Keep up to date with the latest actuarial news with our weekly round-up…

Communication named most desired quality in actuarial consultants

Communication skills are the most valued quality in actuarial consultants, a survey of 100 senior pension trustees has found; but many are finding this to be in short supply. In the survey, almost two-fifths of employers said that they value the ability in consultants to provide timely updates and communicate information clearly; making communication one of the top desired quality in actuarial consultants.

Seven-year jail terms unveiled for pension fund mismanagement

MPs and pension experts have welcomed government plans to introduce lengthy jail sentences for executives who recklessly mismanage pension funds. In an effort to avoid repeating scandals like the BHS and Carillion scandals, Amber Rudd the work and pensions secretary has said that the current fines are not enough and they will introduce a new criminal offence to punish “wilful or reckless behavior” relating to a pension scheme. This will include unlimited fines and prison terms of up to seven years for the worst offenders.

German insurance giant Allianz unveils record €11.5bn profit

Allianz said today that its operating profit for 2018 was €11.5bn (£10.1bn), the highest in its history.

Royal London to transfer £1bn of assets to Ireland over ‘no-deal’ Brexit concerns

The UK’s largest mutual insurer, the Royal London Mutual Insurance Society is to transfer £1bn of its assets to Ireland amid increasing concerns over no-deal Brexit.

FTSE 100 pension scheme deficit rises to £21bn

The combined deficit of FTSE100 DB pension schemes increased by £1bn to £21bn during January 2019, it has been revealed in JLT Employee Benefits’ latest monthly funding update.