The The Memorial Education and Research Fund (MERF) is an amalgamation of various endowments and other grants donated to the Institute of Actuaries since 1916, and these are listed in the Members Handbook.  The amalgamation took place in 1972 and the income and, if appropriate, the capital of the MERF are used for:

(a) The promotion for educational purposes of research in actuarial science and subjects related thereto and the publication of the results,

(b) The advancement of education in actuarial science and subjects related thereto, and

(c) Awarding to actuaries, or persons intending to become actuaries, exhibitions, scholarships or grants tenable either at any educational establishment approved by the Institute of Actuaries or for the purpose of obtaining professional training.

The Hey and Johnston Funds

These two donations received since 1972, although within the MERF, are treated slightly differently and dispersed separately.  At the time they were donated it was agreed to use the funds for specific research purposes and also to spend both capital and income over a period during which the people who bequeathed the money are likely to be personally remembered by many members.  These two funds are:

The Sir Edward Johnston Fund, to assist actuarial research in Life Assurance in the UK and the role of the Appointed Actuary. This fund can be used towards the cost of the research or the cost of travel for such research. Grants may be made not only to UK actuaries but also to actuaries from overseas visiting the UK for the purpose of research on this subject.

The Brian Hey Fund, to assist in actuarial research for General Insurance in the UK. This fund can be used towards the cost of the research or the cost of travel for such research.

Awarding Grants from MERF

The Hey and Johnston Funds exist to support research into areas of general or life insurance respectively. In awarding grants from the Hey and Johnston Funds the Actuarial Profession, so far as is practicable, associates names of the founders of the Trust Funds with each award.

Funding Available

The Member Support Executive Committee (MSEC) use the funds to help further research in small ways such as travel to particular overseas conferences.  The Qualification Executive Committee (QEC) use the funds typically to support students who have financial problems.

Funds may be available to help towards travel costs, accommodation costs or registration costs. Small grants have been made to students completing their actuarial education, e.g. those in their final under graduate year or post graduates. Applicants with an active research record or definite research-related reason for attending the conferences will be preferred. Grants from these funds would not normally exceed £1-£2,000 and are frequently smaller amounts. 

Practice Executive Committee Research

Practice Executive Committees can make cases for funding of projects from the MERF at any time of year. The Member Support Executive Committee is very pleased to allocate small amounts of money to “grease the wheels” of Practice Executive Committee research working party projects. Examples of possible uses include: paying for an academic worker to undertake research on consultancy basis, employment of a consultant to gather or analyse data, or employment of temporary secretarial help. 

Applications

Applications for funding can be made at any point in the year. Applicants for education or research funding should write to Nicky Wilkinson in the first instance with details of the amount required and what the funding will be used for, which will be forwarded to the appropriate committee for consideration.