New CPD Scheme requirements for all Practising Certificate holders
Under the terms of the new CPD Scheme, you will have a requirement to complete 15 hours of CPD from 1 September 2020 – 31 August 2021. In addition, the updated PC Scheme requires that you complete an additional 15 hours of technical CPD related to the role (or roles) covered by the PC you hold during the same period. So, in total, you will have 30 hours of CPD to complete during the CPD year if you are a PC Holder.
You can find useful information about the New CPD Scheme below.
External CPD hours
There is no specific requirement to attend external events for PC Holders and it will be up to you to determine your learning and development needs. However, we would encourage you to try, where possible, to obtain CPD from different sources, so that you benefit from a range of different perspectives.
Reflective practice discussion
You will be required to arrange and participate each CPD year in a Reflective Practice Discussion with an Appropriate Person (someone who understands the nature of your work, development and learning outcomes). This could be with a line manager, a peer or, if you are unable to identify someone suitable, with someone from a pool of appropriate persons organised by the IFoA. From September 2021, each year the IFoA will also ask certain members to participate in a Reflective Practice Discussion with the IFoA Team. The purpose of these discussions is to allow you to consider your learning needs, the outcomes of your CPD activities and then reflect on whether those outcomes met your needs. You will be expected to discuss all activities, whether you took part in them to fulfil the CPD Scheme requirements or the PC Scheme requirements.
If you are employed by an organisation that follows the IFoA’s QAS CPD Scheme
You will be exempt from the additional requirements under the PC Scheme and should follow the terms of your employer’s policies and procedure in relation to the QAS CPD Scheme.
If you are employed by an organisation that follows the IFoA’s QAS CPD Scheme and change employer during the CPD year
The additional CPD requirements under the PC Scheme will apply on a pro-rata basis, using the date from which you are no longer subject to the QAS CPD Scheme. If you have any further queries, please contact us.
Parental leave or leave due to ill health
Members on parental leave or leave due to ill health are deemed to be Non-Practising members for the purpose of CPD requirements under the CPD Scheme for the period of their absence and do not need to comply with CPD while they are on leave. We do ask that members notify us of Non-Practising status so that we can update our own internal records. In terms of the additional CPD requirements for PC Holders in the PC Scheme, these may also be completed on a pro rata basis, deducting the period of absence.
Practising Certificate Holders no longer have their own individual CPD year relating to their application date. Instead your CPD year will be the same as all members and restart annually on 1 September.
Any renewals after 1 September 2020 will happen after the new CPD Scheme is in place. There will no longer be a check by the IFoA of CPD compliance before a PC is renewed and you will no longer be required to log your CPD on the IFoA’s recording system to allow this check to happen. However, you will be asked to confirm that you will comply with the CPD requirements of the PC Scheme when you renew your certificate. You will also be required to confirm compliance with both the CPD Scheme and the updated PC Scheme when renewing your membership from 1 September 2021 onwards. You are required (under the new CPD Scheme) to keep your own record of CPD activity for use in Reflective Practice Discussions.
If you have any enquires, please contact us at the email address below
We aim to respond to all enquiries within two working days.
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Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion.
Mathematical Futures: The Actuary in a World Transformed – Sir Adrian Smith will outline how advances in data science, machine learning and artificial intelligence in the world of big data will transform the nature of many industries, including financial services. The broader environment within which mathematics is applied will change rapidly, often led by innovative yet disruptive forces outside. These changes will undoubtedly have an impact on the work of actuaries - and the profession will need to adapt quickly to thrive.
This session will explore how the new index has revealed previously uncaptured mortality inequalities by using predictive variables at a high degree of granularity. Globally renowned leader in actuarial science Professor Andrew Cairns and his co-investigator Torsten Kleinow will demonstrate the uses of new LIFE index such as the causes of high or low mortality and regional differences in mortality.
