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Membership of a CMI committee

Committees of volunteers oversee the running of the CMI's five investigations - annuities, assurances, income protection, mortality projections and SAPS

This page seeks to answer the questions you may have about volunteering for a committee.

How do I join a CMI committee?

Vacancies arise on the committees from time to time. They are advertised as Volunteer vacancies, on the CMI latest news page and in relevant newsletters.

If you are interested in applying to join a CMI committee, please email a brief biography, summarising your skills and experience that are relevant to the committee, to info@cmilimited.co.uk.

All volunteers will be considered, taking into account the current balance of the committee.

All new appointments to CMI committees are subject to approval by the CMI Executive Committee.

What do the committees do?

Within their Terms of Reference each committee is responsible for determining the scope of its work and its prioritisation.  Additional guidelines on the role of volunteers in the CMI's work are contained in the CMI's Governance guidance that we ask all new members of committees and working parties to read.

Much of the day-to-day work is undertaken by the Secretariat; including data collection, data processing and results production. The committee's role is to "oversee" this work, in practical terms this means reviewing the data collected, the data checks, the methodology and the results.

Most volunteer activity, though, relates to "research"-type work. Here there is considerable variation between the different tasks, ranging from reviewing work undertaken by the Secretariat to undertaking original analysis and writing it up as a draft CMI working paper!

Do I have the rights skills and experience?

Each committee needs a mix of skills and experience, including technical expertise and practical experience. The latter may include how business is administered or how CMI outputs are used in pricing, reserving or experience analyses. Generally when a committee seeks new members it is looking for fresh ideas, commitment and enthusiasm.

How much of my time will it involve?

Typically, each committee meets 3 to 4 times a year, for 2 to 3 hours.  Some preparation time and follow-up time should also be anticipated.

Outside of the meetings themselves, the time commitment can vary considerably according to the current work of the committee. The Chairman of each committee is also a volunteer and will obviously understand if you are not able to commit to extensive involvement at a particular time.

Should I check with my employer before applying?

Whilst most of the committee members give up some of their own time for CMI work, there will be occasions where it impacts on the day-job. Committee meetings, in particular, will generally take place during office hours so the support of your employer is essential.

You will probably find that your employer will encourage you to get involved! For most actuaries, joining a committee will help their professional development and may give valuable insights into the work of the CMI.

Does this count towards Continuing Professional Development (CPD)?

We certainly hope that joining a CMI committee will make a valuable contribution to your professional development; in particular it will provide a vehicle for discussion of technical and business issues with other actuaries with an interest in the field.

It is your responsibility, though, to consider whether your involvement in CMI activity fulfils the requirements for the profession’s CPD scheme. If it does, then committee meetings are likely to meet the external and verifiable definitions too.

 

Contact Details

If you have any questions about the CMI please email

info@cmilimited.co.uk

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E.g., 23/11/2020
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Events calendar

  • Spaces available

    The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.

  • Spaces available

    Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.

  • UK Town Hall 08:30-09:30

    Webinar
    4 December 2020

    Spaces available

    IFoA President Tan Suee Chieh would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual UK Town Hall 2020, hosted by Tan Suee Chieh with IFoA’s Immediate Past President, John Taylor, President Elect, Louise Pryor and IFoA Chief Executive, Stephen Mann.  

  • UK Town Hall 10:00-11:00

    Webinar
    4 December 2020

    Spaces available

    IFoA President Tan Suee Chieh would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual UK Town Hall 2020, hosted by Tan Suee Chieh with IFoA’s Immediate Past President, John Taylor, President Elect, Louise Pryor and IFoA Chief Executive, Stephen Mann.  

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Spaces available

    Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year

  • Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report. 

  • Spaces available

    Running off the £2 trillion of UK corporate sector defined benefit liabilities in an efficient and effective fashion is the biggest challenge facing the UK pensions industry. Trustees and sponsors overseeing those schemes need to be clear on their target end-state and the associated journey plan – but too few have well articulated and robust plans.

  • Spaces available

    The actuarial skill set has much to offer the banking industry. So many of the skills that actuaries acquire during their working life translate across to the world of banking and yet banking is perceived as an alien environment to many actuaries. But is it?

  • Spaces available

    Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.

    We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.