Data is key to any actuarial valuation. One need to have reconciled Data to arrive at the proper estimate for the liabilities.
Scheme Details
Whether Scheme is funded? Non-funded? and other related questions
Company’s benefit policies – retirement age, benefit vesting rights are the key to determine the value of the liabilities
Employee information
Minimum information would consist of:
- Employee Identifier
- Date of birth – age
- Date of Joining
- Attrition rates etc.
Asset information
If the scheme is funded then information regarding the assets are required.
- Investment policy
- Value of Assets held
- Income/interest/dividends earned during the year
- Expenses incurred during the year etc.