UK - Actuaries ending work on the pensions review this year are unlikely to satisfy the "severe" shortage in the profession.
The FSA has said that it is on track to bring the review of pensions mis-selling to a close by June 30.
But hopes that this will lead to a flood of actuaries into a market suffering from staff shortages are unlikely to be realised with many retired actuaries working on the review on a freelance basis expected to return to retirement.
Actuarial recruitment agency GAAPS managing director Geraldine Kaye said: “There will not be a flood of actuaries when the review comes to an end. There are pent-up projects that have been holding fire because people haven’t had the actuaries to do the work. They will now be able to do those projects.
The vast majority of pension review actuaries, where they are being employed by companies, are going to be redeployed.”
Pensions review outsourcer Hazell Carr corporate development actuary Nigel Burton added: “The shortage of actuaries is quite severe. There is not going to be a sudden increase in availability of actuaries that means that all the vacancies get filled.
There will be a lot of cases that need to be done after that date for a wide variety of reasons.”
Experts also predict that despite the FSA target date, there will still be cases that will need addressing afterwards including those that need to be re-reviewed or require further analysis.
By Paul Sanderson
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