The following additional resources will give you a different viewpoint on topics presented in SA4
You are not expected to have read all of the items but you should familiarise yourself with current issues and the general market background in the 18 months preceding the examination session.
The Institute and Faculty of Actuaries is responsible for the setting of ethical actuarial standards. The Financial Reporting Council (FRC) is responsible for the setting of technical actuarial standards.
- Technical Actuarial Standards (TASs)
- The Actuaries' Code
- Actuarial Profession Standards
- Actuarial Quality Framework
- Download additional helpful guidance material about the TASs.
- Fundamentals of private pensions. 9th ed. McGill, D.M. et al. Oxford University Press, 2010. ISBN 978-0199544516.
(Borrow from libraries)
- Good governance for pension schemes. Thornton, P.; Fleming, D. Cambridge University Press, 2011. ISBN 978-0521761611.
(Borrow from libraries) (eBook available via the Athens portal, contact the library service for details)
Articles and papers
These article and paper references from Unit 18 of SA4 Core Reading 2017 are listed alphabetically by title. Title links are to papers first presented to IFoA sessional research meetings or to Staple Inn Actuarial Society (SIAS) papers. Papers subsequently published in British Actuarial Journal (BAJ) and Journal of the Institute of Actuaries show their permanent 'DOI' links to the JIA and BAJ, as published by Cambridge Core. Members can access these articles without charge following login to the IFoA website or to the Athens portal for online resources - please contact firstname.lastname@example.org for an Athens account.
- Actuaries, pension funds and investment. Arthur, T. G.; Randall, P. A. JIA (1990) 117: 1-49.
- A central discontinuance fund for pension schemes. Black, J. M.; Booth, G.; Cooper, D. R. et al. SIAS, 1999. 34 pages.
- Extending retirement choices. Retirement income options for modern needs. Retirement Choices Working Party. Faculty and Institute of Actuaries, 2001. 39 pages.
- The financial theory of defined benefit pension schemes. Exley, J.; Mehta, S. J. B.; Smith, A. D. BAJ (1997) 3(4): 835-966.
- Liability driven benchmarks for UK defined benefit pension schemes. Chambers, A. J.; Barnes, A. E.; Barnes, M. et al. 2005 Finance & Investment Conference. 56 pages
- Longevity in the 21st century. Willets, R C; Gallop, A P; Leandro, P A et al. BAJ (2004) 10(4) 685-832 and 878-898.
- Matching and portfolio selection: Part 1 and Part 2. Wise, A. J. JIA (1987) 114: 113-133 (DOI: https://doi.org/10.1017/S0020268100019028) and JIA (1987) 114:551-568
- The matching of assets to liabilities. Wise, A. J. JIA (1984) 111: 445-501.
- A note on pension scheme design issues. Faculty of Actuaries Pensions Research Group, 2002. 10 pages.
- Note on the relationship between pension assets and liabilities. Speed, C. A.; Bowie, D. C.; Exley, J. et al. SIAS, 2003. 26 pages.
- Pension fund valuations and market values. Head, S. J.; Adkins, D. R.; Cairns, A. J. G.et al. BAJ (2000) 6(1): 55-141.
- Pensions and low inflation. Meredith, P. M. C.; Horsfall, N. P.; Harrison, J. M. et al. BAJ (2000) 6(3): 547-619.
- Pensions, funding and risk. Chapman, R. J.; Gordon, T. J.; Speed, C. A. BAJ (2001) 7(4): 605-686.
- Reinventing annuities. Wadsworth, M. J.; Findlater, A. J. M.; Boardman, T. V. SIAS, 2001. 77 pages.
- Risk budgeting in pension investment. Urwin, R. C.; Breban, S. J.; Hodgson, T. M. et al. BAJ (2001) 7(3): 319-364.
- The role and responsibilities of actuaries in the defined contribution environment in the United Kingdom. Stocker, M. A.; Dudley, S. D.; Finlay, G. E. et al. BAJ (1999) 5(4): 763-800.
- The role of high yield corporate debt in pension schemes. Sweeting, P. J. SIAS, 2002. 54 pages.
- The role of your actuary in your pension scheme. Faculty and Institute of Actuaries, 2003. 16 pages
- Sponsor Covenant Working Party Final Report – Allowing for the Sponsor Covenant in Actuarial Advice. November 2005. 40 pages
- Submission on the relationship between pension assets and liabilities. Hill, J. SIAS, 2003. 6 pages.
- Guidance for trustees. The Pensions Regulator.
For any library enquiries please contact:
We try to respond to email queries within one working day. Researcher access to historical resources may require notice in advance of visit in order to retrieve items from storage.
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This event is now full. Please register here for the wait list
Five plenaries and 13 workshops cover current topics and industry trends in the Pension sector with the opportunity to develop your network at the pre-conference evening dinner (18 June). There is also a day ticket option available for the 19 June.
This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.
To book your place, please email Barry_Shannon@standardlife.com
CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry.
There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas.
Fake news, post truth, mistrust of experts... a familiar roll call of anxieties – or perhaps clichés – about our data rich world. They point to an underlying fear that in this data abundant age the bad data drives out the good and we are left with a broken public discourse.
This event is now fully booked. Please click here to register on the waiting list.
The pensions dashboard has been talked about across the industry for a long time and now nears implementation with DWP’s consultation ending in January 2019.
Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.
The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.
Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.
The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.
The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
Presented by Louise Pryor
Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.
The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.
Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments.
For more information on the FRG please visit this webpage.
Presenter: Rahul Verma
Presenter Matt Modisett
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.