Spence & Partners latest blog for Pensions Expert:
Back in the day, actuarial valuation results contained an element of surprise. The actuary would be sent the data, it would be processed, the numbers would be crunched and many months later, the results would appear.
There was often limited fore-knowledge among the recipients, be that trustees or the sponsoring employers, about what the results would show.
An actuarial valuation was a lengthy, time-consuming process, which is one of the main reasons why a valuation was only deemed necessary once every three years, and why the timescale for completion was set at 12 months and later extended to 15 months. Read more »
In our fast paced society no one really likes waiting for anything, however for those financial directors of charities participating in local government pension schemes in England & Wales I’m sure they wouldn’t mind waiting a bit longer for their valuation results given everything else going on around them.
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I am a scheme actuary to a defined benefit scheme in the UK and later today I will complete the formal results of a triennial valuation.
Not that unusual, you say? Well, what if I said the valuation date was 31 March 2014?
That’s right – not months, not weeks…one day. Our valuation system produces real results, based on real data, every day. Yes, we know you won’t need figures every day but they are there if and when you need them. The system allows trustees, sponsoring employers and investment managers to take immediate action based on up to date market conditions. Read more »