How it looks to the actuary
Article Abstract:
Actuaries play important roles in personal pension plans, small self-administered schemes, and company sponsored schemes. Actuaries have several roles in personal pension schemes including: developing product design; pricing product elements; and profit-testing the product. Among small self-administered schemes, actuaries organize and maintain the pension so that it is tailored to members' requirements. Actuaries assist with the administration of company sponsored schemes by working with trustees to determine the rate that funds should be built up to cover accumulating benefits.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1989
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Standard for a new pensions age
Article Abstract:
Statement of Standard Accounting Practice 24 (SSAP 24), Accounting for Pension Costs, will produce major changes in the way pension costs are accounted. SSAP 24 covers employment contract and long-standing practice obligation schemes, includes unfunded and funded schemes, and covers discretionary, ex gratia and committed increases. SSAP 24 covers several different accrual methods including: projected unit accrual; current unit accruals; and the attained age method. Other topics covered include: assumption choices; reductions in the number of employees; and foreign schemes.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1989
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SSAP 24: commercial implications
Article Abstract:
Businesses need to plan carefully if they are going to take advantage of the pension planning changes presented in Statement of Standard Accounting Practice 24 (SSAP 24) Accounting for Pension Costs. SSAP 24's transitional provisions allow managers to either release cumulative surpluses to profit and loss accounts over remaining service lives, or accounting for them as a prior year adjustment. Subsequently, businesses must decide if they wish to strengthen future reported profits or strengthen the current balance sheet.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1989
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