Nicholson Graham & Jones (NG&J) is warning actuaries that the new Pensions Bill, which received Royal assent on 20 July, will significantly change their future role.
NG&J partner Ian Pittaway says: “This Act is potentially very dangerous for actuaries.”
NG&J lawyers had expected wholesale amendments to the Bill due to the deficiencies of its drafting, but few of the anticipated changes were made. Whistle-blowing provisions contain none of the legal protection for actuaries suggested by the Goode committee.
If actuaries fail to report to the regulator, they can be fined and disqualified from acting as an actuary to some pension schemes. An actuary who makes a report may face litigation.
“The whistle-blowing provisions give actuaries scant legal protection when reporting matters to the regulator. They are a cause for serious concern.” says Pittaway.