Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • June 2019
06
People & Social News

Risk Alert on disclosure of information relating to models

Open-access content Wednesday 5th June 2019 — updated 5.50pm, Wednesday 29th April 2020

The Mortality Assumptions in Pensions Working Party was set up by the Regulation Board in response to a specific situation relating to the use of, and disclosure in relation to, models used in pension funding investigations. Specifically, the Working Party was asked to identify and investigate public interest issues relating to mortality assumptions setting methodologies in defined benefit pension schemes.

2


Specifically, the Working Party was asked to identify and investigate public interest issues relating to mortality assumptions setting methodologies in defined benefit pension schemes.  

A risk was identified around the level of disclosure required for two actuaries to reach a consensus or mutual understanding of each other's position in pension funding investigations. The Working Party concluded that this risk relating to the level of disclosure was not just confined to models used in mortality assumption setting, nor indeed to models used in pensions. The Working Party recommended that a Risk Alert should be issued.

The Regulation Board agreed with the Working Party's recommendations and a Risk Alert was issued to all members on 13 May. The Risk Alert draws attention to the amount of information an actuary should expect to disclose in relation to the model they are relying on. As set out in the Risk Alert, this disclosure obligation is not just confined to the actuary's client and may, in certain situations, extend to other actuaries.

The Risk Alert can be found on the IFoA website at bit.ly/2HnuHuV

This article appeared in our June 2019 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

Could you fill the hot seat?

The current editor, Francisco Sebastian, will step down at the end of 2019, and we are looking for a highly motivated successor to join the experienced editorial team of the magazine from January 2020 for a duration of two years.
Wednesday 5th June 2019
Open-access content
2

Opportunities for Actuaries: Further reflections from the panel

On 26 February 2019, the Data Science virtual conference opened with a panel discussion.
Wednesday 5th June 2019
Open-access content
2

60 seconds with... Alan Watson

Alan Watson, Leader of the Scottish Board, Council member and a member of the Actuaries’ Code Working Party, talks about the updated Actuaries’ Code and why changes have been made
Wednesday 5th June 2019
Open-access content
2

Member survey results

IFoA Council lead for the Member Value Proposition Working Group, Lee Faulkner FIA, reports some of the findings from our recent programme of member research
Wednesday 5th June 2019
Open-access content
2

June quote unquote: The forgotten referendum

June people and society news
Wednesday 5th June 2019
Open-access content
2

Asset managers facing 'existential threat' due to short-term planning

Many asset managers are wrongly focused on one-year planning and are failing to achieve sustainable long-term value, leaving them at serious risk of 10-year existential threats.
Wednesday 5th June 2019
Open-access content

Latest from June 2019

2

Actuary Awarded Order of Australia Medal

An update for June on what our society has been up to...
Wednesday 17th July 2019
Open-access content
2

Half of FTSE 100 DB pension schemes could buyout by 2028

More than half of the UK’s 100 largest listed companies will be able to buyout their defined benefit (DB) pension scheme within 10 years, research by Barnett Waddingham has found.
Monday 1st July 2019
Open-access content
2

Firefighters win landmark pensions case

The Fire Brigades Union (FBU) has secured a landmark legal victory against the UK government after pension reforms in 2015 were found to have discriminated against younger workers.
Friday 28th June 2019
Open-access content

Latest from small_opening_image

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from 06

2

Actuary Awarded Order of Australia Medal

An update for June on what our society has been up to...
Wednesday 17th July 2019
Open-access content
2

Half of FTSE 100 DB pension schemes could buyout by 2028

More than half of the UK’s 100 largest listed companies will be able to buyout their defined benefit (DB) pension scheme within 10 years, research by Barnett Waddingham has found.
Monday 1st July 2019
Open-access content
2

Firefighters win landmark pensions case

The Fire Brigades Union (FBU) has secured a landmark legal victory against the UK government after pension reforms in 2015 were found to have discriminated against younger workers.
Friday 28th June 2019
Open-access content

Latest from People & Social News

ui

People & Society news: March 23

Around the globe Reaching new heights in Nepal
Wednesday 1st March 2023
Open-access content
rseh

Pensions sub-committee seeks new recruit

Are you an experienced pensions actuary who is keen to be involved in responding to pensions industry consultations? Do you have technical expertise in UK defined benefit and/or defined contribution occupational pensions, and an interest in broader social and regulatory policy? If so, the Pensions Consultations Sub-committee of the Pensions Board is looking to appoint a new member.
Tuesday 28th February 2023
Open-access content
web_p47_Inside-Story_Mohamed Aly Soliman.png

Inside story: Mohamed Aly Soliman

Where are you based?
Wednesday 1st February 2023
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Pricing Trading Manager - Contract

£700 - £1000 per day
Reference
148579

Head of Financial Risk

Flexible / hybrid working with minimum 2 days p/w office-based
£ excellent package
Reference
148578

Insurance Risk Leader

Flexible / hybrid with 2 days p/w office-based
£ to attract the best
Reference
148577
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