This review looked at current practices adopted by actuaries advising on commutation rates and transfer values in the calculation of benefits for UK pension schemes. Endorsed by the IFoA Regulation Board, the review recommended that actuaries improve the quality of their advice by following existing actuarial standards fully. Download the full report to read the complete recommendations.
The thematic review included an exercise to combine the benchmarking information compiled by the participating organisations. The Review Team has prepared a presentation setting out charts summarising all the information obtained as part of the benchmarking exercise.
The IFoA held a webinar in early 2021 to provide members with an opportunity to learn more about the review findings. A recording of the webinar is available to watch on the IFoA's Virtual Learning Environment (VLE). You can also read Senior Review Actuary David Gordon’s responses to questions raised during the webinar in this news article on the IFoA website.