Global actuarial service
06.07.2018 - Actuarial assessments are essential for a company’s balance information. Funk provides tailored actuarial services worldwide.
Every year it brings a rush of activity within the company: the year-end balance sheet. The Finance department works feverishly to generate analyses, projections and risk descriptions for balancing pension commitments. If the company is international, those in charge must also take different international regulations (the German Commercial Code, IFRS, US-GAAP) into account.
So what is intended to improve quality transparency and comparability in reporting on the one hand undoubtedly leads to a greater workload for the companies in question on the other. In an intensely competitive market environment, then, predictive modelling, analysis and management of risks concerning global pension commitments and other employee benefits play a decisive role.
Optimal management of pension commitments
Actuarial assessment depends on a thoughtful and correct approach. After all, the necessary national and international criteria must be complete, correct and traceable. This requires a high degree of expertise. Whether they are taking care of calculations/assessments of the deferred liability of pension commitments, redundancy package obligations, partial retirement models and commitments, seniority benefits or working time accounts, the experts at Funk keep a constant eye on all legal and actuarial changes – all around the world.
Sven Pulpit, Head of Actuarial Service at Funk, explains: ‘Our experienced multilingual actuaries guarantee the interconnection, data consistency and prompt delivery of results. n a daily basis, we apply international benchmarks to our clients’ circumstances and are involved in international projects. In addition to our global knowledge of pension structures in other countries, which has been systematically built upon, our established partners and actuarial offices abroad make it possible for us to offer a global actuarial service to our clients.’
All of this takes place through Funk’s own network of partners, the Funk Alliance. It is also possible to use existing partnerships that a company has in the countries in question. If companies want more in-depth analyses, Funk helps them as a sort of ‘global actuary’.
International pension services
What’s more, Funk’s services go beyond plausibility checks and consolidation of data from global pension commitments: the experts discuss international pension commitments and show companies how they can optimise their programmes or reduce risk. Funk also provides support ranging from due diligence projects to the replication of benefits structures after an M&A process.
An overview of international pension services from Funk
- Inventory and analysis of global employee benefits
- Risk analysis of international pension commitments
- Optimisation of pension commitments/pension de-risking
- Communication with local assessors in the course of year-end reporting
- Monitoring of the global schedule for assessing pension commitments at the year-end close
- Harmonisation of assessment proposals worldwide
- Plausibility checks and analysis of changes
- Assessment of pension commitments during mergers and acquisitions
- Post-merger services, such as replication of benefits
- Actuarial analysis and projection of self-insurance models in the field of health insurance
- Local cost and conditions optimisation
- International finance strategies, such as pooling, global pricing or captive solutions
- Implementation of international calls for bids, such as in the field of international health insurance