Actuarial profession

The Institute and Faculty of Actuaries has appointed former Pension Protection Fund chief operating officer Derek Cribb as chief executive.

The Actuarial Profession has suggested scheme actuaries be barred from advising companies on funding but stopped short of proposing an outright ban on actuaries working for both trustee and sponsor.

The Actuarial Profession has published a revised framework for use of discount rates in actuarial work following a two-year research and consultation project.

The Institute and Faculty of Actuaries has appointed Alan Phillips to the role of Chairman of its Management Board.

SL Investment Management has appointed Louise Witts as a senior actuary within its product and proposition development team.

Trustees of the £20m IM Group, the UK-based motor vehicle importer and distributor, pension scheme have appointed Barnett Waddingham to provide actuarial services to the defined benefit scheme.

Trustees of the Transport for London Pension Fund have appointed Towers Watson to provide actuarial and investment advice for its £5.5bn defined benefit scheme.

Hutton recommendations will not necessarily reduce the level of income in retirement for the majority of members, actuaries say.

The Hutton Report has been welcomed by the industry, which claims it could increase pensions for the low paid, but left unions warning of industrial action.

Pension tax changes by successive governments are not entirely to blame for the long-term drop off in employer sponsored scheme provision, a study finds.