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Pension funds

Audit

  • High quality audit support, including support in assessing the levels of liabilities assumed by pension funds, valuation of pension reserves and savings, and issuing detailed actuarial reports
  • Conducting of independent audit review

Methodology development

  • Support in developing and implementing IFRS methodologies

Mergers and acquisitions

  • Actuarial support, including valuation of the fair market value of the fund
  • Assessment of pension contracts for the existence of hidden options and guarantees
  • Analysis of potential opportunities for reducing risks and costs arising from the target’s pension arrangements
  • Projection of a fund’s value based on different scenarios of the fund’s future activity and actuarial assumptions
  • Support to both buyers and sellers
  • Post M&A-related services

Actuarial assumptions

  • Analysis of the data required to establish actuarial assumptions in existing data sources; support in statistics gathering and analysis
  • Assessment and selection of actuarial assumptions required for measuring pension obligations
  • Mortality investigation analysis of the fund’s demographic experience and forecast based on internal and external statistics
  • Benchmarking of actuarial assumptions against the market
  • Gap analysis of fund’s liabilities related to the differences between applied actuarial assumptions and fund’s experience

Actuarial assessment of the fund’s activity

  • Actuarial estimation of the fund’s assets and liabilities
  • Analysis of the fund’s pension agreements for their compliance with the fund’s insurance and pension rules, including search for hidden options and guarantees
  • Disclosure development, including sensitivity analysis
  • Preparation of actuarial report

Cash-flow modelling of a fund’s assets and liabilities

  • Development and implementation of multi-state stochastic model simulating the fund’s portfolio, including transition among various states (e.g. employment, termination of employment, old-age retirement, invalidity, early retirement etc.)
  • Calibration of the model
  • Training of the fund’s staff in the use of the model

IT system development

  • Development of actuarial IT solutions, which fit in with the fund’s end-to-end infrastructure to produce management information required by decision-makers, in particular based on the SunGard modelling system Prophet

Asset and Liability modelling (ALM)

  • Asset and liability modelling to provide the Fund’s management with the potential consequences of different investment strategies, including the plan's future funding status and resulting contribution requirements

Strategy and operations

  • Review of existing pension schemes for their compliance with the requirements of local and international standards
  • Analysis of current pension risks and assistance in selecting the most appropriate approach to managing these risks and achieving the desired financial goals
  • Evaluation of funding policies to prevent potential problems

Training and Seminars

  • Trainings for the fund’s actuarial staff on application of best practices in pricing, valuation of fund’s obligations
  • Seminars on new regulations and hot topics such as actuarial risk-management, modelling, IFRS, Solvency, local standards of CIS countries
  • Secondment of members of our team to work with the Fund’s personnel on current projects
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