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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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Events calendar

  • Spaces available

    The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.

  • Spaces available

    Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.

  • UK Town Hall 08:30-09:30

    Webinar
    4 December 2020

    Spaces available

    IFoA President Tan Suee Chieh would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual UK Town Hall 2020, hosted by Tan Suee Chieh with IFoA’s Immediate Past President, John Taylor, President Elect, Louise Pryor and IFoA Chief Executive, Stephen Mann.  

  • UK Town Hall 10:00-11:00

    Webinar
    4 December 2020

    Spaces available

    IFoA President Tan Suee Chieh would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual UK Town Hall 2020, hosted by Tan Suee Chieh with IFoA’s Immediate Past President, John Taylor, President Elect, Louise Pryor and IFoA Chief Executive, Stephen Mann.  

  • 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

    Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year

  • 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. 

  • Spaces available

    Running off the £2 trillion of UK corporate sector defined benefit liabilities in an efficient and effective fashion is the biggest challenge facing the UK pensions industry. Trustees and sponsors overseeing those schemes need to be clear on their target end-state and the associated journey plan – but too few have well articulated and robust plans.

  • Spaces available

    The actuarial skill set has much to offer the banking industry. So many of the skills that actuaries acquire during their working life translate across to the world of banking and yet banking is perceived as an alien environment to many actuaries. But is it?

  • Spaces available

    Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.

    We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.