Resources for SA4

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Title links lead to book details on the IFoA Library catalogue. From there, IFoA members and students can 'Request' the book from the IFoA Library Service, subject to availability. Members can also follow the ‘Access eBook’ links below after logging in through the member portal.

SA4 core reading for the current year is the key study reference for this exam and is available from the IFoA e-shop.

Students may also work with the study guide and course materials for this exam from the Actuarial Education Company.

The following additional resources will give you a different viewpoint on topics presented in SA4

You are not expected to have read all of the items but you should familiarise yourself with current issues and the general market background in the 18 months preceding the examination session.

Actuarial Standards

The Financial Reporting Council (FRC) is responsible for the setting of technical actuarial standards:

Technical Actuarial Standards (TASs)

The Institute and Faculty of Actuaries is responsible for the setting of ethical actuarial standards:

Books

Fundamentals of private pensions. 9th ed. McGill, D.M. et al. Oxford University Press, 2010. ISBN 9780199544516.
Good governance for pension schemes. Thornton, P.; Fleming, D. Cambridge University Press, 2011. ISBN 9780521761611.
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Articles and papers

These article and paper references from Unit 16 of SA4 Core Reading 2020 are listed alphabetically by title. Title links are to papers first presented to IFoA sessional research meetings or to Staple Inn Actuarial Society (SIAS) papers. Papers subsequently published in British Actuarial Journal (BAJ) and Journal of the Institute of Actuaries show their permanent 'DOI' links to the JIA and BAJ, as published by Cambridge Core.

Members can access the following BAJ papers from the links below once they have logged into their member portal.

Actuaries, pension funds and investment. Arthur, T. G.; Randall, P. A.
JIA (1990) 117: 1-49. DOI: https://doi.org/10.1017/S0020268100043018
A central discontinuance fund for pension schemes. Black, J. M.; Booth, G.; Cooper, D. R. et al. SIAS, 1999. 34 pages.
Extending retirement choices. Retirement income options for modern needs. Retirement Choices Working Party. Faculty and Institute of Actuaries, 2001. 39 pages.
The financial theory of defined benefit pension schemes. Exley, J.; Mehta, S. J. B.; Smith, A. D.
BAJ (1997) 3(4): 835-966. DOI https://doi.org/10.1017/S135732170000516X
Liability driven benchmarks for UK defined benefit pension schemes. Chambers, A. J.; Barnes, A. E.; Barnes, M. et al. 2005 Finance & Investment Conference. 56 pages
Longevity in the 21st century. Willets, R C; Gallop, A P; Leandro, P A et al.
BAJ (2004) 10(4) 685-832 and 878-898. DOI https://doi.org/10.1017/S135732170000516X
Matching and portfolio selection: Part 1 and Part 2. Wise, A. J.
JIA (1987) 114: 113-133 DOI https://doi.org/10.1017/S0020268100019028)
JIA (1987) 114:551-568 DOI https://doi.org/10.1017/S0020268100019193)
The matching of assets to liabilities. Wise, A. J.
JIA (1984) 111: 445-501. DOI https://doi.org/10.1017/S0020268100041858)
A note on pension scheme design issues. Faculty of Actuaries Pensions Research Group, 2002. 10 pages.
Note on the relationship between pension assets and liabilities. Speed, C. A.; Bowie, D. C.; Exley, J. et al. SIAS, 2003. 26 pages.
Pension fund valuations and market values. Head, S. J.; Adkins, D. R.; Cairns, A. J. G.et al.
BAJ (2000) 6(1): 55-141. DOI https://doi.org/10.1017/S1357321700000830
Pensions and low inflation. Meredith, P. M. C.; Horsfall, N. P.; Harrison, J. M. et al.
BAJ (2000) 6(3): 547-619. DOI https://doi.org/10.1017/S1357321700001896
Pensions, funding and risk. Chapman, R. J.; Gordon, T. J.; Speed, C. A.
BAJ (2001) 7(4): 605-686. DOI: https://doi.org/10.1017/S1357321700002488
Reinventing annuities. Wadsworth, M. J.; Findlater, A. J. M.; Boardman, T. V. SIAS, 2001. 77 pages.
Risk budgeting in pension investment. Urwin, R. C.; Breban, S. J.; Hodgson, T. M. et al.
BAJ (2001) 7(3): 319-364. DOI: https://doi.org/10.1017/S1357321700002385
The role and responsibilities of actuaries in the defined contribution environment in the United Kingdom. Stocker, M. A.; Dudley, S. D.; Finlay, G. E. et al.
BAJ (1999) 5(4): 763-800. DOI https://doi.org/10.1017/S1357321700000659
The role of high yield corporate debt in pension schemes. Sweeting, P. J. SIAS, 2002. 54 pages.
Sponsor Covenant Working Party Final Report – Allowing for the Sponsor Covenant in Actuarial Advice. November 2005. 40 pages
Submission on the relationship between pension assets and liabilities. Hill, J. SIAS, 2003. 6 pages.

Other sources

Guidance for trustees. The Pensions Regulator.