Services provided
These have been split into 3 categories:
Actuarial services to defined benefit pension plans
Actuarial services provided to defined benefit pension funds usually comprise the following.
- A statutory actuarial valuation of the Fund, at least once every 3 years.
- Such a valuation would comply with international actuarial standards and in particular the current version of Guidance Note 9, issued jointly by the Institute and Faculty of Actuaries in the UK.
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Each valuation would normally cover the following areas
as a minimum:
- investigation of the experience of the Fund in the intervaluation period in order to establish whether the assumptions should be changed;
- an analysis and reconciliation of the membership data in the intervaluation period;
- calculation of the past service liabilities both on a discontinuance and an ongoing basis and comparison of these with the value of the assets;
- calculation of the future service liabilities and making a recommendation as to the employer contribution rate.
- In addition, we would be involved (if required) in some aspects of individual calculations, costing benefit changes, calculating the impact of granting pension increases, setting self-insurance limits and in general providing commentary and analysis whenever the Fund's financial position is affected.
At Pentact, we aim to provide a fully professional service by qualified professional staff .
Other actuarial services
These might include the following:
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Activities necessary to discontinue the Fund
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Recommendation and declaration of a bonus in cases
where returns are smoothed
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Bulk transfers
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Conversions from Defined Benefit to Defined
Contribution
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Death benefits
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Individual transfer benefits
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Pension increases including the provision of the
actuarial certificate required by the Registrar and the
application to the Registrar for approval of the
increases
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Retirement benefits
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Retrenchment benefits
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Voluntary contributions
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Withdrawal benefits
Pension consulting
Employee communications
Independent advice on the annual accounts, changes to expense and life assurance charges, medical evidence of health limits and all other aspects of pension funds in particular those administered by an insurer.
Investment advice on a suitable investment vehicle for the fund which might include:
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an insurance contract
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a unitised arrangement
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direct investment
In addition we can obtain quotes from and advise on suitable investment managers, which might include:
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an insurance company
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a merchant bank
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an investment management company
We can also work with your investment managers in order that they understand the specific needs of your fund with regard to security of investments, long term yields, the tax free aspects of pension funds and legislative requirements. Investment services are not offered by us as we believe that it would to some extent compromise our stand of independence.
Pension Fund Rules:
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Drafting of pension fund rules and
amendments
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Registration of pension fund rules and
amendments
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Updating of the rules and policy of
the fund in line with the Employer's requirements,
the Trustee's instructions, legislative changes and
where applicable the insurer's needs.
Review of the cost of risk benefits (group life assurance and disability) across the market in order to obtain the best value for money.
Trustee Training