Statement
of reasonable projection development
Case studies
The background
The PRSA Disclosure Regs and the Occupational Pension Scheme Disclosure Regs require projections of pension benefits for members and estimations of their annual pension at retirement. LCP have experience in providing actuarial support in developing systems that are compliant with actuarial standards and the regulations.
Our solution
LCP actuarial services are expertly placed to build, specify and implement a variety of projections systems for PRSA Providers, Trustees and Registered Administrators. Our involvement includes,
- System specification;
- System development and delivery;
- Advice on assumptions and parameters;
- Testing of outputs
- Ensuring compliance with legislative and actuarial requirements
The results
Cost effective solutions for providers preparing Statements of Reasonable Projections who do not have the in house actuarial expertise.
Reassurance and oversight of in house projection systems for trustees and registered administrators with their own systems.
How we can help
Transfers from occupational pension schemes to a PRSA require a certificate of comparison and written statement before they can be implemented.
Accurate projection of retirement benefits is an important disclosure requirement under PRSA and occupational pension scheme legislation.
The process of obtaining approval as a PRSA provider is challenging and intensive.
We currently act as PRSA actuarial consultants to 8 PRSA providers. As a result, we have significant experience of conducting compliance reviews for PRSA business.
