Professional Negligence and Liability
| This chapter has been extensively revised in February 2025. The next review of this chapter is due in August 2025. |
Chapter 19
PENSION SCHEME ACTUARIES
19.1 Glossary
| APS—Actuarial Professional Standard (issued by the IFoA). |
| DB—defined benefit, including final salary. |
| DC—defined contribution (or “money purchase”). |
| FRC—Financial Reporting Council (assuming responsibility for the Board for Actuarial Standards in July 2012). |
| GN—Guidance Note, formerly issued by the IFoA or its predecessor bodies. |
| IFoA—Institute and Faculty of Actuaries. |
| OPS—occupational pension scheme. |
| PA—Pensions Act. |
| PPF—the board of the Pension Protection Fund, established under the Pensions Act 2004. |
| PSA— Pension Schemes Act 2021. |
| Rules—the provisions (e.g. trust deed and rules) governing an occupational pension scheme. |
| Rules actuary—a person appointed as an actuary for the purposes of a scheme under its rules. |
| S75 debt—a debt on the employer arising under Pensions Act 1995, s.75. |
| Scheme actuary—the individual who is a qualified actuary appointed by the trustees under Pensions Act 1995, s.47. |
| TAS—Technical Actuarial Standard (issued by the FRC). |
| Third-party actuary—an actuary advising a person other than the trustees (e.g. an employer, member or other third party). |
| TPR— The Pensions Regulator, established by the Pensions Act 2004. |
| Trustee actuarial adviser—a person (including a company or firm) appointed by the trustees to advise on actuarial matters under Pensions Act 1995, s.47. |
| Trustees—the trustee or trustees of an OPS (which can include a single corporate trustee). |
I. AN INTRODUCTION TO THE ROLE OF PENSION SCHEME ACTUARIES
19.2
This chapter deals with the law in England and Wales relating to common law professional negligence claims against pension scheme actuaries.