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The Actuary The magazine of the Institute & Faculty of Actuaries

Faculty and Institute of Actuaries staff pension scheme

The trustees of the Faculty and Institute of Actuaries staff pension scheme have decided to market-test their actuarial advisory arrangements prior to the next triennial valuation, which is due as at 28 February 2007. The purpose of this notice is to invite expressions of interest in being considered for such an appointment.

The salient points to note are:


  • Multi-employer scheme (Faculty and Institute)
  • Closed to new members since January 2003
  • Net assets of around £16m
  • 224 members – 51 pensioners, 74 deferred, 59 active, and 40 life cover only

Scope of work

  • Actuarial advice and services to trustees
  • Administration services to trustees. Payroll, accounting services, and some administration services are undertaken in-house, although the option of outsourcing pension payroll services will be a consideration
  • Annual valuation estimates and FRS17 equivalent information for employers


There are three trustees appointed by the employers and three nominated by members (including one from the pensioner members).


Any handover of responsibilities must take place in the autumn of 2006 in good time before the next triennial actuarial valuation (28 February 2007). Administration services will need to be in a position to avoid disruption of provision of members’ annual benefit statements up to 31 December 2006, which are normally available by the end of February.


Those interested in being considered should contact the secretary to the trustees only, as we wish to ensure that all candidates operate on a level playing field. Direct approaches to, or contact with, individual trustees may disqualify the applicant from further consideration. Informal briefing sessions for applicants may be offered in London. Fee rates and outline indications of overall cost levels will be expected at an early stage.

Next steps

Expressions of interest in seeking this appointment should be directed to the secretary to the trustees, Pauline Hargraves (tel 020-7632 2125, email pauline.hargraves@actuaries.org.uk).