The role of corporate pensions has become increasingly important from the perspective of providing sufficient retirement income by supplementing public pensions, amid expected increases in the population of elderly people and adjustments to benefit levels for public pensions (decrease of the income replacement ratio) in Japan.
The Society's statutes prescribe that it will “widely diffuse and develop pension systems, including the maintenance and enhancement of the financial soundness of corporate pensions, and contribute to enhancing the financial well-being and welfare of citizens by striving to enhance the skill levels and uphold the integrity of the actuarial profession, and progressively improve pension actuarial services”. In order to achieve those objectives Certified Pension Actuaries who are members of the Society are required to keep not only a high level of expertise in pension actuarial matters, but also high ethical standards to fulfill the social trust in Certified Pension Actuaries.
The Society has established a Code of Professional Conduct, which it requires members to comply with, and carries out various training initiatives. In addition, in 2016 it started the Continuing Professional Development (CPD) program with the aim of maintaining and improving job performance as professional Certified Pension Actuaries, and supporting self-improvement. It will disclose the names of members who have met the criteria required under the CPD program on the website for your reference.
The environment surrounding the corporate pension plans and post-employment benefits accounting is changing, including new regulations of flexible contributions and flexible benefit designs for defined benefit corporate pension plans that are currently under consideration. The Society is keenly aware of its social mission as an association of pension professionals and as a public interest corporation. The Society will enhance its contribution to the further development of corporate pensions through a broad range of activities, such as research and public proposals or comments as well as member’s practice related issues. I sincerely hope that you will continue to support its endeavors.
Chairman of the Board and Representative Director
The Japanese Society of Certified Pension Actuaries