Angoel (angoel) wrote,

3. Day-to-Day Running - Facilitators

Firstly, I need to look at the facilitators in the government run schemes, individual schemes, and both approved and unapproved employer schemes. In the case of the unapproved schemes, it would be useful to know whether actuaries were required to be involved - I suspect not.

In the case of the approved schemes the two main groups are the trustees (fairly limited requirements stipulated by law - their requirements are increasing, but I don't think that's covered in this set of exams, because the law didn't come into force before May), and the scheme actuaries (requirement to behave professionally, follow guidance notes, keep up to date, etc. in their activities. A number of stipulated requirements - providing certain documents on taking up or resigning from the post, whistleblowing and reporting in certain cases, etc.).

The actuaries also have stipulated requirements steming from the guidance notes in particular areas that they will have to get involved in (accounts, valuations, M&A, discontinuance), but as indicated previously, these will be dealt with later. There are also more minor areas (transfer values, commutation amounts, etc.) - where should these be included? - Probably in later pages of this section, fuguing to the bigger areas.

Are there any other groups that we will look at? Investment managers, accountants, administrators, regulators, insurance companies, tax officials, etc. all have an interest ... but should probably be treated as forces of nature than looking at their legal requirements too closely - in general the requirement simply being to fulfill their mandate to the best of their ability at first glance, and not requiring more than that first glance.

So we have the following layout:

Groups involved by scheme type (government, employer approved, employer unapproved (correct ordering?), individual
Trustee Responsibility (inc delegation of responsibility to other parties, who are required to follow mandate)
Scheme Actuary Responsibility (Declaring start / end, whistleblowing, professionalism, following standard) - guidance notes deal with certain areas in more detail.
Basic Calculations (Transfer values, Commutation rates, etc.)
Accounts (order? Feels a bit more natural to have valns first)
Tags: revision
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