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Actuaries&#39 president in pension plea

The president of the Institute of Actuaries wants the profession to lead

the debate on the future design of pension schemes.

Speaking last week, Paul Thornton said the profession must take a more

active role in pension scheme development. He says the move is essential if

the industry is to overcome problems with the low-inflation environment,

lower investment returns and increased longevity.

He said: “The strength of post-retirement pension increase guarantees is

driving pension schemes away from investing in the real economy.

“The actuarial profession needs to take the lead in thinking through both

investment strategy and the design of pension schemes, to create a climate

where people can afford to save for a reasonable retirement and where

accounting standards do not mitigate against final-salary schemes.”

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