UK - Pension fund members will automatically be sent the actuarial reports on their scheme's performance if the government bows to Actuarial Profession demands.
The Faculty and Institute of Actuaries has asked the government to make these changes in legislation in a bid to increase pension scheme transparency.
Currently scheme members have to request a copy of the actuarial report to receive one – yet most choose not to do so.
Faculty and Institute of Actuaries deputy chairman of the pensions board Wendy Beaver explained: “Scheme members have a right to see valuation reports on request... but they don’t have the automatic right.
“We would prefer that members get the information automatically.”
But Watson Wyatt partner Colin Singer moved to reassure schemes that this development would not panic members.
He explained: “It is increasingly the case that individual members of schemes are going to get this sort of information and… it is right that they should providing it is kept in context.”
However, Singer noted that the actuarial report was a fairly complex document because of the formalities that had to be included – making it fairly inaccessible for the average scheme member.
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