EUROPE – Hewitt’s Philip Shier has taken over as chairman of the Groupe Consultatif Actuariel Européen’s Pensions Committee from Watson Wyatt’s Paul Thornton.

The Groupe was established in 1978 to bring together the actuarial associations in the European Union to represent the actuarial profession in discussion with the European Union institutions on existing and proposed EU legislation which has an impact on the profession.

And it also provides a forum for discussion amongst all actuarial associations throughout Europe. Thirty-three actuarial associations from thirty European countries are represented on the Groupe.

“Philip has been the Irish delegate on the Committee for some time, and is the Vice-President of the Society of Actuaries in Ireland,” Thornton told IPE.

He added: “It has been a great pleasure and privilege to have worked with you on the important topic of pension provision in Europe, and I know that Philip looks forward to continuing enthusiastically with this.”

In August the Groupe said the implementation of the European directive on occupational pensions could lead to a change in the way discount rates are determined.

“We expect to see significant changes in the way discount rates and other assumptions are determined as EU states begin to implement the IORP directive,” the Groupe said.

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