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EU Referendum

With 51.9% (17,410,742) of the total votes cast, the EU referendum held on the 23 June 2016 was won by those voting to leave the EU. The electorate has spoken and the UK can now start the process of revising its relationship with the European Union

In the run up to the referendum, the IFoA developed and undertook many activities to inform the public. 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.

Furthermore, we organised national debates and discussed with our Regional Actuarial Societies to further develop knowledge and to find balanced information.

Institute and Faculty of Actuaries' (IFoA) Commissioned Research

The IFoA believes that it can help inform the debate, on issues that are relevant and important to the public interest, using the specific actuarial skills its members have. We have established an EU Referendum Working Party and will soon roll out our public engagement activities to inform the debate in the lead up to the referendum. In particular, the IFoA wants to look beyond the short term ‘in’ and ‘out’ dichotomy and address long term impacts, based on rigorous analysis and sound data.

'The Impact of Possible Migration Scenarios After 'Brexit' on the State Pension System' - A report, undertaken by the National Institute for Economic and Social Research (NIESR), on behalf of the IFoA

A webcast of Dr. Angus Armstrong the head of Macroeconomics at The National Institute for Economic and Social Research (NIESR), explaining IFoA commissioned research on immigration and the State Pension with regards the EU Referendum outcome:

IFoA events

The IFoA is all about creating a community for its members. On the topic of the EU Referendum, the IFoA wanted to create a sense of community in three ways:

Organise national debates

The IFoA organised two national debates on the EU referendum in Edinburgh (on 5 April 2016) and London (on 11 April 2016).  In addition to members, non-IFoA members were invited, including representatives from the media. The objective of these events was to help foster the IFoA member community through soliciting debate among members regarding actuarial issues around the EU referendum, and presenting the IFoA’s research, narratives and positions to date.  The events followed a 'Question Time-style' debate on the theme: “The long term impacts and risks following the EU referendum outcome”.

The debate in Edinburgh on 5 April was recorded:

  • IFoA members should log in and view the recording through the IFoA's virtual learning environment, which will enable CPD to be verified.
  • Non-members can view the recording below:

Visit IFoA regional groups

The IFoA also sought to involve its members in this important debate via its regional groups. To that end, we visited meetings of the regional groups, during which members were able to receive information about the latest state of EU-play, give feedback about the IFoA activities on the EU Referendum, and discuss and raise issues and concerns that they may have.

Conduct member surveys

To be more inclusive of our international members and further build the IFoA community, the IFoA conducted a 400 Club survey, to gauge from IFoA members what their most important issues are regarding the EU referendum. The IFoA will use the results to be more responsive to questions and needs members might have on this topic.

How can you contribute?

We would like to hear from you:

  • we would like to know if you have any thoughts, ideas, concerns or questions about the EU Referendum and the actuarial profession.
  • we also want to know better what you think about the IFoA plans so far, research topics and events we plan to organise. Please let us know if you have any more ideas on what the IFoA could do to make you better informed.
  • are you part of a regional group and would you like IFoA policy managers to visit for an informed discussion about the EU referendum? Please let us know, and we will arrange a visit.

Find out more about the IFoA and the EU Referendum in the IFoA's letter to the FT, published on 15 January 2016.

Weekly summaries

Each week we publish a summary of what has occured that week relating to the EU Referendum and as detailed in the table below:

EU Referendum Weekly Summaries Date
EU Referendum Roundup, week 25, 2016 22 June 2016
EU Referendum Roundup, week 24, 2016 17 June 2016
EU Referendum Roundup, week 23, 2016 10 June 2016
EU Referendum Roundup, week 22, 2016 03 June 2016
EU Referendum Roundup, week 21, 2016 27 May 2016
EU Referendum Roundup, week 20, 2016 20 May 2016
EU Referendum Roundup, week 19, 2016 13 May 2016
EU Referendum Roundup, week 18, 2016 06 May 2016
EU Referendum Roundup, week 17, 2016 29 April 2016
EU Referendum Roundup, week 16, 2016 22 April 2016
EU Referendum Roundup, week 15, 2016 15 April 2016
EU Referendum Roundup, week 14, 2016 08 April 2016
EU Referendum Roundup, week 13, 2016 01 April 2016
EU Referendum Roundup, week 12, 2016 25 March 2016
EU Referendum Roundup, week 11, 2016 18 March 2016
EU Referendum Roundup, week 10, 2016 11 March 2016
EU Referendum Roundup, week 09, 2016 04 March 2016
EU Referendum Roundup, week 08, 2016 26 February 2016
EU Referendum Roundup, week 07, 2016 19 February 2016
EU Referendum Roundup, week 06, 2016 12 February 2016
EU Referendum Roundup, week 05, 2016 05 February 2016
EU Referendum Roundup, week 04, 2016 29 January 2016
EU Referendum Roundup, week 03, 2016 22 January 2016
EU Referendum Roundup, week 02, 2016 15 January 2016
EU Referendum Roundup, week 01, 2016 08 January 2016
EU Referendum Roundup, week 53, 2015 31 December 2015
EU Referendum Roundup, week 52, 2015 24 December 2015
EU Referendum Roundup, week 51, 2015 18 December 2015
EU Referendum Roundup, week 50, 2015 11 December 2015
EU Referendum Roundup, week 49, 2015 04 December 2015
EU Referendum Roundup, week 48, 2015 27 November 2015
EU Referendum Roundup, week 47, 2015 20 November 2015
EU Referendum Roundup, week 46, 2015 13 November 2015

Related documents

Contact Details

Policy Team

policy@actuaries.org.uk

IFoA, 7th Floor, Holborn Gate, 326 – 330 High Holborn, WC1V 7PP