- share risks between customers
- determine the trade-off between the performance and stability of pension income
- study how to incorporate and manage illiquid assets that can be used to hedge inflation
- establish a framework to analyse the trade-off between the performance and stability of pension income in the proposed products
- determine dynamic econometric models that are suitable for our long-term products
- and determine how the dynamic econometric models can be used to optimally time to buy and sell assets.
This multidisciplinary team is led by Professor Jens Perch Nielson (Cass Business School) and Dr. Catherine Donnelly (Heriot-Watt University). The funding supports two Ph.D. students in actuarial science.
IFoA Life Conference 2018: Minimising Longevity and Investment Risk while Optimising Future Pension Plans
Key insights in decumulation strategies - workshop 22 November 2018
In the confusing environment of pension freedom, the research team took us through the existing knowledge of decumulation strategies, presenting leading ideas and identifying promising areas for future research within the project. View their presentation here.
Thomas Bernhardt and Catherine Donnelly, Heriot-Watt University
ARC Webinar Series: Minimising Longevity and Investment Risk while Optimising Future Pension Plans
Wednesday 03 October 2018
Following the successful launch of last year’s webinar series, the Actuarial Research Centre (ARC) produced a further series of webinars in 2018 to showcase its largest cutting-edge research programmes, addressing some of the significant challenges in actuarial science.
The webinar is presented by one of the Principal Investigators of this research programme, Dr. Catherine Donnelly (Heriot-Watt). By watching this webinar you will learn about the objectives of this research programme and some of the early developments since its commencement in 2016.
Half day workshop: Decumulation and Investment Return-Sharing: What is the Latest Research?
Thursday 13 September
This workshop covered two topics:
- How to invest your savings during retirement. Industry products are mostly restricted to either life annuity contracts or draw-down with a constant-mix investment strategy. However, many alternative approaches have been explored in scientific papers.
- Investment return-sharing structures in a pension-saving setting. There have been many structures examined in the academic literature. Some of them are stylisations of country-typical participating policies but others are quite unique. The structures and our understanding of them will be discussed.
The latest scientific research was covered for both topics, including new research for the ARC project.
ARC Sessional Research Event: Self-selection and risk sharing in a modern world of life-long annuities
Monday 14 May, Staple Inn Hall, London
In this sessional, Professor Jens Perch Nielsen and his co-authors (from Cass Business School) discussed new solutions to three of the most current and challenging problems in pension research. The three challenges that were addressed are:
1) To make the pension product so easy to understand that the pensioner can self-select the financial risk and design the financial investment strategy within minutes;
2) To design automatic and easy to understand mortality risk sharing between customers;
3) To create automatic and easy to understand investment guarantee risk sharing between customers, so that they do not have to pay for their investment guarantee and such that the pension company does not need to issue one.
If you want more information about our research programmes please contact the IFoA Actuarial Research Centre:
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Five plenaries and 13 workshops cover current topics and industry trends in the Pension sector with the opportunity to develop your network at the pre-conference evening dinner (18 June). There is also a day ticket option available for the 19 June.
This event is now full. Please register here for the wait list
This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.
To book your place, please email Barry_Shannon@standardlife.com
CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry.
There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas.
Fake news, post truth, mistrust of experts... a familiar roll call of anxieties – or perhaps clichés – about our data rich world. They point to an underlying fear that in this data abundant age the bad data drives out the good and we are left with a broken public discourse.
This event is now fully booked. Please click here to register on the waiting list.
The pensions dashboard has been talked about across the industry for a long time and now nears implementation with DWP’s consultation ending in January 2019.
Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.
The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.
Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.
The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.
The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
Presented by Louise Pryor
Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.
The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.
Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments.
For more information on the FRG please visit this webpage.
Presenter: Rahul Verma
Presenter Matt Modisett
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.