Press notice

13 August 2008

The Faculty of Actuaries’ consultation survey and the Institute of Actuaries’ in-principle vote, both relating to a proposed merger between the Faculty and the Institute, closed on Friday, 8 August at 5pm.

A total of 2,791 Fellows, Honorary Fellows, Associates and Students of the Faculty and 15,937 Fellows, Honorary Fellows, Associates and Students of the Institute were invited, by email or mail, to take part in the survey and the vote.

Those from the Faculty were asked to indicate their preferences on three options relating to a proposed merger between the Faculty and the Institute. Of the 1,367 Faculty respondents (49% of those invited to take part), 65.1% of the valid responses gave their first preference to Option 1 (‘merge on negotiated terms’), 31.3% of the valid responses gave their first preference to Option 2 (‘don’t merge – have formal agreement’) and 3.7% of the valid responses gave their first preference to Option 3 (‘Faculty as a community’). One response was found to be invalid.

Institute members were asked to answer ‘Yes’ or ‘No’ to the question ‘Do you support a merger of the Faculty and the Institute?’. Of the 6,931 Institute respondents (43.5% of those invited to take part), 84.2% voted ‘Yes’, while 15.8% voted ‘No’. Three responses were found to be invalid.

The Councils of the Faculty and the Institute will consider, separately and jointly, the outcome of the survey and the vote, before a further announcement is made, following the next meeting of the Joint Councils on 19 September 2008.

The survey and the vote were managed independently by Electoral Reform Services (ERS), supported by printed and electronic communications from the Profession.

Enquiries: Tel. Fleur Morrison on 020 7632 1453 or email fleur.morrison@actuaries.org.uk

Notes to Editors

1. Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
2. Members of the Profession have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.
3. The Profession is governed jointly by the Faculty of Actuaries in Edinburgh and the Institute of Actuaries in London. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of the Profession in society.