The Role and Responsibilities of Actuaries in the Defined Contribution Environment in the United Kingdom

This paper takes an overview of the potential roles and responsibilities of pension scheme actuaries in the United Kingdom in relation to defined contribution (DC) schemes. First it summarises briefly the background to UK retirement provision and in particular the move to DC arrangements. The paper then compares and contrasts the pension scheme actuary's current role in both defined benefit (DB) and DC schemes. This is then developed to consider what further statutory roles there may be for actuaries in DC schemes. The paper challenges the profession to champion the public interest by seeking clarity and simplification, and finally considers the impact on actuarial employment.