Valuation of post-retirement Benefits according to IAS19 2016

LUX ACTUARIES & CONSULTANTS

19

Lux Actuaries & Consultants w w w .luxactuaries.com

 Valuation of post-retirement Benefits according to IAS19 2016

How Lux Supports You in IAS19

Overview About Lux

Lux Actuaries & Consultants is an independent actuarial History
consultancy with offices in multi-jurisdictions across the world. Year of Setup in Greece 2016
Year of foundation 2005
IAS19 Expertise & Client Base
Office Locations
Our consultants have deep technical experience of conducting Greece, Cyprus, UK, Turkey, Bahrain, UAE, India, Mexico
actuarial valuations of employee benefits under IAS19. They
have worked with several companies in Greece as well as Our Employee Benefits Practice Leader
government entities, large international organisations in the Vasilis Aggelou / FELLOW OF THE HELLENIC ACTUARIAL SOCIETY
Public and Private Sector and pension fund trustees abroad. Susan Turner / FELLOW OF THE PENSIONS MANAGEMENT INSTITUTE

Scope of Work Our Qualified Actuaries

Vasilis Aggelou FHAS Life/Solvency II
The specific scope of our IAS 19 valuations includes firstly data Marios Schizas FIA Life/ALM
collation, reconciliation and validation and then the Dimitris Dimitriou FIA ERM/Solvency II
collaborative stage of agreeing assumptions with you. Maria Michaelides FIA Life
Following this, we calculate the actuarial cost of liabilities, Ruan van Rensburg FIA FCAS General/Pension
including expected costs for the following year, for budgeting Seda Ekizolu MAAA Life/Pension
purposes and we prepare relevant accounting disclosures. Shivash Bhagaloo FIA Health/Motor
Sensitivity testing is also carried out as part of the calculation Franois Boit FIA General
stage. Yogesh Agarwal FIA General/Pension
Finally we provide conclusions and recommendations, being
mindful of your particular circumstances and specific Lux Objective
requirements.
To provide confidence to you, and to ensure the highest quality Be the leading actuarial services provider in the markets where
service, our work is performed by a Qualified Actuary and then we are present. Provide professional actuarial services to our
independently reviewed by a second Qualified Actuary. clients with a commitment to building long-term relationships
We can also look to reduce your Employee Benefit costs and, with value-driven partners.
in so doing, your Balance Sheet liabilities, by offering
innovative, pragmatic and cost-effective advice. Lux Strategy

Deliverables & Timings Be locally present. Commitment to specialization, so that we

Upon satisfactory completion of our work, the deliverables we
will provide to you, as part of our appointed service, will
comprise of an actuarial report setting out the following:
Data matters, including reconciliation from previous year-
end to current year-end
Assumptions, setting out impact and importance or
significance
Methodology, setting out our approach which will be in
accordance with IAS 19
Results and relevant accounting disclosures, consolidated
in one report, setting out those figures used in the year-
end financials
Various appendices, including definitions of terminology
We commit to meeting agreed deadlines and our reports
typically take less than 2 weeks to submit.
create cost-efficient solutions that are client specific. Focus on
transfer of knowledge to in-house client resources. Maintain the
highest levels of professionalism as demanded by the actuarial
profession.
Lux Perspective
Lux is fully-owned by internationally qualified and
professionally recognized Actuaries. Across multiple locations
we work together as part of an international professional
services group to ensure we consistently grow our
understanding of current challenges.
Lux is positioned to uniquely support you and deliver value
through the provision of technical support based on the highest
standards of professionalism.

Our results are presented in an extensive and professional We look forward to continued participation in the evolution of
the financial services industry and to help our clients thrive.
Actuarial Report, prepared to meet IAS19 requirements which
address generally accepted accounting standards and
actuarial standards for employee benefits. As part of our Contact us
service, we present our report and results to your Senior
Executive Management. Vasilis Aggelou
Managing Director, Lux Greece
Adding Value Tel. 0030 210-7279183
Email: vasilis@luxactuaries.com
In addition to stating all the necessary disclosures in our Address: 116 A, Kifisias Av. & Sofokleous
Actuarial Report, we also provide cash-flow analysis Maroussi, 15126
information, represented graphically and plotted against
Athens, Greece
expected future benefit payments , at no extra cost.

Lux Actuaries & Consultants w w w .luxactuaries.com