We need to stop relying upon the discount process for long-term financial entities because cashflows are the key elements. Capitalisation was the original actuarial tool but it is no longer the only tool available. Apart from hiding far more than it reveals (“fake news”?), especially illiquidity positions over time, it provides just one view of the complex future, with no indication whatsoever of failure or success likelihoods.

The actuarial unique selling point needs to be reformulated and then publicly restated. We need a great deal more balance between short term and long term views. One essential element should be balancing options over different periods/parties. Could “looking beyond”, rather than “looking at” be a good start?

If we can't do simple, can we really do complex? I honestly doubt it. That the current UK pension regulations, originally designed by UK actuaries, are framed as they are is far from helpful. As a profession, the actuaries should have been explaining all of this far more loudly than I can - but they haven’t done that and still don’t. The LDI mess in late September 2022 should have set off warning lights but, no, let’s do the same thing again, just a little bit better. That has not enhanced actuaries’ reputations.