Hostname: page-component-586b7cd67f-2brh9 Total loading time: 0 Render date: 2024-11-22T14:18:42.285Z Has data issue: false hasContentIssue false
  • English
  • Français

Address By The President of the Institute of Actuaries: Restoring Confidence in Long-Term Savings

Published online by Cambridge University Press:  10 June 2011

Michael Alan Pomery
Michael Alan Pomery
Affiliation:
Hewitt Bacon & Woodrow, 6 More London Place, London SE1 2DA, U.K., Tel: +44(0)20-7939-4318, Fax: +44(0)20-7939-4443, Email: [email protected]
Get access Rights & Permissions [Opens in a new window]

Abstract

This Presidential Address highlights the national problem of inadequate savings for retirement by the current working population. It examines what can be done to restore confidence in long-term savings and, in particular, looks at the contribution that individual actuaries and the Actuarial Profession can make. The Address also examines the origins in the current shortfalls in final salary pension schemes and the lessons to be learned from recent events, before going on to comment on the lessons from the report on Equitable Life by Lord Penrose.

Keywords

Long-Term SavingsState PensionsOccupational PensionsPension FundingSolvencyLife Insurance Regulation
Type
Sessional meetings: papers and abstracts of discussions
Information
British Actuarial Journal , Volume 11 , Issue 1 , 01 April 2005 , pp. 1 - 39
Copyright
Copyright © Institute and Faculty of Actuaries 2005

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Cooper, D.R. (2002). Family fortunes - a guide to saving for retirement. British Actuarial Journal, 8, 849–904.CrossRefGoogle Scholar
Exley, C.J., Mehta, S.J.B. & Smith, A.D. (1997). The financial theory of defined benefit pension schemes. British Actuarial Journal, 3, 835–938.CrossRefGoogle Scholar
Faculty & Institute Research Working Party (1999). Communication of MFR & solvency.Google Scholar
Financial Services Authority (2004). Building financial capability in the U.K.Google Scholar
Guidance Note 9. Funding defined benefits — actuarial reports.Google Scholar
More babies? who needs them? (May 2004). A discussion paper from the Actuarial Profession.Google Scholar
Morris review of the Actuarial Profession. A Consultation Document (June 2004).Google Scholar
Pensions Policy Institute (2002). Raising the state pension age: are we ready?Google Scholar
Pensions Policy Institute (2003). The pensions landscape.Google Scholar
Pensions Policy Institute (2004). Property or pensions.Google Scholar
Report of the Equitable Life Inquiry: The Right Honourable Lord Penrose (8 March 2004).Google Scholar
Report on Equity Release Mechanisms (January 2001).Google Scholar
Response to Financial Reporting Exposure Draft (20) (FRED 20) by the Pensions Board of the Faculty & Institute of Actuaries (February 2000).Google Scholar
Review of The Minimum Funding Requirement: A Report to the Secretary of State for Social Security by The Pensions Board of the Faculty & Institute of Actuaries (May 2000).Google Scholar
The Myners Review of Institutional Investment in the United Kingdom (March 2001). Chapter 8.Google Scholar
Willets, R.C. (1999). Mortality in the next millennium. Paper presented to the Staple Inn Actuarial Society.Google Scholar
Willets, R.C. (2004). The cohort effect: insights and explanations. British Actuarial Journal, 10, 833–877.CrossRefGoogle Scholar
Willets, R.C., Gallop, A.P., Leandro, P.A., Lu, J.L.C., Macdonald, A.S., Miller, K.A., Richards, S.J., Robjohns, N., Ryan, J.P. & Waters, H.R. (2004). Longevity in the 21st century. British ActuarialJournal, 10, 685–832.CrossRefGoogle Scholar