Actuary Definition

GLOSSARY

Published by a UU��ֱ�� Pensions expert

What does Actuary mean?

A professionally qualified person trained and specialising in risk, statistics and finance who gives advice on investment, life and general insurance and pension business.

Calculations made by actuaries include matters such as premium rates, profit testing bonus payments, life expectancy, establishment of mathematical reserves etc. Each with-profits fund has a with-profits actuary advising the company on overall management of the fund. Actuaries that certify the reports of pension funds and insurance companies must be full members of the Institute and Faculty of Actuaries and hold a practicing certificate from the BAS. The scheme actuary appointed by the trustees has a number of statutory responsibilities concerning scheme funding and must be appointed in accordance with the provisions of the Pensions Act 1995 and underlying regulations.

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Offences for which a DPA may be entered into—checklist

Offences for which a DPA may be entered into—checklist A deferred prosecution agreement (DPA) is an agreement between an organisation and a designated prosecutor to enable the latter to defer a prosecution by staying an indictment on specific terms. No proceedings in relation to the matters covered by the DPA may be instituted against the organisation while the DPA remains in force. A DPA therefore allows a company to continue without the threat of a lengthy criminal investigation and a costly prosecution hanging over it. For detailed information on DPAs, see Practice Notes: • Deferred prosecution agreements • DPA process • Terms and content of a DPA • DPAs in practice DPA’s are only available to organisations in respect of the offences specified under the Crime and Courts Act 2013, Sch 17 (CCA 2013). The checklist below, lists the offences for which a DPA may be entered into, including common law and statutory offences. In addition to the offences below, any offence that is ancillary to those listed below,...

Solvency II—timeline (2007–2023) [Archived]

Solvency II—timeline (2007–2023) [Archived] ARCHIVED: This timeline is archived and is no longer maintained. For key developments relating to the EU’s Solvency II framework (Directive 2008/138/EC), see EU Solvency II—timeline. For key developments relating to the UK's Solvency II regime, see UK Solvency II—timeline. 2023 Date Source Document Description 20 December 2023 Official Journal REGULATION (EU) 2023/2859 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 December 2023 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainabilityDIRECTIVE (EU) 2023/2864 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 December 2023 amending certain Directives as regards the establishment and functioning of the European single access point Regulation (EU) 2023/2859 establishing a European Single Access Point (ESAP) providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability and Directive (EU) 2023/2864 amending certain Directives as regards the establishment and functioning of the ESAP was published in the Official Journal of the...

How to deal with a section 75 debt—an introduction

How to deal with a section 75 debt—an introduction THIS PRACTICE NOTE APPLIES IN RELATION TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES This Practice Note looks at the alternative methods available to deal with a section 75 debt, particularly in a multi-employer scheme. This Practice Note also covers any clearance and notifiable event issues that may arise. For considerations specific to scheme trustees when deciding how a section 75 debt should be dealt with on an employment cessation event, see Practice Note: Employment cessation events—trustee decision-making process. For considerations specific to a section 75 debt triggered in the context of a transaction, see Practice Note: How to deal with a section 75 debt on a corporate transaction. For considerations specific to section 75 debts triggered in the context of a group reorganisation, see Practice Note: Intra-group reorganisations and pensions. Recognising that a section 75 debt has been (or will be) triggered Section 75 debt triggers A section 75 debt (known as an 'employer debt') may become due from...

DB contracting-out before 6 April 2016 [Archived]

DB contracting-out before 6 April 2016 [Archived] THIS PRACTICE NOTE APPLIES IN RELATION TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED (COSR) SCHEMES BEFORE 6 APRIL 2016 Contracting-out on a salary-related basis (also known as defined benefit (DB) contracting-out) was abolished on 6 April 2016. Schemes that were contracted-out salary-related (COSR) schemes immediately before that date therefore ceased to be so on that date. However any contracted-out benefits accrued on a salary-related basis during periods of contracted-out employment continue to exist. This Practice Note covers the statutory requirements that were applicable to COSR schemes before 6 April 2016. For information on the DB contracting-out requirements applicable to former COSR schemes on and from 6 April 2016, see Practice Note: Legal regime applicable to Section 9(2B) rights and GMPs from 6 April 2016. Legislative framework before 6 April 2016 Pre-abolition, the various contracting-out requirements in respect of COSR schemes were set out, among other things, in: • Pt III of the Pension Schemes Act 1993 (PSA 1993), and •...

