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The Actuary The magazine of the Institute & Faculty of Actuaries
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GN29 transitional period extended

A number of scheme actuaries have contacted the Profession to alert us to delays in obtaining the new appointment letters from trustees required by GN29: Occupational Pension Schemes — Advisers to Trustees.

To our knowledge, these delays are caused by administrative and/or practical difficulties rather than any more material factors. The professional regulation executive committee has considered this issue and recognises that the requirements were introduced in the public interest and therefore compliance is required.

However, the committee does not believe that it is in the public interest to require widespread resignations of scheme actuaries. Nor does it believe it acceptable for a scheme actuary to remain in place and to withhold the performance of reserved role duties until such time as the required letter of engagement is in place.

The committee has therefore extended the transition period, granted under section 2.1 of GN29 v7, to 30 June 2008. On this date, any positions for which there is not a new-style appointment letter in place must be resigned immediately. The scheme actuary should also consider whether they have any duty to report any matters to the Pensions Regulator.

Failure of the scheme actuary to comply with the above will result in immediate referral to the Profession’s disciplinary procedures.