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Disclosure and professional guidance (Disclosure to members (what?…
Disclosure and professional guidance
Disclosure to members
what?
benefit entitlements
contribution obligations
expense charges
investment strategy
the risks involved
communicate in a way that doesn't mislead members
when? (PRICE)
payment commencement
(on) request
(regular) intervals
combination
on entry
why?
help improve benefit security
encourage individuals to make provision
Disclosure by benefit providers
why?
help encourage individuals to male non-State provision
poor disclosure can lead to unrealistic expectations
Disclosure to owners of capital
aims of accounting standards
recognise the realistic costs of accruing benefits
avoid distortions resulting from fluctuations in the flow of contributions from employer to scheme
consistency of treatment from year to year
ensure disclosure of appropriate information
differences in standards
relative importance of balance sheet and P&L account
choice of actuarial methodology and assumptions
smoothing of year on year fluctuations
amount of information to be disclosed
International standard IAS19
Professional guidance
Actuarial associations often issue professional guidance for actuaries giving advice in relation to benefit provision
Guidance may relate to:
interpreting legislation
relevant standards
guidance issued by other professional bodies