The IFoA Actuarial Monitoring Scheme team has recently published its first Thematic Review report, Actuarial factors used to calculate benefits in UK pension schemes.
The report highlighted the very good standard of advice being provided by scheme actuaries while recommending improvements to the way current standards are being met, and potential further research and benchmarking for commutation factors. You can read the full report at bit.ly/3oySqMX
Work also continues on the other review launched during 2020, Involvement of actuaries in pricing of UK home and motor insurance, and we hope to report on this during Q2 2021. Additionally, the team is turning its mind to a set of new topics approved by the IFoA Regulation Board for data gathering and thematic review activity during 2021 and into 2022, including climate-related risk and equity release mortgages. Further details can be found at bit.ly/38xGsxu
We look forward to further interaction with members and their employers as our review work continues and develops. Thank you to members and organisations who have supported our work to date.