Opinion Letters letters@theactuary.com
Scottish slip-up Have your say online
A selection of comments posted online about news stories published on www.theactuary.com. Have your say by heading over to www.theactuary.com/news now.
Solvency II ‘is an object lesson in how not to make law’ (Full story: bit.ly/10pg0bi) “1. The PRA estimated the Solvency II costs to total at least £3bn for UK companies alone. 2. Lloyds of London has already spent £300m. 3. More important, harmonisation reduces diversity and increases systemic risk.” – Fessal Bouaziz, 4 May
females, particularly [if it] would bring them a lower price. So I’m still doubting the use of this directive” – Kris Chen, 2 May
Young women’s motor insurance costs ‘up by a third’ (Full story: bit.ly/Y8xtbC) “I don’t think pricing on the base of gender would trigger discrimination to
margin above gilt yields’. There is no unavoidable problem of low gilt yields raising funding targets. Scheme actuaries are free to recommend a Pension schemes ‘face prudent funding strategy tough choices agreeing without referencing new funding plans’ gilt yields.” – Derek (Full story: bit.ly/XCGOKK) Benstead, 12 April “The premise of this article is that pension Lengthy retirement ‘is scheme liabilities are bad for your health’ valued using a discount (Full story: bit.ly/15PpcPv) rate set by reference “Thank you for the to gilt yields. Of course, ‘wake-up call’! I’m a this is not a requirement secretary for a society of the law. Advisers, of pensioners from the trustees and employers metal industry in The are under no obligation Netherlands.” – to assume that ‘their Arie Stuijt, investment strategy will 16 May always deliver the same
I have just read the latest in a series of informative public interest papers on the topical subject of the pensions implications of an independent Scotland. Who do readers think this valuable contribution to the pensions debate was published by? 1. The Institute and Faculty of Actuaries. 2. The Scottish Board of our profession, whose remit focuses on Scotland. 3. A large employer of actuaries based in Scotland. 4. None of the above. I am embarrassed to say that the answer, as ridiculous as it may seem, is 4. We consigned Scotland’s actuarial profession to history only three years ago, but let’s not surrender our natural habitat altogether and to other professions – in this case, the accountancy profession. Gerry Devenney 17 May
The editorial team welcomes readers’ letters but reserves the right to edit them for publication. Please email letters@ theactuary.com by 19 June 2013.
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