27 June 2022
The IFoA Review Team has launched the corporate pensions advice thematic review. This will consider the advice given by actuaries to the sponsors of UK defined benefit (DB) pension schemes, looking at funding and strategic advice which led to material changes being considered/agreed/adopted.
Actuarial advice to sponsors is critical to the financing of DB pension schemes, which affects the long-term security of member benefits. 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 this area.
Senior Review Actuary, David Gordon, added “although corporate actuaries advise the sponsor rather than the trustees, their advice can have a material impact on pension scheme members, making corporate pensions advice a significant area of public interest.”
The review is open to submissions until Friday 2 September. To take part and for more information, you can visit our current and planned review page on the IFoA website, download the submission form and guidance directly, or get in touch with the Review Team by writing to reviews@actuaries.org.uk.
The IFoA Thematic Review Programme is part of the Actuarial Monitoring Scheme (AMS), designed to improve the effectiveness of actuarial regulation in the public interest, provide meaningful, credible, independent feedback to members and their employers and promote ongoing reinforcement and continuous improvement.