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News Release from the IAA

The UK Actuarial Profession has been formally approved to award the new Chartered Enterprise Risk Actuary (CERA) qualification for actuaries. 

The Society has submitted a response to the Financial Regulator’s Consultation Paper on “Corporate Governance for Credit Institutions”.

The importance of security of occupational pensions has been highlighted by the financial crisis, and there have been calls for the Solvency II framework to be applied directly to pension plans to provide greater security for plan members. Whilst this is one possibility, it would have significant ramifications; other approaches may be more suitable for pensions.

STUDIES IN IRISH DEMOGRAPHY EXPERIENCE

The Society of Actuaries in Ireland has published a sample risk register to help pension scheme trustees and sponsoring employers, with the assistance of their actuarial advisers, to identify the various risks inherent in pension schemes and to manage these risks effectively. 

Scheme Actuaries, in particular, are encouraged to use the sample risk register to engage with their clients on the broad spectrum of risks, from financial to operational, that pension schemes face. 

The UK Financial Reporting Council (FRC) has introduced changes to the UK Corporate Governance Code – formerly known as the Combined Code – to help company boards become more effective and more accountable to their shareholders.

The Society of Actuaries in Ireland has prepared sample Protocols to assist actuaries who are appointed to advise the trustees and/or sponsoring employer of a pension scheme and who need to prepare a Protocol on the management of conflicts of interests in accordance with ASP Pen-13, Conflicts of Interests – Pensions Actuaries.

The sample Protocols are available under Press & Publications / Briefing Statements. 

Over 2,000 years after Aristotle argued that the earth is not flat, similar discussions are taking place (sort of!) for actuarial valuations. In a webinar on 30th June, organised by the UK Actuarial Profession, Hewitt's John Coulthard and Roger Moring will discuss the merits of using term-dependent assumptions for valuations from a corporate and trustee perspective respectively and will share some practical lessons learned.