Web Release
29 February 2008
CIMA updates risk guidance on pensions
CIMA (The Chartered Institute of Management Accountants) has today issued an update to its guidance to organisations on how to manage the corporate risk of pension schemes. 'The pension liability - managing the corporate risk' was successfully launched in November 2006 and our new version can be downloaded for free at www.cimaglobal.com/pensions.
The revised guidance and checklist contain the latest statistics and examples along with changes to regulation that have occurred since the original guidance was launched. These include references to the pension regulator's revised 'clearance guidance', the recently launched ASB discussion paper 'The financial reporting of pensions', scheme specific valuation and the International Financial Reporting Interpretations Committee (IFRIC) Statement D14.
The report takes a different approach from most other pension guidance by tackling pension risk from a corporate point of view. The publication has benefited from oversight by the CIMA Pensions Advisory Group, whose members include finance directors from FTSE100 and FTSE250 companies, leading academics, along with trustees of some of the UK's major pension funds.
The guidance offers CFOs and FDs an outline of the current regulatory framework, the potential risks from the pension liability and how to understand and better manage these risks. The checklist aims to assist companies in producing a tailored action plan for effective corporate risk management.
ENDS
For further information, please contact:
Katie Scott-Kurti
Senior Press Officer, CIMA
+44 (0) 20 8849 2347
Katie.Scott-Kurti@cimaglobal.com
1. CIMA (the Chartered Institute of Management Accountants) is the only international accountancy body with a sole focus on business. It is a world leading professional institute that offers an internationally recognised qualification in management accountancy, focusing on accounting in business in both the private and public sectors. It is the voice of 164,000 students and members in 161 countries. CIMA is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy. For more information about CIMA, please visit http://www.cimaglobal.com/.
CIMA is responsible for the education and training of management accountants who work in industry, commerce and not-for-profit and has more members in the public sector than any other UK based body. CIMA prides itself on the commercial relevance of its syllabus, which evolves continually to reflect the latest developments in global business. CIMA has been awarded superbrand status in the UK for a second year in a row this year and for the first time in Sri Lanka. According to independent research conducted by the University of Bath School of Management, CIMA’s syllabus and examination structure are the most relevant to the needs of business of all the accountancy bodies assessed. See the CIMA Difference report for further information at www.cimaglobal.com/thecimadifference.
2. The Pensions Advisory Group was established by CIMA in May 2006 and its members are as follows:
• Mike Samuel (Chair) Chairman/Trustee, Rank Group/Unilever pension funds
• Professor David Blake Director, Pensions Institute at Cass Business School
• Ian Bull Finance Director, Greene King
• Harry Byrne Chairman, CIMA pension fund and former Chairman of Guinness Ireland Pension Fund
• Andrew Carr-Locke Former Group Finance Director, George Wimpey Plc
• John Coghlan Past President, CIMA
• Charles Cowling Managing Director, Pension Capital Strategies
• Dr Rebecca Driver Chief Economist and Director of Research, ABI
• Douglas Flint, CBE Group Finance Director, HSBC Holdings plc
• Professor Steven Haberman Deputy Dean, Cass Business School
• Richard Mallett Director of Technical Development, CIMA
• John Pickles Research Fellow, Pensions Institute at Cass Business School
• Charles Tilley Chief Executive, CIMA
• Kate Wilcox (Secretary) Project and Relationship Management Specialist, CIMA.
