Personal Financial Planning

The personal financial planning working party looks at how actuaries’ skills can be used to improve personal financial planning among individuals.

Key objectives

Our key objectives include:

• Considering how actuaries can acquire the necessary skills to work directly with individuals;
• Reviewing how actuarial skills can be used to support the delivery of financial advice; and
• Drawing on our experience of working with pension scheme trustees and sponsoring employers to contribute to public policy discussions related to personal financial planning.

Planned Outputs

• Respond to FCA consultation GC20/1 by 4 September 2020
• Provide recommendations to the education committee on adding material relevant to advising individuals on personal financial planning in the syllabus for actuarial exams – end of 2020
• Develop a policy statement on how we think actuaries can help individuals with personal financial planning – end of 2020.

Outputs

• From FIA to IFA - The Actuary, December 2020
• Response to GC20 -1 – Advising on pensions transfers
• Pension Consumer Journey: The Pensions Regulator/Financial Conduct Authority Call for Input, July 2021 
• Freedom and Choice Public attitudes seven years on (summary report), March 2022
• Response to CP21/32: Improving outcomes in non-workplace pensions, February 2022