Pensions Regulator to hold seminars for actuaries

Actuaries who advise trustees or employers are invited to attend events being held by the Pensions Regulator in Edinburgh and London during March and April.

The 'Current Issues in Pensions' seminars are open to qualified actuaries and actuarial personnel who advise trustees and sponsors of UK pension schemes. There are only a few places remaining, so those wishing to attend should book their place as soon as possible.

Organised by the Actuarial Profession, the all-day events will focus on the principal actuarial issues surrounding the new funding regime for defined benefit pension schemes.

This includes part three of the Pensions Act 2004 which relates to the requirements of scheme funding. Additional focus will be given to the regulator’s scheme funding code of practice, which assists trustees in discharging their duties under the new legislative requirements.

During the seminars, actuaries from the Pensions Regulator will present a summary of responses received during consultation on the regulator’s approach to regulating scheme funding.

The events will be held in Edinburgh on Tuesday 14th March and in London on Monday 3rd April.

Places must be booked in advance by contacting the Actuarial Profession.

Email: conference@actuaries.org.uk Tel:.0207 632 2147

For more information on scheme funding, or to view the Pensions Regulator’s code of practice on scheme funding, and consultation document visit: http://www.thepensionsregulator.gov.uk/

1. Places must be booked in advance. All bookings are being handled by the Actuarial Profession.
2. For more information on the actuarial profession visit: http://www.actuaries.org.uk/
3. The consultation document, 'How the Pensions Regulator will regulate the funding of defined benefits' is available on the regulator's website at: www.thepensionsregulator.gov.uk/pdf/
   schemeFundingConsultation.pdf
4. New scheme funding requirements are part of wider reforms set out in the Pensions Act 2004. Elements of the scheme funding provisions take account of the funding requirements in Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision.
5. The DWP regulations replaced the minimum funding requirement (MFR) and came into force on 30 December 2005. The new requirements apply to valuations based on an effective date of 22 September 2005 onwards but completed after 30 December 2005. Trustees beginning their valuation between 22 September and 30 December have 18 months to complete their valuation and put in place an updated schedule of contributions, instead of the usual 15 months. Guidance on the timings for actuarial valuations under the new scheme funding legislation can be found on the Pensions Regulator's website.
6. The Pensions Regulator is the regulator of work-based pensions in the UK, with wider and more flexible powers under the Pensions Act 2004. It replaced Opra which no longer exists.
7. The powers of the Pensions Regulator include the ability to:
   • collect more detailed scheme information;
   • issue improvement notices and third party notices, enabling the regulator to ensure problems are put right;
   • freeze a scheme that is at risk, while the regulator investigates; and
   • prohibit trustees who are judged not fit and proper to carry out their duties.
   • The Pensions Act 2004 also imposes a statutory obligation on 'whistleblowers' to report suspected breaches of the legislation to the regulator.

• Andrew Winstone 01273 627752
• Amy Balchin 01273 627207
• Out of hours 01273 648496
• amediarelations@thepensionsregulator.gov.uk
• http://www.thepensionsregulator.gov.uk/

Non-press enquiries:

Customer support 0870 6063636
customersupport@thepensionsregulator.gov.uk