The Institute and Faculty of Actuaries (IFoA) has played an active role in informing the EU Referendum debate. Derek Cribb, Chief Executive of the IFoA, comments on the resulting Leave vote.

“Yesterday’s Referendum was a momentous occasion in the history of the UK.  The electorate has spoken and the UK can now start the process of separating from the European Union.

“There is now much work to be done in negotiating this separation. The impact of Brexit on issues such as Solvency II, migration, demographics, the funding of pensions and indeed all financial products need to be assessed and the IFoA looks forward to playing an active part in informing the important negotiations and debates that must now take place.

“Our published research on the impacts of migration on the state pension system showed that there could be some big choices for the Government as to whether to increase National Insurance contributions, the State Pension Age, or alternatively, reduce state pensions.

“As a royal chartered professional body, the IFoA has a duty to serve the public interest.  In this capacity we look forward to continue working with the UK Government on the development of policy areas where actuaries provide unique insights and expertise such as insurance, pensions, and risk management.”

~ENDS~

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 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.