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Optimising Future Pension Plans: Phase II

Phase two of this ARC commissioned research programme led by Dr Catherine Donnelly (Heriot-Watt University) seeks to develop innovative new pension product designs that keep the customers' needs at the forefront and provide a stable income in retirement, whilst minimising costs for the customer.

The products currently available to provide a stable, lifetime retirement income are not meeting the needs of many people. Working closely with industry, this two-year programme aims to address many of the questions around longevity risk-sharing in the retirement space. It will create and share practicable worked examples of how to structure these products.  For example, how can the benefits be calculated, for how long can they provide a stable income and what guarantees are appropriate.

The programme will also study collective defined contribution (CDC) pension plans.  The enactment of the Pension Schemes Act 2021 is the first step in allowing CDC plans like the proposed Royal Mail CDC plan in the UK.  The programme will quantify the benefits of collective risk-sharing in such plans under a range of scenarios.

Visit phase 1 of the programme

This exciting research programme will play a key role in delivering better retirement outcomes for members.

The options currently available to access retirement savings are limited and require extreme choices to be made. Many employers and providers want to offer genuine alternatives, but there is some uncertainty about these new arrangements and how they will deliver on their objectives. The independence and rigour of this research will provide answers to the big questions, and help to move the policy debate forwards.

Steve Hitchiner

Steering Group Chair


Programme objectives

  • Analyse collective risk-sharing in pooled annuity funds and collective defined contribution (CDC) plans and determine where the risk is shared among the customers or plan membership.
  • Determine how to structure the benefits, based on given criteria.
  • Determine the trade-off between these risks and the stability of pension income, in both pooled annuity funds and CDC plans.
  • Study the addition of guarantees in pooled annuity funds and CDC plans, to enable them to better meet their objectives.

Follow this project on social media with the hashtag #ARCfuturepensions


 

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Events calendar

  • Spaces available

    The General Insurance (GI) Spring Conference is a result of the General Insurance Lifelong Learning Committee (GILL) combining this year’s 'Current Issues in General Insurance' (CIGI) and 'Technical Issues in General Insurance' (TIGI) conferences into a virtual webinar series over 19 – 25 May that will be available to watch online globally.

  • CILA 2021

    Available to watch globally in May.
    19-21 May 2021
    Spaces available

    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; on-going financial consequences of the COVID pandemic; or self-imposed changes in regulatory requirements and accounting standards.

  • Spaces available

    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.

  • Spaces available

    Behavioural Science Webinar SeriesThe 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.

  • Spaces available

    Risk Management Webinar PrgrammeTools like python/R are being heavily used to provide end-to-end analytical solutions for risk management. They help to set up a framework/platform to collect risk data and work out stochastic analytics to provide insights into the risks faced by a firm, be it in any sector.

  • Spaces available

    The webinar will look at several aspects of intergenerational fairness and our panel of experts will challenge you, society, taxpayers and generations X, Y and Z on key aspects of DB v DC pensions, public v private sector pensions, state benefits and key aspects of sustainability.

  • Pensions Conference 2021

    Online webinar series
    16-22 June 2021
    Spaces available

    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.

  • Spaces available

    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.

     

  • Spaces available

    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

  • Spaces available

    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’

  • Spaces available

    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.

  • Spaces available

    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.

  • Spaces available

    Risk Management Webinar ProgrammeInternal 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.