The Pensions Benefits and Social Security Section of the IAA held a highly successful colloquium in Edinburgh recently, attracting 130 delegates from 26 countries. The delegates included actuaries and other experts from consulting firms, pension plans, the insurance sector, regulators, government bodies and the academic world. Senior representatives of the IASB, ILO, ISSA, OECD and World Bank also took part.

Topics included:

Sustainability of pension reform
Managing the risks of Defined Benefit schemes
Improving the design of Defined Contribution schemes
Addressing the challenges of increasing longevity
Funding and accounting principles
Capital backing for DB schemes, including sponsor covenant
De-risking of investment and longevity risks, including insured buy-out and hedging

A panel of pension regulators identified better risk management and greater flexibility in benefit structures as key lessons from the global financial crisis and expressed serious concern about the declining level of provision in both private and public sectors, the inadequacy of the current generation of DC schemes and the gap between members' expectations and the benefits likely to be delivered.

The colloquium met IAA strategic objectives in providing a forum for discussion amongst actuaries, expanding the skills and scientific knowledge of the profession and involving key supranational organisations.

To learn more about the work of the IAA in this area, contact the Chairperson of the PBSS Section care of the IAA Secretariat.