Issue

Crowe UK's review gave the Trustees comfort that members' benefits are being calculated accurately and that solvency projections for the scheme as a whole are materially accurate.

Solution

Crowe UK conducted in-person fieldwork at the Scheme's actuary's office, consiting of a workflow of the model from both a user-perspective and an actuarial-perspective. 

This allowed Crowe UK's actuaries to interrogate both the user's view of the model, and the underlyin actuarial calculations. Crowe has developed a proxy valuation model and used this to replicate the main functionality of the client's custom model to revalue a sample of calculations and ensure members' benefits were being calculated accurately.

Outcome

Crowe UK's review gave the Trustees comfort that members' benefits are being calculated accurately and that solvency projections for the scheme as a whole are materially accurate.