We believe that companies and trustees are not being given enough help to understand the way that the calculation of balance sheet positions (under UK GAAP, US GAAP, and IAS19) or funding deficit works. As a result many are surprised when stock markets have risen but the pension scheme position has deteriorated.

We have also been asked more and more for preliminary indications of the pension scheme accounting position in advance of the year-end. Companies are understandably concerned that these key figures will not be known until after the year-end has passed. They are unsurprisingly keen to know about a potentially significant balance sheet impact at the earliest opportunity. Likewise pension scheme trustees are now more concerned with changing funding positions than ever before.

Our solution

f1rstview At First Actuarial we have developed f1rstview from listening to the needs of our clients and understanding what we can offer to make their lives easier. f1rstview is a product that allows companies and trustees to develop a much deeper understanding of the way that pension scheme liabilities change and how pension scheme accounting works. Using f1rstview you can regularly monitor your scheme funding position independently of the actuary. This means our clients using f1rstview always have an up to date picture of their scheme’s position and understand the financial implications of market changes.

"f1rstview allows companies and trustees to obtain an update on their pensions funding position based on current market conditions in seconds. It also allows projections up to three years in advance and changes to the underlying assumptions to explore the effect of a range of 'what if' scenarios."

For companies, f1rstview allows online access to estimates of your scheme accounting balance sheet and P&L positions. It also allows the effects of scenarios to be demonstrated quickly and easily on a quarterly, monthly, or even daily basis. At the year-end, f1rstview will provide an early estimate of the results of the formal accounting calculations and demonstrate the volatility of the balance sheet position allowing for a variety of scenarios.

"Formal disclosures are still needed but the online system means they will know what is coming and can take an active role in choosing the assumptions. As a result the final position will not come as an unwelcome shock."

For Trustees, f1rstview allows online access to estimates of the funding position and required contributions. Changes to the assumptions can be modelled instantly so trustees get a feel for what assumptions are important and how things could change in the future.

f1rstview provides you with an online model of your scheme that allows you access to quick updates whenever and wherever you want them. Support, and someone to talk to, is available if required.

To find out more about this service please contact your local First Actuarial office. Alternatively, if you would like a practical demonstration follow the link below and register to access a trial version using a sample scheme. If you already have login details then you can access f1rstview via the login link below.

Register for Demo

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