Accurate projection of retirement benefits is an important disclosure requirement under PRSA and Occupational Pension Scheme legislation.
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.
How we can help
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 operate their own illustration systems.
Our involvement can include some or all of the following:
- Calculating specification
- Input and validation specification and testing
- System development and delivery of end user tools
- Actuarial advice on assumptions and parameters
- Testing of outputs and delivery of automated test routines
- 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.
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.
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.
Want more information?
If you would like to know more about our services and how we can help you with PRSA get in touch.Contact us