PRSA

Illustration systems

Accurate projection of retirement benefits is an important disclosure requirement under PRSA and Occupational Pension Scheme legislation.

Statement of reasonable projection development

Discover how LCP Ireland actuarial services team built, specified and implemented a variety of projections systems for PRSA Providers, Trustees and Registered Administrators.

The Statement of Reasonable Projection (SORP) was introduced for PRSAs in 2002 and for Occupational Pension Schemes in 2006. We have assisted a number of their clients in delivering illustration systems and SORPs.

Our actuarial services are expertly placed to build, specify, implement and test a variety of projections systems for PRSA Providers, Trustees and Registered Administrators. We can tailor our services to complement our clients in-house expertise. For example, we can provide cost effective solutions for providers preparing Statements of Reasonable Projections especially where they do not have the in-house actuarial expertise required. Alternatively, we can provide testing and oversight of in-house projection systems where clients can build and operate their own illustration systems.

Our involvement can include some or all of the following:

Calculation specification
Input validation and testing
System development and delivery of end user tools
Actuarial advice on assumptions and parameters
Testing of outputs and delivery of automated test systems
Sign off from a compliance point of view
Ensuring ongoing compliance with legislative and actuarial requirements.

I have had dealings with LCP for over 10 years. I have found their technical capabilities, problem solving mindset and overall service levels to be of the highest calibre. They conduct their business in a very accessible and approachable manner and turn queries around in exceptional timeframes, all of which contributes to the smooth operation of our PRSA.

LCP Ireland client