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The following thematic reviews are in progress. For past thematic review reports, please visit our publications page.
Summary: To understand the role of actuaries in this domain
Status: Open to submissions
Actuaries have a crucial role in considering and communicating the financial risks of climate change and sustainability. The IFoA has become a thought leader in this area over recent years, issuing high profile reports on climate and related topics.
The purpose of this thematic review is to build on significant IFoA regulatory and thought leadership resources. These include the 2021 information gathering exercise and the Climate Scorpion report.
The review will examine the:
The review is open for submissions from individual members and from the organisations for whom they work. The review is open to submission until 13 June 2025.
If you or your organisation would like to take part, please select the link to the relevant submission form below.
Submission forms:
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:
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.
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:
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.
An enhanced system to promote the quality of actuarial work.
For more information, please contact the Actuarial Review Team.
