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New report tells actuaries to assess employers on pension scheme funding

A Professions Pensions Board report has urged the actuaries to incorporate formal assessments of the viability of sponsoring employers when advising on pension scheme funding.

This would usually require the preparation of a third party assessment of the financial strength of the sponsoring employer.

The report will be discussed tonight at a meeting of 150 actuaries, together with guests invited from a wide range of pensions industry bodies and the Department of Work & Pensions, the Pensions Regulator and the Pensions Protection Fund.

It recommends that the first step in giving actuarial advice should be to determine whether or not the sponsoring company is a viable ongoing entity once full account is taken of any pension scheme deficit, and
models for actuarial funding advice need to be extended to address the sponsor covenant consistently with the other key risks relating to pension schemes.

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