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The Actuary The magazine of the Institute & Faculty of Actuaries

Profession gets proactive on pensions ETVs and PIEs

President Jane Curtis said that, although the Institute and Faculty of Actuaries does not have a direct regulatory role in this area, its members should help to ensure that members of the public offered an ETV or PIE have full and comprehensible information with which to assess such offers.

"We believe that the technical expertise of actuaries and their broad understanding of a wide range of the relevant issues mean that they are well placed to support work done in this area and to play a large part in helping pension scheme members get a fair deal," she said.

Ms Curtis acknowledged that, although they could be encouraged to involve actuaries in the process, trustees and employers could not be forced on the matter, nor could actuaries adopt any kind of policing role.

Instead she said that members should be briefed on the issues involved, made aware of their responsibilities under the Actuaries' Code and that they should take a proactive stance in discussions with regulators.

The Profession has issued an ETV briefing document for pensions actuaries which sets out its viewpoint in discussions with policymakers, and highlights areas of particular concern.

Pensions minister Steve Webb has vowed to root out poor ETV exercises and will publish a formal trustee code of practice in May.