The initial focus of the MIG has been on the area of retirement advice. In particular the group had discussed the risk around drawdown advice as well as the impact of volatility of regular withdrawals on fund growth. The view of the group has been that there is potential weaknesses in the current advice process and existing guidance which could be strengthened.
There are a number of advisers who are also actuaries in addition to this; the modelling tools which are used to assess and explain risk are based on modelling carried out by actuaries. There is an opportunity to bring an actuarial perspective into the advice process which could both strengthen the advice process and potentially develop the involvement of the actuarial profession.
- 16 June 2020
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