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:
The Institute and Faculty of Actuaries is responsible for the setting of ethical actuarial standards:
Book
- Fundamentals of private pensions. 9th ed. McGill, D.M. et al. Oxford University Press, 2010. ISBN 978-0199544516.
(Borrow from libraries) - Good governance for pension schemes. Thornton, P.; Fleming, D. Cambridge University Press, 2011. ISBN 978-0521761611.
(Borrow from libraries) (Access eBook after member login to IFoA eLibrary via Athens*)
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 these articles without charge following login to the IFoA website or to the Athens portal for online resources - please contact libraries@actuaries.org.uk for an Athens account.
- 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) and 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.
- The role of your actuary in your pension scheme. Faculty and Institute of Actuaries, 2003. 16 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.
* IFoA Members and Affiliates can also login with their IFoA member credentials via Athens to the IFoA Actuarial Knowledge Hub to search for and access ebook titles.
Contact Details
For any library enquiries please contact:
We try to respond to email queries within one working day. Researcher access to historical resources may require notice in advance of visit in order to retrieve items from storage.
Filter or search events
Events calendar
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The Growth Mindset for Actuaries
13 October 2021 - 8 December 2021This 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.
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Pioneering Roles for Actuaries in Health and Care
29 November 2021
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.
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What next for Mental Health in Insurance?
1 December 2021Content 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.
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Pensions Winter Forum: Practical aspects of blending annuities and drawdown in retirement
1 December 2021
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. -
Speech from the Governor of the Bank of England, Andrew Bailey
Lincoln's Inn The Treasury Office, London WC2A 3TL1 December 2021
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.
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The Many Faces of Bias
2 December 2021
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. -
Pensions Winter Forum: Pension Scams
8 December 2021
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. -
Sessional Meeting: Allowing for shocks in portfolio mortality models
15 December 2021The 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
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The Brian Hey Prize 2021 - LocalGLMnet: interpretable deep learning for tabular data
15 December 2021In 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.
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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.
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Pensions Winter Forum: How to win the pensions endgame
19 January 2022
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.
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. 
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.
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.
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.