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Pensions: actuarial factors used to calculate benefits in UK pension schemes

Pensions: actuarial factors used to calculate benefits in UK pension schemes

This review looked at current practices adopted by actuaries advising on commutation rates and transfer values in the calculation of benefits for UK pension schemes. Endorsed by the IFoA Regulation Board, the review recommended that actuaries improve the quality of their advice by following existing actuarial standards fully. Download the full report to read the complete recommendations.

The thematic review included an exercise to combine the benchmarking information compiled by the participating organisations. The Review Team has prepared a presentation setting out sharts summarising all the information obtained as part of the benchmarking exercise.

The IFoA held a webinar in early 2021 to provide members with an opportunity to learn more about the review findings. A recording of the webinar is available to members on the IFoA's Virtual Learning Environment (VLE). You can also read Senior Review Actuary David Gordon’s responses to questions raised during the webinar in this news article on the IFoA website.

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  • Spaces available

    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.

  • Spaces available

    Over recent months there has been a sharp rise in M&A activity involving British businesses, with interest from overseas, domestic buyers and Private Equity investors.  

  • Spaces available

    Frank Redington is recognised as one of the most influential actuaries of all time. In this talk, Craig will review some of Redington's most important ideas. He will identify the consistent actuarial principles that form a common thread across the contributions Redington made to a broad range of actuarial fields, and will highlight the ongoing relevance of Redington's thinking to 21st century actuarial practice.

  • Spaces available

    What will happen to DC pension savers who see life annuities as poor VFM but still want an income for life?  Pooled annuity funds could offer them a decent lifetime income while reducing significantly the complex choices and risk inherent in income drawdown.  They could be the next generation of CDC pension schemes, slotting into the existing DC framework as a post-retirement option.