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Policy and Public Affairs

The Institute and Faculty of Actuaries seeks to inform policy debates in the public interest. We do this by drawing on the expertise of our members, who work across a range of industries and sectors on some of the biggest public policy issues facing society

Using the actuarial skillset, we offer unique, informed and impartial insights into long-term issues across three broad policy areas.           

Our three Key Policy Priorities are:

The 100 year life 

the 100 year life People are living longer and as populations age it is important that individuals are supported to maintain their financial, physical and mental wellbeing in later life. Planning for retirement is far more complicated for consumers than it used to be.

The shift from defined benefit (DB) to defined contribution (DC) pensions places the onus on individuals to know how much they need to save to have an adequate income in retirement; for many the State Pension and auto enrolment will only get them to a minimum level of income.

The gap between life expectancy and healthy life expectancy has been growing, and so the demand for social care is increasing. The complexity and lack of public understanding about the current system means that people are not well prepared for potential care costs in later life.

Actuaries can help regulators and businesses to understand and manage longevity risk and encourage policymakers to consider the generational impact of policy decisions made today.


The Future of Insurance 

The risks facing society are evolving rapidly and it is important that individuals and businesses are able to access the protection they need to thrive in the modern world. Insurance products need to be fit-for-purpose in light of changes in societal need, technological advances, the changing global economy, environmental threats and the impact of geopolitical decisions.

The impact of increasing personalisation of insurance is not uniform across all groups of consumers. It will benefit some, but could leave others without protection. In particular, vulnerable groups of consumers may be more exposed to risk or find cover less affordable.

Our work in this space looks to explore the effect of this trend on consumers, identify ways to better equip individuals to manage the impact of this trend, and consider possible policy solutions.


Sustainability

As a public interest body, the IFoA is a supporter of the UN’s Sustainable Development Goals and their underlying principle of global prosperity for people and the planet, ensuring that no one is left behind.

Many of us do not know how our pension pot is invested and it is not always easy to understand whether the investments fit with our values. Global leaders have committed to the Paris Agreement, and harnessing the capital in financial markets will be crucial to meeting this target.

Actuaries have expertise in green finance and climate-related financial disclosures, which will support the transition to a net-zero carbon economy. In addition to Climate Action (Goal 13), actuaries have expertise across a number of the goals, including financing major infrastructure projects (Goal 9), managing the transition to a less-cash society (Goal 10) and improving road safety (Goal 3).

Contact Details

For further information on any of our public affairs or policy work please contact us on:

policy@actuaries.org.uk

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E.g., 28/09/2020
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Events calendar

  • Autumn Lecture 2020: Professor Elroy Dimson

    Online webinar
    14 October 2020

    Spaces available

    Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term.

  • GIRO Conference 2020 Webinar Series

    Available to watch globally in November.
    02-13 November 2020
    Spaces available

    This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.

  • Life Conference 2020 Webinar Series

    Online
    16 November 2020 - 27 November 2020

    Spaces available

    This year's Life Conference has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the life insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's website.

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.