IFoA seeks clarity on pensions triple lock

Commenting on the Queen’s Speech at the State Opening of Parliament today (21 June), Derek Cribb, CEO at the Institute and Faculty of Actuaries (IFoA) said:

“Given the prominence of the debate around the state pension triple-lock during the election campaign, we note that there was no mention of it in the Queen’s Speech. As we have stated previously, the pension triple lock is unnecessary if the level of the new State Pension has been properly set.  Maintaining the triple lock would mean that retirement income increases relative to the working age population, and could place an unfair burden on future working generations. We need a pensions system that is sustainable in the long term”.

On the Government’s commitment to introduce a Civil Liability Bill to tackle, among other things, the continuing high number and cost of whiplash claims, Derek Cribb continued:

“The IFoA supports government's measures to curb fraud and to implement a simplified process for claims settlements. This will help to achieve an open, accessible and fair insurance market where policyholders making a claim are properly treated. Exaggerated or fraudulent claims unfairly affect the majority of honest policyholders through higher insurance premiums”.

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Editorial notes:

Intergenerational Fairness Bulletin from the Institute and Faculty of Actuaries. Issue 2: Retirement

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 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 IFoA. 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.