Actuary meaning

3i Plc v Decesare (as representative member of the 3i Group Pension Plan) and other companies [2025] EWHC 3023 (Ch) What are the practical implications of this case? It is commonly understood that a ruling fixing the meaning of terms in one instrument does not bind a later court faced with different wording, yet earlier decisions can still carry weight as illustrations of how particular expressions might be interpreted elsewhere, in light of the reasoning for preferring one construction over another. In British Broadcasting Corporation v BBC Pension Trust [2024] EWCA Civ 767 (the BBC case), the Court of Appeal examined an amendment power which barred changes from operating in relation to active members whose interests were said by the scheme actuary to be affected, save where specified exceptions applied. No amendment was to take effect for active members unless one of several circumstances existed. One issue was whether ‘interests’ embraced the ability of members to accrue any future service benefits. The Court, viewing the term in its context,...

OAC referenced data from Swiss Re and Munich Re indicating that worldwide gross premium volumes for cyber insurance expanded by over 20% each year from 2019 to 2022. The insurers predict demand will rise markedly throughout the coming decade. According to the consultancy, several drivers will both push demand higher and elevate the probability of a major loss incident. OAC flagged the broad accessibility of artificial intelligence as a key concern, as the technology has enabled offenders to sharpen how they devise and execute attacks. The increasing number of connected devices has been noted by OAC too...

Davda v Institute and Faculty of Actuaries [2024] EWCA Civ 1460 The Court of Appeal dismissed Roopesh Davda’s allegation that the Institute and Faculty of Actuaries (IFA) treated Indian nationals more favourably by offering them additional chances to pass examinations. The court held that the IFA did not discriminate against Davda by recognising results achieved by Indian nationals in the Indian Actuarial Institute’s (IAI) twice‑yearly exams, in parallel with its own half‑yearly sittings. Giving the judgment for the three‑judge panel, Lady Justice Elisabeth Laing explained that the IFA had no control over when, or how often, the IAI held its examinations—the IAI being the Indian professional body for actuaries. The Employment Tribunal therefore erred in deciding that this constituted ‘treatment’ by the IFA towards Davda. Laing LJ clarified that the treatment the IFA afforded Mr Davda was, and only was, permitting him two opportunities each year to sit its examinations...

What is an assessment period? When a qualifying insolvency event affects the sponsoring employer of an eligible scheme, the scheme moves into a Pension Protection Fund (PPF) assessment period as a result of that event. This arises on the occurrence of that event. The day on which that period starts is known as the ‘assessment date’ for the scheme. Since 3 January 2012, the assessment period is no longer required to last for at least 12 months. Throughout the assessment period, the PPF considers whether the scheme satisfies the requirements for entry into the PPF. In particular, the PPF will appoint an actuary to carry out a valuation of the scheme as at the assessment date, in order to determine whether the scheme’s assets are less than the protected liabilities—broadly, the benefits the PPF would pay to members if the scheme were to enter the PPF...

THIS PRACTICE NOTE APPLIES TO REGISTERED OCCUPATIONAL PENSION SCHEMES Given the intricacies of contemporary pensions law and scheme administration, it is little surprise that trustees of occupational pension schemes typically engage professional advisers to help them discharge their responsibilities. In addition, trustees of most registered arrangements are under a legal duty to appoint specified professional advisers, though certain schemes are excluded from these duties, depending on the character of the relevant pension scheme. For more information, see Appointing pension professional advisers and other service providers. Types of professional advisers Professionals commonly engaged in connection with (defined benefit) occupational pension schemes include: scheme auditor scheme actuary fund manager custodian of assets legal adviser Strictly, there is no statutory obligation on trustees of registered pension schemes to appoint legal advisers; however, where any individual is appointed as a legal adviser by someone other than the trustees and the trustees rely on that person’s skill or judgement, the trustees may...

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z This glossary provides helpful (re)insurance and underwriting definitions. For focused guidance on reinsurance terminology, see Practice Note: Reinsurance—essentials. A Accident An unforeseen or unintended event or incident that typically results in damage or injury (physical or financial) to the insured or a third party. Accidental damage Unintended or unexpected harm or damage caused to property or a person. Accidental death benefit Some life insurance policies pay an extra amount, over and above the original sum insured, if the insured dies because of an accident. Act of God (force majeure) An occurrence beyond anyone’s control, such as a natural disaster. Active underwriter The person with primary responsibility and authority to accept insurance and reinsurance risks on behalf of the members of a syndicate in the Lloyd’s market. See also Underwriter. Actuary A qualified professional who...

Effective from [ insert date ], this statement of investment principles applies. 1 Statement of investment principles 1.1 Purpose of statement This document outlines the principles that steer decisions on investing the assets of the [ insert name ] Pension Scheme (the Scheme). It is published by the Trustees of the [ insert name ] Pension Scheme (the Trustees) to meet the requirements of the Pensions Act 1995, s 35. 1.2 Review The statement will be assessed each year. The Trustees may conduct an ad hoc review at any time if they consider there has been a material change in investment policy, or any other circumstances affecting the Scheme. 1.3 Advice The Trustees have received and evaluated written advice on the contents of this statement in a letter from [ insert name of investment consultant or actuary ]. [ insert name ] have confirmed to the Trustees that, through their ability and practical experience in financial matters, and with appropriate knowledge...

THE [ insert name of pension scheme ] PENSION SCHEME This statement of investment principles takes effect from [ insert date ]. 1 Statement of investment principles 1.1 Purpose of statement This document outlines the principles that guide decisions on investing the assets of the [ insert name ] Pension Scheme (the Scheme). The Trustees of the [ insert name ] Pension Scheme (the Trustees) issue this document to meet the requirements of section 35 of the Pensions Act 1995. 1.2 Review The statement will be reviewed each year. The Trustees may conduct a special review at any time if they consider there has been a material change in investment policy or any other circumstances affecting the Scheme. 1.3 Advice The Trustees have received and considered written advice on the contents of this statement in a letter from [ insert name of investment consultant or actuary ]. [ insert name ] have confirmed to the Trustees that, through practical expertise in financial...