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.