Running a pension in your SMSF may mean that you’ll need an actuary. In simple terms, actuaries use various mathematical techniques to make educated predications about the future. The profession has existed for several centuries.
Actuaries are amongst the most highly respected professionals operating in any field of work. The Government restricts the ability to describe yourself as an actuary unless you hold suitable qualifications from the Institute of Actuaries of Australia – IAA – which publicly trades as “Actuaries Institute”.
However, the Government leaves the IAA to determine what initial and ongoing studies you need to gain and hold these credentials. If a complaint is made against an actuary, then it’s the IAA that determines any penalties unless a client seeks formal legal redress.