Current and planned reviews

Current activities

The following sets out topics for thematic reviews in progress. Accompanying documents and reports are published here.

 

Pension scheme design

Summary: Advice given to trustees or sponsors on changes to member benefits.

Status: Reviewing

Actuarial advice is critical when benefit changes are proposed for UK DB pension schemes, as it affects the accrued or future benefits payable to scheme members.

The advice in this area ranges from changes to future benefits (including closure to new accrual) to adjustments to the timing or structure of accrued benefits. The review will look at current practices adopted by actuaries in pension scheme design affecting groups of scheme members. It will also cover the treatment of potential conflicts of interest.

Given the recent period of high inflation, this review is also covering the advice to trustees or sponsors on whether or not to award discretionary pension increases.

Documentation:

 

Cyber risk

Summary: Treatment and quantification of cyber risk by actuaries, including insurance of risks.

Status: Report published

Cyber risk is now an established risk being managed by firms employing actuaries.

The work of actuaries in this field may include quantifying and managing risks from potential cyber events, developing and pricing cyber risk products, and identification of potential latent risk from legacy products not intended to specifically cover cyber events.

This review aims to understand better where and how actuaries are involved in the management of cyber risk both within their firms, and through cyber risk products which are sold to third parties.

Documentation:

Planned activities 

The following sets out topics for thematic reviews that have not yet started. A more detailed scope for each review will be developed and confirmed, in consultation with relevant stakeholders, at the initial stage of each exercise.

 

Climate change, biodiversity, and sustainability

Target launch: early 2025

Actuaries have a crucial role in considering and communicating the financial risks of climate change, biodiversity, and sustainability.

This review aims to:

  • understand the work of actuaries in this domain
  • build on significant IFoA regulatory and thought leadership resources including the 2021 information gathering exercise

 

Consumer fairness and financial inclusion

Target launch: late 2025

The IFoA has championed this theme in various thought leadership campaigns (for example The Great Risk Transfer). Financial institutions have long had responsibilities in this area, most recently in the UK with the FCA Consumer Duty.

The review seeks to understand the role of actuaries in different organisations in:

  • considering the needs of the consumer
  • promoting fair access to financial products for vulnerable customers

 

Pensions advice in new funding environment

Target launch: 2026

The range of advice provided by pensions actuaries is expanding with the introduction of the new funding rules from 2024 and in response to other significant pensions developments and market changes (such as CDC and superfunds). This review looks at advice provided in this new environment.

Related resources
Actuarial Monitoring Scheme

Actuarial Monitoring Scheme

An enhanced system to promote the quality of actuarial work.

Find out more
Thematic Review Programme

Thematic Review Programme

Read here how we carry out thematic reviews and how you can take part
Learn more
Publications

Publications

Read our latest reports
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Contact Details:

Contact Details:

For more information please contact the Actuarial Review Team

Level 2, Exchange Crescent · 7 Conference Square · Edinburgh · EH3 8RA

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