“Once a year trustees should ask themselves what they think about the actuarial advice they have had and if they are getting a real sense of the outcomes. They should review actuaries every three years. I envisage this as best practice for trustees.”
Sir Derek Morris, author of the Morris Review of the Actuarial Profession
Even the best relationships will gain from a little maintenance, a gentle turn on the steering wheel from time to time and the occasional energy boost to recharge the batteries. After all, most employers carry out regular appraisals for their employees - why not for their professional advisers?
These views were echoed by the Morris Review which, among many other recommendations in its 160-page report, said that trustees should review their actuaries every year, undertake a formal evaluation every three years and carry out full market testing no less than once every six years.
PAR brings a structured and professional dimension to regular monitoring and evaluations, including:
- analysis of current work
- checklist of strengths and weaknesses
- review of cost controls, billing procedures and budget maintenance
- revised business plans and budgets
- new ideas and market intelligence
- cost-cutting opportunities