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David Hare, President-Elect of the Institute and Faculty of Actuaries (IFoA), comments on the publication of the Department for Work and Pensions (DWP) White Paper on State Pensions Reform.
A revised version of actuarial standard TM1 (AS TM1) has just been published by the FRC (v3.0 December 2012). This applies from 6 April 2013.
The way UK companies value their pension schemes could change after a proposal by George Osborne, the Chancellor of the Exchequer, to allow the use of historical interest rates.
Commenting on the Chancellor's Autumn Statement, Jane Curtis, Immediate Past President, said:
"The Institute and Faculty of Actuaries welcomes the Chancellor's announcement that the DWP will be consulting on a new statutory objective for the Pensions Regulator to consider the long term affordability of deficit recovery plans, and whether to allow companies undergoing scheme valuations in 2013 or later to smooth asset and liability values.
Sixty Scottish schools took part in the Scottish Mathematics Council's annual maths challenge 2012, which is sponsored by the Institute and Faculty of Actuaries.
On the evening of Monday 22 October, David Hare, President Elect of the Institute and Faculty of Actuaries, presented Professor Mary Hardy with the Finalison Medal before an audience of members, family and friends at a Sessional Research meeting at London's Staple Inn.
On Tuesday evening, we were delighted to welcome over 50 business leaders, academics and MSPs to a reception at the Scottish Parliament to celebrate the new Actuarial Research Centre (ARC).
The Institute and Faculty of Actuaries is to award ten actuaries with the Chartered Enterprise Risk Actuary (CERA) qualification in recognition of their exceptional roles as thought leaders in the field of enterprise risk management.
The Institute and Faculty of Actuaries is pleased to announce the appointment of Iraj Amiri as the Chair of its Audit and Governance committee.