“Actuaries are pivotal in pensions and insurance, and increasingly in banking. These are all industries that directly influence what the future will look like, as they determine what activities are financed and insured. For example, in the UK, approximately a third of total investments are pensions-related. In other words, the decisions we make on how to invest these funds really can make a profound difference to the future we will all live in.
But making a difference requires a mindset shift for us. It requires us to consider not only the direct financial impact of our decisions but also the broader, real-world impacts that can have long-term effects on our customers, shareholders and wider society. It requires us to consider the financial system not as separate from the wider Earth system, but as intricately linked to it. Money simply cannot put right the fundamental changes that biodiversity loss might bring after it is too late – but the financial world can help keep it from getting too late.
We will need to adapt our actuarial toolkit to embrace new concepts like systems thinking, sustainability, risk interconnectedness and net zero. We will also need to evolve our sense of responsibility, recognising that we wield great power through the decisions we oversee in the global financial system – power to make choices today that will have far reaching and profound implications for the generations of tomorrow. Now is the time to update our operating manual and incorporate long-term sustainability into the tenets of the profession.
We actuaries have an immense opportunity. We can play a part in securing a sustainable future, in ensuring pensioners, policyholders and society at large will have a world worth living in. And we must choose to do so.”
Sandy Trust, IFoA Sustainability Board, Chair Elect
“This reading list guide helps provide a background to the significant risk of biodiversity loss for actuaries. Actuarial practice has a lot to offer biodiversity management over the next decade as the world develops more depth to its response to this global challenge.”
Aled Jones, Professor, Anglia Ruskin University
Sessional Meeting - The Importance of Biodiversity Risks for Actuaries
Monday 26 April and Tuesday 27 April
Actuaries have a lot to offer biodiversity management over the next decade as the world develops more depth to its response to this global challenge. This sessional offered an opportunity to learn about this emergent risk, to contribute to our thinking as a profession and help us develop the next steps forward.
Read the summary blog and links to underlying papers.
Log-in to the VLE to see Aled Jones and other panellists as they introduce their papers ahead of the roundtables.
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We’ve all heard about the gender pay gap. Sadly, the gap doesn’t just exist with base pay.
Research carried out by Legal & General in 2021 across the four million members in our Defined Contribution (DC) pensions, found that there’s a gender pension gap too, continuing the divide between men and women.
As current global events continue to demonstrate, geopolitical tensions present significant risks to corporates of all sizes. However, these types of risk are often not given the discussion time it needs at the board level or executive committee levels, nor the resources required to anticipate, analyse and mitigate them effectively.
At retirement, it has become very popular for those with Defined Contribution (DC) pensions to choose drawdown rather than an annuity, but drawing a sustainable lifetime income in this way is an impossible challenge for most people. We consider a Decumulation Pathway for the typical consumer, where a small part of the DC fund is set aside for any flexible access and legacy requirements. The bulk is then used to provide a lifetime income, utilising the pooling or insuring of longevity risk.
We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; transitioning to Net Zero; increased inflationary pressures and supply chain issues; to self-imposed changes in regulatory requirements. CILA 2022 focuses on these challenges to ensure we continue to be informed and remain battle ready, as well as showcasing highlights of recent CMI outputs.
In the spirit of fostering the IFoA’s vibrant, global community and enabling our members to participate, we have decided to hold our AGM virtually again this year. This allows for greater accessibility to this important annual event, and for greater accountability of our organisation.
The Business of the AGM
Join newly inaugurated IFoA President, Matt Saker, for his Presidential Address.
We’re delighted to welcome you back to our first in-person conference since early 2020, also being delivered virtually in our first-ever hybrid event. The theme of our inaugural two-day conference is ‘Focusing on tomorrow’s actuary’ and will explore the contribution actuarial science is making to some of tomorrow’s biggest issues.