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The Actuary The magazine of the Institute & Faculty of Actuaries

New links between Profession and PPF

A Memorandum of Understanding between the Actuarial Profession and the Pension Protection Fund (PPF) came into effect on 1 February 2009.

The move aims to improve coordination between the two bodies in regulatory matters. The Profession’s chief executive Caroline Instance said that the Memorandum would facilitate greater cooperation in areas of common interest.

She said: “The Profession is pleased to have established this formal link with the PPF. We also have memorandums of understanding with the Pension Regulator and the Financial Reporting Council, and this new link with the PPF further demonstrates the Profession’s commitment to engaging with all stakeholders of actuarial advice.”

The PPF’s financial risk director Martin Clarke said: “The PPF has a good relationship with the Actuarial Profession. It is a major user of actuarial skills, both in-house and externally with, for example, the regular commissioning of statutory valuations of pension schemes. The Memorandum of Understanding formalises the flow of information between the PPF and the Profession, and underlines our commitment to quality and professionalism within the industry.”

With effect from 1 April 2009, Alan Rubenstein (management board member) will join the PPF as chief executive.