IFoA SP4 study plan

Distinguish defined benefit, defined contribution and hybrid designs by their benefit formula, risk allocation and sponsor covenant exposure, and write a one-page comparison table from memory

Derive a DB scheme's contribution rate under the projected unit and attained age methods, and explain in writing why the two diverge for a mature scheme

Build a spreadsheet that projects a scheme's funding position over 15 years under three contribution and three investment-return scenarios, and identify the break-even contribution rate

List the components of the statutory funding objective and technical provisions and explain the role of the Statement of Funding Principles

Explain the roles of the actuarial valuation, schedule of contributions and recovery plan, and state the statutory timescales and consultation requirements attaching to each

Calculate the effect of a 25 basis point change in the discount rate on technical provisions for a scheme with a given duration, and comment on the sensitivity

Compare funding measures across buy-out, ongoing and least-risk bases, and explain why the three produce different deficit figures for the same scheme

Summarise the purpose and mechanics of the Pension Protection Fund risk-based levy and the employer debt regime on employer withdrawal

Construct an asset-liability model for a mature DB scheme that matches cash flows by duration bucket, and quantify the residual interest-rate and inflation mismatch

Explain how liability-driven investment, gilt repurchase agreements and derivative overlays change the scheme's collateral and liquidity requirements, and describe the failure modes seen when collateral calls outpace liquid assets

Evaluate growth-asset allocations against the scheme's funding objective, sponsor covenant and time horizon, and justify a recommended allocation in writing

Describe how DB and DC investment strategies differ in objective, governance and member-borne risk, and set out the default fund design considerations for a DC scheme

Map the governance obligations of trustees, including knowledge and understanding requirements, conflicts of interest, member-nominated trustees, and the role of the professional advisers

Explain the scope of the Pensions Regulator's powers, including improvement notices, contribution notices and the moral hazard provisions, and apply them to two short fact patterns

Prepare the disclosures for a DB scheme under the relevant accounting standard, calculating the net pension liability, service cost, net interest and remeasurement gains and losses from supplied assumptions

Reconcile an accounting deficit to a funding deficit and explain each reconciling item

Assess the principal risks facing a pension scheme, including longevity, inflation, interest rate, sponsor covenant, operational and cyber risk, and rank them for a specified scheme

Design a risk register with owners, mitigants and monitoring metrics, and explain how integrated risk management links covenant, funding and investment

Explain the scheme design features that shift or retain risk, including benefit caps, indexation, early retirement terms and transfer values

Evaluate the internal controls and business continuity arrangements a scheme of a given size should operate

Compare annuity purchase, income drawdown and uncrystallised funds pension lump sums on income security, flexibility, tax treatment and longevity risk, and recommend an option for three member profiles

Explain the state pension structure, the interaction of the new state pension with contracting out and qualifying years, and the effect of deferral

Calculate the retirement outcomes of a DC pot under different contribution, charge and decumulation assumptions, and quantify the cost of a 1% annual charge over 30 years

Explain the disclosure and advice requirements that apply at retirement, including the guidance guarantee and the role of the adviser

Sequence the steps in a scheme wind-up, from the triggering event through the winding-up procedure, deficit apportionment, asset realisation and discharge of liabilities

Assess the options for a scheme restructure, including benefit change, closure to accrual, enhanced transfer exercises and buy-in or buy-out, and evaluate each against member and sponsor objectives

Explain the protection given to members on a bulk transfer without consent and the conditions attaching to the transfer value regulations

Analyse the priority order on wind-up and calculate the allocation of assets across member categories for a scheme with a shortfall

Apply the actuarial profession's ethical and professional standards to pension scenarios, including conflicts of interest, advice to trustees, whistleblowing and the duty to the scheme versus the employer

Draft reasoned responses to three ethical dilemmas using a structured framework that identifies the parties, the duties owed and the appropriate course of action

Synthesise the syllabus by producing condensed revision notes for each domain and a list of the twenty concepts most likely to be examined

Complete a timed mock examination under exam conditions and mark it against the published mark allocation to identify remaining gaps