A leading UK actuarial company feels there is a gap in the knowledge of board-level directors about pensions' funding and actuarial valuations and launches a new course.

A training initiative aimed at finance directors, company secretaries, treasurers and non-executive directors to help them understand intricacies of employer sponsored final salary pension schemes.

The aim of the programme, run by Punter Southall a firm of UK actuaries, is to equip employers with an understanding of the key drivers behind scheme funding and the actuarial valuation process.

By attending an initial half-day event attendees will be able to draw up an action plan that covers specific areas of discussion with Pension Scheme Trustees in the lead up to the next scheme funding valuation. This will include areas such as mortality, setting of other assumptions and Pension Regulators trigger points.

The course will also cover areas such as dealing with legacy DB issues, addressing de-risking options and managing existing liabilities through to an exit strategy. It will also cover consistency of the funding valuation with the accounting assumptions.

"This initiative recognises the training needs of decision makers in the scheme sponsors context particularly given the current climate of cash constraints. It is usual business practice to train newly appointed Trustees on the basics of pension scheme decision making and evolve the training from there. Punter Southall's initiative is recognising that there is a gap in the market for an equivalent grounding for sponsors and their finance teams," said David Cule, Principal at Punter Southall.

Led by Punter Southall's award-winning transactions team and employer consulting specialists the first course will be held at Punter Southall's central London office on 10th December from 9am to 12.30pm and in Central Birmingham on Tuesday 20th January 2009 and Edinburgh on 4th March same timings apply. Further dates will be added in the New Year.