26 February 2018
The IFoA Membership Team are currently carrying out an audit of reduced rate subscription fee paying members for the 2019/2020 membership year.
We undertake an audit of members paying reduced rate subscription fees to ensure that members paying the reduced rate meet the required level of income from all sources, including pension and investment income.
We offer our members a reduced subscription fee rate to ensure members whose income falls below a certain level don’t miss out on the benefits of being a part of our global community and our support for career development and growth.
Reduced Rate Subscription Fees Q&A
Tricia McLauchlin, Head of Membership at the IFoA, answers some of your questions:
Q. Which IFoA members are eligible for reduced rate subscription fees?
A. If your annual income from all sources, including pension income, as defined by UK Government rules on taxable income, throughout the subscription year is not more than thirty times the current relevant subscription rate you will be eligible to apply to pay reduced rate subscription fees. Applications for reduced rate subscriptions must be received by the Membership Team prior to 31 December each year.
Q. Who will be selected for audit?
A. We select a random sample of members who have paid a reduced rate subscription fee automatically from our database.
Q. How will I know if I have been selected for audit?
A. If you are selected for audit you will receive an email from the IFoA membership team notifying you that you have been selected for audit and outlining the steps you will need t take to submit evidence of your annual income.
Q. What will I need to provide as evidence for my annual income?
A. We accept a range of evidence for your annual income. This might include:
- copy of your P60
- copy of your tax return
- payslip
- letter from your employer
- confirmation of pension or benefit entitlement
- letter from person providing with you financial support (i.e. parent, spouse)
If you are unsure about acceptable forms of evidence for audit, please contact membership@actuaries.org.uk who will be happy to assist you.
Q. For what period will I need to provide evidence of my income?
A. You will need to provide evidence of your income for the period covered by the IFoA 2019/2020 membership year, which runs from 1 October 2019 – 30 September 2020.
Q. If I am selected for audit how do I provide evidence of my income to the IFoA Membership Team?
A. You can send scanned documents via email to the Membership Team. Detailed instruction on how to submit your evidence for audit will be included in the email notifying you that you have been selected for audit.
Q. If my financial circumstances have changed will I still be eligible for a reduced rate subscription fee?
A. If your financial circumstances have changed since you applied for a reduced rate subscription fee please notify the Membership Team, who will be able to confirm whether you are still eligible for reduced rate subscription fees.
If you are selected for audit and have any questions about the process please contact our Membership Team at membership@actuaries.org.uk