IFoA comments on the Queen's Speech

“Whether the UK decides to remain part of, or leave, the EU could have a significant impact on pensions, insurance and investment.  It is important that the impacts on businesses and members of the public, in terms of regulation and financial products are properly understood and debated so that informed decisions can be taken by the electorate, something that is all too often missing.”

Responding to the announcement on the Scotland Bill, Nick Salter, comments:

“Further devolution raises a number of complex issues that will need to be carefully thought through by policy makers working in collaboration with industry.  One such complexity is the potential for devolution to lead to differing tax rates in Scotland versus the remainder of the UK.  This would increase complexity, especially in terms of tax relief on pension savings. 

“With the changes to pensions which have come into effect in April this year, any proposed legislative changes will need to avoid the possibility of unintended consequences, such as individuals ‘gaming the system’ by declaring residency in the country with the more beneficial tax rates.”

On Climate Change, Nick Salter comments:

“The Institute and Faculty of Actuaries welcomes the Government’s plans to collaborate globally on combatting climate change.  However, recent work by the IFoA revealed that there is a wider sustainability issue that needs to be addressed.  Research suggests that the current growth-orientated economic model and financial system does not provide any incentive to fully recognise natural environment and resource constraints.

It is important that we all take into consideration issues, such as climate change, that will have a impact on the long term sustainability of our financial system.”

~ENDS~

For further comment or to answer any questions that you may have please contact Annette Heninger, Media Relations Manager at the IFoA, on 07525 592 198 or by emailing annette.heninger@actuaries.org.uk

Editorial notes:

About the Institute and Faculty of Actuaries

The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.

Research undertaken by the IFoA is not commercial.  As a learned society, research helps us to fulfil two of our royal charter requirements; to further actuarial science and serve the public interest. 

Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.

Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.

Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.

The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.