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