The ordinary member of a pension fund, if asked whether there is any connection between the high cost of living at present oppressing him and the security of the pension to which he looks forward to support him in his old age many years hence, would probably fail to discover that the one is related to the other. The financial position of pension funds is, however, fundamentally affected by the sudden drop in the purchasing power of the sovereign during the last few years and more directly by the enhanced scales of salaries or wages which have resulted from the change in the value of money, and it is to be feared that in many funds a very serious position has to be faced. The actuary who is called upon to advise as to the situation and to formulate remedies by which equilibrium may be restored has not only difficult professional problems to grapple with, but, having made up his mind as to the course to be recommended, he has to carry with him the responsible officers of the fund, who in their turn have to secure the co-operation of the employer and also the assent of the " ordinary member " of the fund, to whom I have referred above, to the remedies put forward.