As the pensions sector becomes ever more complex, there is an increasing demand for specialist advice for those businesses running pension schemes.

Due to the ever-changing legislation and regulations that impact the investment market, pension schemes are always changing. To ensure that policies stay current, actuaries work with trustees and companies, along with other specialists like administrators and pension lawyers, to ensure different pension schemes meet the needs of these stakeholders. This is accomplished by providing specialist advice on the below issues;

• scheme funding – the funds needed to be held in respect of scheme benefits now as well as the funds needed to be paid in the future
• investment – strategies for selecting the most suitable assets for the funds held in the scheme
• scheme design – the level and form of benefits to be provided to the members
• accounting for pensions – determining the impact the pension scheme has on the company’s accounts
• managing risk – strategies for managing and mitigating the risks associated with providing pension benefits, affecting the trustees, company and members
• corporate transactions – advising on the pensions aspects of sales or mergers which can have a significant impact
• individual benefits – advising trustees, companies and often individual members on complicated options relating to individuals’ pension benefits.

Actuaries are heavily involved in designing and advising on occupational pension schemes. This could be anything from a formal valuation for one person’s benefits or for a whole scheme with one million members.

For more information, visit the IFoA’s website here.

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