The Terms of Reference of the Finance and Investment Committee state, inter alia, that:
“The Committee shall annually review the base financial & economic assumptions for use by Practice Committees in setting assumptions in ASPs and make recommendations to Council”.
A report is prepared annually by the Finance and Investment Committee in accordance with its Terms of Reference for approval by Council. The purpose of the report is to assist Council and Practice Committees in the drafting and review of ASPs. If actuaries use these assumptions for their own work, they will need to exercise judgment on the appropriateness and suitability of the assumptions for their particular purposes.