Institute and Faculty of Actuaries comment on tPR's Funding Code of Practice
 
　　
　　Nick Salter, President-elect of the Institute and Faculty of Actuaries (IFoA) commented today on the Pensions Regulator’s (tPR) Funding Code of Practice.
　　“The IFoA welcomes tPR’s emphasis on a proportionate approach to managing risk in the Code of Practice and the encouragement of a collaborative approach between sponsors and trustees.  Many pension schemes are engaged in de-risking strategies that anticipate reducing or eliminating risk over a period.  The focus on identification, *uation and monitoring of residual scheme risks rather than elimination of all risk, in our view, strikes the right balance.
　　“We are pleased to see the change of emphasis to “reasonable affordability” in determining shortfall contributions, but anticipate some challenges for sponsors and trustees in reaching agreement on what this means in practice.
　　“The success of the Code in practice is dependent on the right level of engagement from all stakeholders: trustees, sponsors and tPR.  We note tPR’s statement that it will not focus its resources exclusively on large pension schemes. We support this view as members of all pension schemes are entitled to the same degree of protection, and hope that the approach outlined by tPR does not lead to unintended consequences of regulatory arbitrage.”
 
　　ENDS
　　For further comment please contact Paul Reynolds, Director of Public Affairs by calling 07961957487 or by emailing paul.reynolds@actuaries.org.uk
　　About the Institute and Faculty of Actuaries
　　The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.
　　Research undertaken by the IFoA is not commercial. We are a professional body. As a learned society, research helps us to fulfil two of our royal charter requirements; to further actuarial science and serve the public interest.
　　Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues
　　Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.
　　Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
　　The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.
 
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