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.
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Events calendar
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Behavioural Science Series with Keith Grint - Wicked Problems, Clumsy Solutions and Leading Change
19 April 2021
Wicked Problems, Clumsy Solutions and Leading Change -
Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called 'Minimizing longevity and investment risk while optimising future pension plans'. -
Professional Skills Training Webinar - 21 April 2021
21 April 2021
Climate-Related Risk - This free to view webinar on Climate-Related Risk is the first in a series focusing on some of the ‘Hotspots’ identified in the JFAR Risk Perspective bringing the Risk Perspective to life with practical illustrations and insights from subject experts from the IFoA and other Regulators -
Recent decades have seen institutions, such as employers and financial services, give people more choice and flexibility, but these freedoms have come with more responsibilities. Individuals are now responsible for managing more of their own financial risks, from ensuring they put enough money into their pension to securing affordable protection to be financially resilient.
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Actuarial Innovation in the COVID-19 era
This event is online.26 April 2021 - 7 May 2021
Join us for this brand new IFoA webinar weries comprising of a fortnight of webinars, panel sessions and a hackathon, that showcase the range of ways in which the actuarial profession has added value, in the public interest, to the understanding and management of the current and future pandemics through insight and learning. -
This event is now temporarily closed on Monday 26 April, but the session will be repeated on Tuesday 27 April, 09.00-10.30. Please click here to register your place.
Actuaries have a lot to offer biodiversity management over the next decade as the world develops more depth to its response to this global challenge. This sessional offers an opportunity to learn about this emergent risk, to contribute to our thinking as a profession and help us develop the next steps forward.
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Europe Town Hall
28 April 2021
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Europe Town Hall, hosted by John Taylor with IFoA Council Members Alan Rae, Jennifer Hartley, Maribel Vasquez Flores and IFoA Chief Executive, Stephen Mann.
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Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis. However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year. This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work -
Finance & Investment Virtual Conference 2021
Available to watch globally in May.10-12 May 2021
This year's Finance and Investment Virtual Conference takes on the timely theme of ‘resilience’, something we have all learnt a lot more about in the last year! Our diverse range of talks will explore the theme of resilience in a variety of ways including in building robust investment portfolios, in the incorporation of ESG factors, in govern -
Wearables in insurance: a win-win opportunity
14 May 2021
This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity. -
Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list. -
CILA 2021
Available to watch globally in May.19-21 May 2021
We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; on-going financial consequences of the COVID pandemic; or self-imposed changes in regulatory requirements and accounting standards. -
Pensions Conference 2021
Online webinar series16-22 June 2021
Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion.
Wicked Problems, Clumsy Solutions and Leading Change
Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called '
Climate-Related Risk - This free to view webinar on Climate-Related Risk is the first in a series focusing on some of the ‘Hotspots’ identified in the 
Join us for this brand new IFoA webinar weries comprising of a fortnight of webinars, panel sessions and a 
Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis. However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year. This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work
This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity.
Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list.
Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion.