An applicant should normally be able to demonstrate the equivalent of two years’ full-time experience as a Fellow Member in the last five years dealing with most of the following types of work at a level where he or she has worked closely with an existing Scheme Actuary or an actuary at an equivalent level:
- carrying out actuarial valuations to which ASP PEN-1 applies and/or valuations under Section 56 of the Pensions Act, 1990;
- providing Funding Certificates to which ASP PEN-3 applies;
- preparing Funding Proposals to which ASP PEN-4 applies;
- calculating or specifying the basis of cash equivalents or transfer values to which ASP PEN-2 applies.
Experience of the undernoted, assisting a scheme actuary or an actuary at an equivalent level, is useful but not sufficient on its own:
- calculating pension costs and related disclosures to be stated in company accounts to which ASP PEN-8 or ASP PEN-9 - or GN13 or GN17 of the UK Board for Actuarial Standards - applies;
- advising employers in purchase or sale negotiations as they affect pension schemes;
- carrying out an asset/liability study for a pension scheme and analysing the consequent investment requirements;
- advising on an appropriate investment benchmark or an investment policy appropriate to the liabilities of a pension scheme;
- advising on appropriate insurance arrangements for a pension scheme;
- advising small pension schemes both insured and self-administered; and
- analysing the investment performance of a pension fund and commenting on the risks taken by investment managers or inherent in the investment policy.
While experience of equivalent work relating to defined benefit pension schemes in other jurisdictions will normally be taken into account, a minimum of one year’s recent relevant experience relating to Irish defined benefit pension schemes will be required.
N.B. Updated details of recent relevant experience will be required every three years when renewing your certificate.