Six IFoA members (Andrew Hitchcox, Chinu Patel, Chris Ramsey, Lok Ma, Marian Elliott and Tim Keogh) presented a sessional meeting paper, IRM for DB Pension Schemes, in March 2017.
Six IFoA members (Andrew Hitchcox, Chinu Patel, Chris Ramsey, Lok Ma, Marian Elliott and Tim Keogh) presented a sessional meeting paper, IRM for DB Pension Schemes, in March 2017. This year, it won the Best Paper Award in the IAA Consulting Actuaries Section of the International Congress of Actuaries 2018.
Elliott (pictured) was in Berlin to collect the prize, and said: "We are pleased to accept this prize, and thank the Pensions Board for their sponsorship of the paper.The paper has developed some practical hints and tips for those developing Integrated Risk Management plans for UK Defined Benefit pension schemes in the context of The Pensions Regulator's requirements.
"Integrated Risk Management (IRM) is the consideration of investment, funding and covenant issues, and how these interact. It should be a continuous process and should form part of everyday trustee governance - it is not simply a one-off exercise. We hope actuaries will find particularly useful 'the 10 commandments for effective IRM', which we set out in the conclusions to the paper.''