On 15-16 April 2020 the Adjudication Panel considered an allegation of misconduct against Mr Nicholas McCulloch FIA (‘the respondent’).
It was alleged that when he resigned his appointment as a scheme actuary for Scheme A, he did not adequately advise the incoming scheme actuary that the early retirement reductions were too severe, the late retirement factors were overgenerous, and the commutation factors were too low. In so doing it was alleged that his actions were in breach of both the communication principle and the competence and care principle of the Actuaries’ Code 2013 (‘the Code’). It was further alleged that he advised the [redacted] administration team that he had notified the incoming scheme actuary that the late retirement factors were overgenerous, when he had not done so, in breach of the communication principle of the Code.
The Panel found evidence to support the allegations and determined that the case report disclosed a prima facie case of misconduct, in respect of the allegations which related to breaches of the communication principle of the Code. The Panel did not uphold the allegation relating to the breach of the care and competence principle of the Code.
Taking account of all the relevant information, the Panel concluded that no sanction was appropriate in this case.
A copy of the Panel’s determination, including reasons for its decision, can be found on the IFoA’s website at