The main purpose of this thematic review was to investigate the work of actuaries providing pensions on divorce advice.
Some of the key findings from the review include:
• Actuaries provide advice in less than 1 in 20 divorces in England and Wales each year.
• Despite the valuable and highly technical service being provided, there is no required qualification for an individual to provide pensions on divorce expert advice.
• Actuarial reports could benefit from a more standardised approach to reduce the need for lengthy and complex reports.
• Collection of data from pension schemes and pension providers is a key challenge and can result in a long drawn-out process.
Neil Buckley, Lay Chair of the IFoA Regulatory Board, highlighted in his foreword: “It is critical that courts receive appropriate expert advice in relation to the often complex pension arrangements of divorcing parties.
IFoA members, who benefit from extensive technical training and are subject to professional regulation, are particularly well placed for this type of work.”
Full Thematic Review Report Pensions on divorce: expert actuarial advice
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