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Current and planned reviews

Current activities

Title and Status

Type Description Documentation

Actuaries as experts in narrower fields:
Funeral trust advice


Open to submissions

Thematic Review

The IFoA is reviewing actuarial advice on the financing of UK funeral trusts - seeking examples of annual or triennial valuations and other actuarial advice for Trust-Based Pre-Paid Funeral Plans.

Climate related risk

Treatment of climate related risk in actuarial work, or wider actuarial influence in approach taken by firms to recognise and mitigate this risk.




Information gathering exercise

Climate-related risks are systemic long-term risks that impact the work of actuaries in many areas. The 2017 IFoA Risk Alert called on actuaries to consider how these risks affect the advice they are providing. As a signatory to the Green Finance Education Charter, the IFoA is committed to report on progress in mainstreaming the principles and practice of green and sustainable finance.

This information-gathering exercise will look at current practices adopted by actuaries across all practice areas in the treatment and assessment of climate related risk.

Planned activities 

Title and Status

Type Description

Equity release mortgage product design and pricing

Actuarial role in technical aspects and fairness in product design and pricing.


Target launch Q3 2021

Thematic review

The actuarial inputs to the design and pricing of equity release mortgages have a direct impact on long term financial products that are provided to the public. This is a broad and complex area utilising a wide range of actuarial skills including market and product knowledge, technical competency in areas such as option-pricing, property risk and longevity risk, as well as the requirement for clear communication.

The review will look at current actuarial practice to understand the processes adopted and challenges faced when providing advice in this area. The review will also consider reserving approaches and the associated adherence to technical actuarial standards.

Corporate pensions advice

Advice given to sponsors (as opposed to trustees) in reaching agreement on actuarial valuations, investment strategy and on benefit design.


Target launch Q4 2021

Thematic review

Actuarial advice to sponsors is critical to the financing of DB pension schemes, which affects the long-term security of member benefits. Advice to sponsors may also affect the benefits payable to members.

The range of advice in this area is potentially wider than the advice given to trustees, and may involve other professionals. The review will look at current practices adopted by actuaries in scheme funding, investment strategy (including settlement options) and benefit design. It will also cover the treatment of potential conflicts of interest.

Actuaries as experts (in narrower fields)

Actuarial roles acting in narrow, or less typical, fields of expertise and/or providing advice directly to individual clients or consumers.


Target launch 2022

Thematic Review

Actuaries act as experts in a number of situations to help courts or individuals resolve disputes or quantify long-term liabilities. Although relatively few actuaries carry out these types of work, the impact on their users may be significant and the importance of clear and effective communication is critical.

The review will look at current practices adopted by actuaries acting as experts in a range of areas including an analysis of the types of advice given. As noted above, the initial area of focus is Funeral Trusts. The next subject area will be announced in due course.

Contact Details

For more information please contact the Actuarial Review Team

Level 2, Exchange Crescent · 7 Conference Square · Edinburgh · EH3 8RA

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