In my opinion, the implications of the Employee Retirement Income Security Act of 1974 (ERISA), which was enacted in the U.S. on 2 September 1974, are of vital importance to U.K. pensions' actuaries.

Pension schemes which are established in the U.K. by U.K. branch operations of a U.S. parent are subject to the provisions of ERISA. Furthermore, there have recently been suggestions that U.K. subsidiary company operations of a U.S. parent might also be required to prepare ERISA-style reports.

Since U.S. enterprises account for some 13% of the U.K.'s total gross product in manufacturing in the private sector, almost every U.K. insurance company, firm of consulting actuaries or pension consultants will have come into contact with some aspect of, or question relating to, ERISA.