Traditionally, the majority of IFoA research has been carried out by working parties of volunteers largely from the profession. However it has become clear that there are some major challenges that would benefit from the efforts of full time research teams.
The main terms of our research agreements in their standard form are summarised below:
Standard of care - We require all works and activities to be undertaken with due care and attention notwithstanding that research may be exploratory or uncertain. In that respect, depending on the proposed use of the research, we do not usually look for guarantees or warranties as to what certain outcomes will be able to do but we do need care to be taken whilst the work is being undertaken.
Outputs - The outputs will be known at the time of applying for grants and will need to be included in the agreement. The payment of grants will be linked to the outputs. This will enable payments to be made in set amounts at key dates with the payments being subject to satisfactorily completing the relevant work and any other factors that apply.
Intellectual property - Our starting point is for the Institute and Faculty of Actuaries to hold all intellectual property in the research that we provide grants for. We will, however, take account of the nature of projects that we are looking to provide grants for and certain circumstances, e.g. where funding is towards established/ongoing projects that others are contributing towards.
VAT - The Institute and Faculty of Actuaries is an exempt body in terms of VAT where we are providing grants for research that meets the relevant criteria.
Publicity - We require input and, where relevant, prior consent to publications on the research that we provide grants for. Our research activities come from within our Public Affairs Directorate, which has established media contacts and dedicated staff who are able to provide help and support in making the most of research projects in the public arena.
For more information about the calls for research please contact the Research and Knowledge Team.
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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.