Given our commitment to the safety of our members and employees, and as the easing of restrictions in respect of COVID-19 cannot be guaranteed at this point in time, we have decided to hold our AGM virtually again this year.
The Business of the AGM
Join newly inaugurated IFoA President Dr. Louise Pryor as she explores what we need to do to keep abreast of the changing world – and how we can seize the resulting opportunities – in her Presidential Address, ‘A Learning Society’
Dr Patrick Sun Cheong Poon, lead sponsor of the IFoA’s 2021 Thought Leadership Programme, will be discussing his motivation for supporting the new events programme with Immediate Past President Tan Suee Chieh. The IFoA’s Thought Leadership Programme seeks to reposition the IFoA at the centre of key societ
The world is changing. The fourth industrial revolution, globalisation and the COVID-19 pandemic are up-ending traditional social and business norms around the world; changes that were once predictable and steady are now faster and more profound.
This is a free webinar on the consultation on changes to the Practising Certificates (PC) Scheme.
The proposals come from a recent review of the PC Scheme which was the first substantive look at the IFoA’s approach to the requirements and process for PCs since 2010. It responds directly to feedback received on how the current scheme works especially that received from members and PC Holders.
Actuaries in all practice areas have had an “alert” to consider climate risk. A plethora of scenarios and tools are being developed both internally and as part of industry-wide initiatives but is there yet a sense of good practice?
We have entered the global age which is invalidating most of the assumptions upon which our success up till now has depended. For example, in the global planetary society there can be no externalities. Although there is increasing clamour for new ways of thinking, sadly, our attempts to invent such new ways remain trapped in the same historical set of assumptions. The result is that we are faced with three tragedies.
The paper “Asset liability modelling in the quantum era” shall be presented by its authors, Tim Berry and James Sharpe, and chaired by Andrew Smith, Assistant Professor in the School of Mathematics and Statistics at University College Dublin.
The elements of climate change that influence and impact on health & care, both in terms of the direct and indirect impact on mortality and morbidity, and the sustainability of healthcare globally are many.
Today’s breakneck pace of technological change has an immense impact on leaders—and as a result, on their organizations’ capacity to transform. All too often, executives remain stuck in outdated mindsets and modes of operating, even when they recognize the need to reinvent themselves. Leadership expert Herminia Ibarra upends traditional, introspective advice and says act first—in order to change your way of thinking. Following her presentation, Herminia Ibarra will be joined by Louise Pryor, incoming IFoA President and Hash Piperdy, Managing Director at Epitome Global, for a panel discussion around the themes of the session. The panel will be chaired by Tan Suee Chieh.
The IFoA’s Actuarial Review Team will publish its second thematic review in June 2021. The review is looking at the involvement of actuaries in the pricing of UK home and motor insurance, during a period of significant developments in the sector from both regulation and innovation.
As part of the Behavioural Science Series, David Rooke will explore the leadership capacities and capabilities that may enable actuaries to successfully navigate the challenges of our times. He will discuss how actuaries can apply these principles to ensure the profession succeeds, flourishes, and plays a positive societal role in our global community.
Following his presentation, David Rooke will be joined by Stephen Mann, CEO at the Institute and Faculty of Actuaries and Anusha Thavarajah, Allianz’s Regional Chief Executive Officer, Life and Health for Asia Pacific for a panel discussion around the themes of the session The panel will be chaired by Tan Suee Chieh.
We have made it through 2020 but the COVID-19 crisis continues to have a significant impact on individuals, societies, businesses and the wider economy across the globe. Navigating the world post COVID-19 in an uncertain and highly unstable time brings along many uncertainties, challenges and exciting opportunities. Hence the theme of this year’s IFoA Asia Conference Webinar Series is “Risk. Adapt. Thrive.”
Internal audit is often the Cinderella of the audit world. It’s a regulatory requirement for insurance companies to have an internal audit function, so why not make it as useful as possible? This session will look at how to link an internal audit plan to the risk register, and how that helps audit committees and boards to spot problems and fix them.