. So, as we look for the different answers, those working in pensions need freedom and flexibility. Employers have to be able to develop and market different and new pensions models and sponsors need to be able to manage their pensions risks."
He added: "The pensions brand has become tarnished. There needs to be trust, honesty, transparency and simplicity in pensions. So the new generation of actuaries must be active in influencing others such as government, policy makers and opinion formers to achieve this."
ENDS
Enquiries: Tel. Michael Scanlan on 07798 804 871 or email michael.scanlan@actuaries.org.uk
Notes for 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 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 Profession 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.