Our Retirement team provides advice on retirement plans and other long term benefit schemes to employers, trustees, government bodies and non-governmental organisations.
The firm started in 1977 with retirement and employee benefits as its core business. Our professional staff is the largest in Malaysia comprising two qualified actuaries and five aspiring actuaries. The team has vast experience in the setting up of retirement benefit programs, financing, funding, accounting, communication, trustees training, administration, mergers & acquisition, surplus sharing and recently de-risking of retirement benefit plans.
Plan Design
Plan Design services help clients identify their objectives and implement retirement strategies to achieve them. In addition to legislative changes, corporate reorganisation, changing demographics, and investment market volatility may cause clients to re-evaluate the effectiveness of their retirement programs from time to time. Our team specialises in the design of defined benefit, defined contribution and hybrid plans. Retirement plans can be integrated with other government-mandated and company-provided benefit plans and arrangements, such as social security and executive benefits, to form a cohesive benefits strategy
Benefit Audit
Benefit Audit is a service that helps our clients identify and correct practices which do not conform to the rules of their plan, legal requirements or their targeted market position.
Funding & Accounting
Our valuation services provide clients with the actuarial analysis needed to fund, report, and measure the liabilities of their defined benefit plans. Our actuaries:
- Assist clients to align their funding objectives with their business objectives
- Provide information required by the relevant accounting standards (e.g. IAS 19, FRS 119, FAS 87)
- Ensure ongoing compliance with the complex rules that regulate the funding of and accounting for retirement
- Provide valuation of stock option plan in accordance with the relevant accounting standard e.g. FRS 2
Asset & Liability Modeling
Asset and Liability Modeling combines actuarial and investment expertise to assist clients with modeling the financial position of their retirement plan under different scenarios. The variables may include different asset allocation policies, crediting rate policies, actuarial assumptions, demographic changes and economic conditions. An investment strategy may then be formulated to best fit our clients’ specific objectives and constraints.
Merger & Acquisition Support
Mergers, acquisitions and divestitures raise significant retirement plan issues for clients. Typically, questions start to emerge in the due diligence and evaluation process where potential liabilities are identified. We assist clients to understand the financial issues related to benefit plans, take full advantage of one-time opportunities related to income statement and balance sheet accounting issues and develop post-transaction strategies for the harmonization of retirement and other employee benefits.
Subject Matter Expert
Case Study: Oman Civil Service Employees Benefit Fund
The scope of work included calculation of contribution rates for future accruals of service, quantification and analysis of the impacts on the funding position as a result of past events and experience, providing projections of future cashflows, recommendation of suitable funding strategies and cost comparisons of several possible improvements in benefits. As part of the project, we performed various analyses to answer additional questions posed by the Fund.
Case Study: Malaysian Government’s Public Servants Pension Scheme
The scope of work included performing periodic actuarial valuations in order to calculate the appropriate contribution rates in respect of future benefit accruals. We also assessed the funding positions as well as quantified gains or losses due to the Scheme’s experience, projected future cashflows and recommended feasible funding strategies. We had carried out a separate study on reform of the Scheme alongside comparison with various scheme reforms done by other countries.
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