About Pensions

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:

• Pensions Education and Continued Professional Development subcommittee
• Pensions Research subcommittee
• Pensions Consultations subcommittee.