Mon 24 Apr 2023 - The IFoA Pensions Board established this working party to consider the research recommendations from the recently published thematic review report Pensions: actuarial factors used to calculate benefits in UK pension schemes. These recommendations affect the advice given by actuaries on commutation rates.
This sessional explores the findings of the Commutation Rate Research Working Party in their investigation on appropriate allowances to make when setting commutation rates and the frequency and form of commutation rate reviews.
There will also be the opportunity to join in with the panel discussion to debate some of the areas raised by the working party with the aim to help members formulate their advice on commutation rates to clients.
Considerations for actuaries when advising on commutation rates (300 KB PDF)
Chair
Glyn Bradley FIA, Willis Towers Watson. Deputy chair of the IFoA Pensions Board. He previously chaired the Pensions Dashboards Working Party.
Jonathan has worked for over 10 years at WTW advising both pension scheme trustees and their corporate sponsors for schemes ranging from £100m to £20bn. He is a member of WTW’s group of specialists on transfers and factors and leads on WTW’s annual factor benchmarking survey. He also leads a team which supports colleagues in providing guidance to trustees on the review of scheme factors. He has been the chair of the commutation rate research working party since it started in September 2021.
Judith is a qualified actuary with over 20 years post qualification experience. She is an Accredited Professional Trustee, who works on a range of different schemes. She believes that good governance and collaborative working results in good outcomes for all stakeholders.
Judith joined Dalriada in July 2019 having previously worked in house on a multi-billion pound pension scheme. Prior to this, she worked at a number of large consultancies acting as both a Scheme Actuary and corporate adviser, advising on triennial valuations, scheme design, corporate transactions, buy-ins, member option exercises as well as looking at defined contribution schemes and, in particular, working on a project to implement a replacement defined contribution offering for a large company. She has also acted as the chair of trustees for a scheme with an overseas sponsor, navigating the additional difficulties this brings.
Kerry is a Scheme Actuary and senior consultant with Hymans Robertson. She has over 12 years’ experience in the pensions market, advising a range of pension scheme trustees and companies with scheme sizes ranging from £20m to £16bn.
Kerry’s experience includes supporting Trustees in developing their funding strategies, advising on scheme mergers and benefit changes, and supporting Trustees as they secure their scheme liabilities and transition on their journey towards end game. In the last few years Kerry has also played a key role in our support of the growing consolidation market.