The Association of Consulting Actuaries (ACA) draws its membership from individual consulting actuaries working in the consulting sector.
Members of the Association are all qualified actuaries - mainly Fellows of the Institute and Faculty of Actuaries - all actuarial advice given by members is subject to the profession's Actuarial code.
The major part of our members' work is as advisers to UK pension funds with assets in excess of £850 billion. The majority of the country's largest pension schemes are advised by ACA members and they, amongst thousands of other pension funds, companies and organisations take advantage of a wide and varied range of services offered by our members.
Scheme Design and Administration
Members advise, for example, on the design and implementation of new pension schemes as well as on amendments to the benefits available from existing schemes. This work includes advice on contribution levels and funding, drafting explanatory literature, explaining the scheme to its members and carrying out actuarial valuations. Advice on, and where required the provision of, computerised systems for pensions administration is also given. This covers record keeping, benefit calculations, annual benefit statements, the payment of pensions and the maintenance of scheme accounts. While the administration of many larger schemes is usually carried out by the individual employer, our members will, if required, act as administrators, maintaining records, paying benefits and so on. Members also analyse the employer cost and employee value of all elements in a total remuneration package, as well as designing flexible benefits and healthcare arrangements.
International Employee Benefits
Members are active in the field of international provision addressing issues of benefits provision and planning for secondees, international assignments and globally mobile work forces, allowing for disparate tax and social security systems around the world.
Advice on Investment Strategy
On the investment front, members advise on investment objectives and on asset allocation strategies appropriate to these objectives, taking into account the particular scheme's liabilities. They will analyse and monitor the investment performance of the pension fund and advise on the selection of investment managers when required.
Mergers, Acquisitions and Sales
A particularly important area in which our members are active is advice in connection with mergers and acquisitions, and the subsequent rationalisation of the pension arrangements already created by the companies concerned. It is not always appreciated that the sums at stake in negotiations of this kind can be very substantial, compared with the purchase consideration.
Our members advise on pension cost, reserving and disclosures for post retirement benefits under domestic and international accounting standards.
Pensions for Controlling Directors and Self Invested Personal Pensions
Many directors who control companies, often family-owned businesses, can benefit from establishing small self-administered company pension schemes (SSAS). Our members are active in advising on and setting up such schemes. Our members are also active in establishing and advising on Self Invested Personal Pensions (SIPPs), which are proving attractive to an increasing number of individuals.
Personal Financial Planning
Our members - directly or through associated companies appropriately authorised under the Financial Services Act - provide completely independent and impartial personal financial planning advice to individuals considering pensions, life assurance or related investment products. Members are also active in providing advice on the specialist areas of claims for damages such as loss of income, and the pension aspects of divorce.
ACA members act as advisers to friendly societies, life assurance companies and other companies involved in the insurance sector, such as investment banks and Private Equity houses, both in the UK and overseas. Association members act as Head of the Actuarial Function, With Profits Actuary, Reviewing Actuary and/or peer reviewers to many UK life insurers and friendly societies. As actuarial and statistical skills become increasingly recognised in the field of general insurance, our members are often involved in advising on premium rates, reinsurance limits and reserve levels for insurance companies, Lloyd's syndicates, and commercial and industrial companies which operate self insurance arrangements or insurance through an offshore subsidiary.
Corporate Finance and Risk
Members also are increasingly active in new areas, advising on - for example - actuarial issues involved with corporate finance and risk.
Our members also advise clients, normally through legal advisers, on the valuation of life and reversionary interests in settled property as well as, for instance, advising on assessment of damages for future financial loss arising from accidents, injuries or divorce, assessing compensation for loss of office and acting as expert witnesses.
Our Clients First
Increasingly corporate bodies and individuals look for independent advice when examining their pension and other financial arrangements - the sums involved and the consequences of a 'wrong' decision point to the need for assistance of the highest quality. Members of the Association of Consulting Actuaries are available to provide this advice.
Finding firms where ACA Members are based -
click on 'Find our Members' button or for a printed list contact us at:
Association of Consulting Actuaries
45 King William Street
Tel: 020 3102 6761
16th March, 2015