In response to specific concerns arising from a disagreement on the appropriate level of disclosure of a model used in pension scheme funding investigations, the Regulation Board asked the Mortality Assumptions Methodologies in Pensions Working Party to identify and investigate public interest issues relating to mortality assumption setting methodologies in defined benefit pension schemes.

The Working Party identified a risk around the level of disclosure required for two actuaries to reach a consensus or mutual understanding of each other’s position. Though the Working Party concluded that the risk is not just confined to models used in mortality assumption setting, nor indeed to models used in pensions, they did not see evidence that it was widespread in practice.  The Regulation Board agreed with the Working Party’s recommendation to send a Risk Alert. The Risk Alert was sent out to all members on 13 May 2019.

The Chair of the Working Party, Andy Rear has provided a blog.  

Contact Details

If you have any enquiries about non-mandatory guidance please email

regulation@actuaries.org.uk

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