As from 2008 there are three sources of funding for research: member-led research, external research and the Memorial Education and Research Fund.

Member-led research

The following criteria will be used in determining funding for bids received from working parties:

• What benefit would the research working party gain by being granted support? For example, anticipated higher participation in a survey if a prize is offered, more timely production of a report/swifter data processing if a university student was engaged to undertake the work. Bids for more than £1,000 for a prize and £5,000 for a student would not normally be approved.
• What is the research aiming to achieve? How will its work/output help members in their careers? Essentially, this is the ‘closeness of fit’ of the research’s aims, objectives and planned outputs with the profession’s strategy.
• What is the anticipated timescale for the work and planned method of dissemination? This is to ensure that any support provided will not be wasted.
• Each bid will be considered on its own merits.

In submitting a bid, research working parties should confirm that the bid has the support of the relevant practice executive committee(s), explain the work undertaken to date, detail the planned timetable of work and set out plans for dissemination of the research findings e.g. as a sessional meeting paper, for presentation and discussion at an open forum event, as a convention session etc. If a bid is approved, the research working party will be required to report back to the Member Support Executive Committee within two months of the date for planned dissemination of the output with an overview of the research undertaken and details of what was achieved as a result of the financial support. This will enable the Committee to review the value of providing financial support to the project.

Bids will be invited through the practice executive committees and will be determined by the Member Support Executive Committee. However, working parties can apply now through their practice area executive committee if they require any funding in the immediate future.

External research

For funding of external research (of the type likely to be undertaken by universities), the Management Board will be considering topics on which bids will then be sought. The Qualifications Executive Committee (QEC) will consider bids and it may choose to seek input from practice executive committees as part of that; once a contract has been awarded, monitoring progress of such projects will fall to the QEC, although actual approval of the grant rests with the Management Board, on the recommendation of the QEC. Further information will be placed on the website when topics have been decided.

Memorial Education and Research Fund (MERF)

THe aims of this fund are:

• The promotion for educational purposes of research in actuarial science and subjects related thereto, and the publication of the results of such research
• The advancement of education in actuarial science and subjects related thereto
• Awarding to actuaries, or persons intending to become actuaries, exhibitions, scholarships or grants tenable either at any educational establishment approved by the Institute or for the purpose of obtaining professional training.

The fund, which is an amalgamation of various endowments and other grants, has a value of around £150,000. The funds are awarded by the Qualifications Executive Committee. More information

Previous research funding

Previously funds were awarded to research grant applications determined by the Research Steering Committee. Funds totalling approximately £750,000 have been awarded from 1996 to 2008, enabling the profession to support 78 small short-term projects of actuarial relevance. Details of the projects supported are shown on the following pages

• Current research grants
• Research grants awarded and completed

The vast majority of the funding has been directed at universities and those engaged primarily in more theoretical work.