On 13–14 June 2022 the Adjudication Panel considered an allegation of misconduct against Mr Peter Gatenby (the respondent), relating to the preparation of an Actuarial Report on Pensions on Divorce for Person A and Person B.
The panel found evidence to support the allegation that when calculating the pension credit in the Principal Civil Service Pension Scheme (PCSPS), Nuvos Scheme pension, the respondent used an incorrect pension factor and pension age, and did not adequately explain why he used a pension age of 65 for calculating the pension credit in the PCSPS. This was found to be in breach of paragraph(s) 1, 3, 3.1, 3.2, 3.3 and/or 5 of TAS 100.
The panel also upheld that, when responding to Person A’s complaint about the report, he: advised Person A that he had calculated the pension credit in the PCSPS correctly when he knew that the pension factor and/or pension age he used was not correct, which was misleading; did not respond appropriately to Person A when asked to confirm that he had notified his professional indemnity insurer of her complaint.
The panel found that there were associated breaches of the Actuaries’ Code (version 3.0) compliance, competence and care and communication principles, and that the allegations disclosed a prima facie case of misconduct. Taking all information into account, it was satisfied that the appropriate and proportionate sanction was a reprimand, a £7,500 fine and a period of education, training or supervised practice.
Find full copies of published determinations at bit.ly/IFoA_Disciplinary