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Legal due diligence questionnaire—private M&A—share purchase

Legal due diligence questionnaire—private M&A—share purchase Dated [insert date] Introduction This legal due diligence questionnaire relates to the proposed purchase by [insert buyer name] (the Buyer) of the entire issued share capital of [insert name of target company] Limited incorporated in England and Wales under number [insert company number] (the Company) from [insert seller name] (the Seller) (the Proposed Acquisition). This questionnaire is designed to enable the Buyer, the Buyer's solicitors and other professional advisers involved in the Proposed Acquisition to obtain the information which the Buyer requires to assist in its valuation of the Company. Please answer every question fully. Please provide your answers in italics underneath each question and provide copies of all relevant documentation, ensuring that all answers and documents are clearly marked by reference to the appropriate paragraph of this questionnaire. We reserve the right to raise further enquiries in respect of both your responses to this questionnaire and generally. Definitions Business • means the business of [insert...

Bulk Transfer Agreement

Bulk Transfer Agreement This Deed of Merger is made on the [insert day] day of [insert date]. Parties 1 [TRUSTEE OF TRANSFERRING SCHEME] (Company No. [ ]) whose registered office is at [address] (the ‘Transferring Trustee’); 2 [PRINCIPAL EMPLOYER OF TRANSFERRING SCHEME] (Company No. [ ]) whose registered office is at [address] (‘Transferring Scheme Employer’); 3 [TRUSTEE OF RECEIVING SCHEME] (Company No. [ ]) whose registered office is at [address] (the ‘Receiving Trustee’); and 4 [PRINCIPAL EMPLOYER OF RECEIVING SCHEME] (Company No. [ ]) whose registered office is at [address] (‘Receiving Scheme Employer’). BACKGROUND (A) The Transferring Trustee is the trustee of the [Name of Transferring Scheme] (the ‘Transferring Scheme’). (B) The Receiving Trustee is the trustee of the [Name of Receiving Scheme] (the ‘Receiving Scheme’). (C) The Receiving Scheme Employer is the Principal Employer of the Receiving Scheme and the Transferring Scheme Employer is the Principal Employer of the Transferring Scheme. (D) Both the Receiving Scheme and the Transferring Scheme are registered...

Dive into our 16 Precedents related to Actuary

Is there a statutory timescale within which the actuary must calculate the section 75 debt after the requirement to calculate it is triggered?

Is there a statutory timescale within which the actuary must calculate the section 75 debt after the requirement to calculate it is triggered? We refer you to the following Practice Notes: • Calculating a section 75 debt • The recovery of section 75 debts in practice The section 75 debt regime is governed by sections 75–75A of the Pensions Act 1995 and the Occupational Pension Schemes (Employer Debt) Regulations 2005, SI 2005/678. Under this legislation, responsibilities for the determination of the section 75 debt are split between the trustees and the scheme actuary. The trustees are responsible for: • determining the assets • valuing them • deciding which liabilities need to be taken into account, and • estimating the expenses that will be incurred in winding up the scheme The actuary is responsible for valuing the liabilities in respect of future benefits, benefits in payment and survivors’ pensions. These liabilities must be determined on the assumption that they will be discharged by the purchase of annuities. The actuary must follow...

What is the process and the considerations involved when changing the scheme accounting date for an occupational pension scheme?

What is the process and the considerations involved when changing the scheme accounting date for an occupational pension scheme? This Q&A relates to an occupational pension scheme. The main legislative requirements on the preparation and audit of the financial statements (accounts) of an occupational pension scheme are set out in the following legislation (as amended): • the Pension Schemes Act 1993, the Pensions Act 1995 and the Pensions Act 2004 (PeA 2004) • the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734 • the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (Scheme Administration Regulations 1996), SI 1996/1715 • the Occupational Pension Schemes (Requirement to Obtain Audited Accounts and a Statement from the Auditor) Regulations 1996, SI 1996/1975 Unless the pension scheme falls within one of the categories listed in Scheme Administration Regulations 1996, SI 1996/1715, reg 3(1), an auditor must be appointed. The appointment must be made by the trustees. The trustees are also required to act in accordance with the provisions of...

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FRC consults on revised rules for DB pension actuarial standards

Law360: On 9 December 2024 the Financial Reporting Council (FRC) launched a consultation proposing a series of revisions to the actuarial rules used in the defined benefit (DB) pensions sector to reflect recent changes in DB pension scheme funding legislation as well as the improved funding levels of these schemes.

Employment weekly highlights—5 December 2024

This edition of Employment weekly highlights includes: (1) the High Pay Centre’s ‘Charter for Fair Pay’, (2) an EAT judgment about harassment related to the claimant’s accent, (3) an EAT judgment about what needs to be included in the employment tribunal’s reasons in disability harassment claims, (4) a Ministry of Justice Call for Evidence on costs protection in discrimination claims, (5) an EAT judgment on whether a claimant could run a high value Parry v Cleaver argument for the first time on appeal, (6) analysis of the proposal to change the time limit to bring employment tribunal claims from three to six months, (7) our new Practice Note on neonatal care leave and pay, (8) our new risk assessment, checklist, action plan and monitoring log for employers to use when taking steps to prevent sexual harassment, (9) dates for your diary, and (10) other news items of interest to employment practitioners.

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