Resources for Subject SA4 Pensions and other Benefits

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 Institute and Faculty of Actuaries is responsible for the setting of ethical actuarial standards. The Financial Reporting Council (FRC) is responsible for the setting of technical actuarial standards.

• Technical Actuarial Standards (TASs)
• The Actuaries' Code
• Actuarial Profession Standards
• Actuarial Quality Framework
• Download additional helpful guidance material about the TASs.

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) (eBook available via the Athens portal, contact the library service for details)

Articles and papers

These article and paper references from Unit 18 of SA4 Core Reading 2017 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.