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INDEPENDENT SELECTION AND MANAGEMENT OF PENSION ADVISERS

Evaluation
Market Testing
Selection
Outsourcing

 

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THE MORRIS REVIEW

The Morris Review of the actuarial profession: tough new standards for pension actuaries

 

Evaluation of advisers

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
  
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