Pensions actuaries work with other specialists, such as pensions lawyers and administrators, to help different pension schemes meet the needs of trustees, employers and scheme members. Pension schemes are affected by the investment market and changing legislation and regulation. Actuaries provide specialist advice on the following issues:
- scheme funding - the funds needed to be held in respect of scheme benefits now as well as the funds needed to be paid in the future
- investment - strategies for selecting the most suitable assets for the funds held in the scheme
- scheme design - the level and form of benefits to be provided to the members
- accounting for pensions - determining the impact the pension scheme has on the company's accounts
- managing risk - strategies for managing and mitigating the risks associated with providing pension benefits, affecting the trustees, company and members
- corporate transactions - advising on the pensions aspects of sales or mergers which can have a significant impact
- individual benefits - advising trustees, companies and often individual members on complicated options relating to individuals' pension benefits.
The Pensions practice area is a source of expertise within the Institute and Faculty of Actuaries (IFoA)
The Pensions Board is the senior, member-led committee of volunteer actuaries. It advises the IFoA on important pensions issues and is a source of expertise within the profession on matters relating to the pensions practice area. It supports and promotes the interests of practice area members in accordance with the profession’s strategic objectives
The three subcommittees that underpin the Pensions Board are:
- 1 November 2017
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For more information about Pensions working parties contact the Communities Team.
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This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.
The role of actuaries within the health sector varies considerably from one country to another, due to differences in the local evolution of health systems and the funding models for health services.
This paper outlines key frameworks for reserving validation and techniques employed. Many companies lack an embedded reserve validation framework and validation is viewed as piecemeal and unstructured. The paper outlines a case study demonstrating how successful machine learning techniques will become and then goes on to discuss implications. The paper explores common validation approaches and their role in enhancing governance and confidence.
Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.
The IFoA Policy Briefing 'Can we help consumers avoid running out of money in retirement' examined the benefits of blending a lifetime annuity with income drawdown. Panellists, including providers and advisers, will look at the market practicalities of taking the actuarial theory through into the core advice propositions used by IFAs and Fund Managers. They will share a number of practical issues such as investment consequences before and after retirement and the level of annuity that is appropriate and answer questions from the audience.
The IFoA is pleased to be hosting the Governor of the Bank of England, Andrew Bailey, to deliver a speech on delivering policyholder protection in insurance regulation.
The speech will be presented to an in-person audience, and simultaneously live-streamed, at 14.00 on Wednesday 1st December.
This webinar looks at the many types of biases, both conscious and unconscious and the impacts they can have in the workplace. Raising our own awareness and understanding of the issues can help us avoid the pitfalls of unconscious bias in particular. We’ve all heard the phrase ‘office banter’ but are we sure that’s how those on the receiving end perceive it and is it ok to go along with it?
Actuaries need to take action now - but how? With a focus on climate change, this session will provide informed insight to enable you to improve your knowledge and understanding of the issues involved, demonstrate how it will impact advice to your clients, and highlight prospective opportunities for actuaries within pensions and wider fields.
Pension scams have become more prevalent as a result of the pandemic, and Trustees have increased responsibilities to protect members, which means that actuaries need to be in a position to provide advice in this area. Our specialist panel will include a professional trustee, an IFA and head administrator, two of whom are members of PASA.
The covid-19 pandemic creates a challenge for actuaries analysing experience data that includes mortality shocks. To address this we present a methodology for modelling portfolio mortality data that offers local flexibility in the time dimension. The approach permits the identification of seasonal variation, mortality shocks and late-reported deaths. The methodology also allows actuaries to measure portfolio-specific mortality improvements. Results are given for a mature annuity portfolio in the UK
In this webinar, the authors of the 2021 Brian Hey prize winning paper present a new deep learning model called the LocalGLMnet. While deep learning models lead to very competitive regression models, often outperforming classical statistical models such as generalized linear models, the disadvantage is that deep learning solutions are difficult to interpret and explain, and variable selection is not easily possible.
The dominant underwriting approach is a mix between rule-based engines and traditional underwriting. Applications are first assessed by automated rule-based engines which typically are capable of processing only simple applications. The remaining applications are reviewed by underwriters or referred to the reinsurers. This research aims to construct predictive machine learning models for complicated applications that cannot be processed by rule-based engines.
With the Pension Schemes Act 2021 requiring a long term strategy from Trustees and sponsors, choosing a pensions endgame strategy has become even more critical. However, it is important that the endgame options available are adequately assessed before choosing one. With an ever-increasing array of creative and innovative options available, this decision may not be straightforward.