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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

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Events calendar

  • The Great Risk Transfer – Breakfast briefing and launch event

    Staple Inn Hall, High Holborn London WC1V 7QJ
    31 January 2019

    Spaces available

    Launch of the IFoA’s 2020 thought leadership campaign The Great Risk Transfer. The campaign will examine the trend of the transfer of risk from institutions to individuals, and how people can be better equipped to manage the financial risks they now face. At this breakfast event the IFoA will launch a call for evidence on this topic.

  • Sessional Meeting - Silent Cyber Assessment Framework

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    9 December 2019

    Spaces available

    The (re)insurance industry is faced with a growing risk related to the development of information technology (IT). This growth is creating an increasingly digitally interconnected world with more and more dependence being placed on IT systems to manage processes. Note: Registration is from 17.30 in time for the sessional to begin at 18.00.

  • CPD Member Event in Shanghai, China

    Function Room, F39, S1 Fuson Group, the Bund Finance Centre, No.600 Zhongshang East 2nd Road, Huangpu District, Shanghai Chinese address:BFC外滩国际金融金融中心,S1复星集团,39层报告厅,上海中山东二路600号
    9 December 2019

    Spaces available

    The IFoA’s President-elect Tan Suee Chieh will visit Shanghai. We will host CPD and Awards Presenting event on Monday 9 December 2019. The event is part of Mr Tan’s first presidential trip to China.

  • Professional Skills Training - London (10 December 2019)

    Staple Inn, High Holborn, London WC1V 7QJ  
    10 December 2019

    Spaces available

    This event will be of interest to students and recently qualified actuaries.

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020.  The content and discussion at this session is particularly tailored to actuarial students and newly qualified actuaries working in any area and the format is interactive, so you should come along prepared to take part in the discussions with your peers.

  • IFoA Joint Member Event with the Sunshine Insurance Group, Beijing China

    Room TBC, Kuntai International Plaza, No.12, Chaowai Street, Chaoyang District, Beijing 地址:会议室待定,北京市朝阳区朝外大街乙12号1号楼昆泰国际大厦
    12 December 2019

    Spaces available

    The IFoA’s President-elect Tan Suee Chieh will visit Beijing. We will co-host CPD and Awards Presenting event with the Sunshine Insurance Group on Thursday 12 December 2019. The event is part of Mr Tan’s first presidential trip to China.

  • ARC Sessional Research Event: Drivers of Mortality - Risk Factors and Inequality

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    6 January 2020

    Spaces available

    The authors will focus on a large dataset obtained from the UK’s Office for National Statistics (ONS) and related sources. Data are available at the level of Lower Super Output Areas (LSOAs) – small geographical areas with, typically, 1000-2000 residents and include death counts, exposures and a significant number of socio-economic variables including the index of multiple deprivation (IMD).

  • SIAS Event: My Journey to Data Science, Big Data and AI

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    7 January 2020

    Spaces available

    Patrick Lee is an actuary who has made the transition to working in software architecture and artificial intelligence (AI). He holds Microsoft Professional qualifications in Data Science, Big Data and AI and is currently working towards a DevOps (the automation of software testing and deployment) qualification. He is a member of the IFoA Council and is also President of the Wessex Actuarial Society. He is also a member of the IFoA and the RSS's joint Data Science Focus Group and will talk on the ethical use of AI. 

  • Spaces available

    This presentation covers the detail for how the matching adjustment is calculated. A small simple example spreadsheet is provided and discussed in detail.

    For actuaries wanting to get more involved with the matching adjustment, this is the opportunity to get a detailed description of the mechanics involved. This includes cashflows derisking, PRA tests as well as hypothecation.

    The presentation is provided by James Sharpe who has worked on a number of matching adjustment calculations with several firms.

  • IFoA Volunteer Recognition Reception

    Staple Inn, 4 High Holborn, Holborn, London WC1V 6DR, UK
    15 January 2020

    Spaces available

    As a thank you to all our Institute and Faculty of Actuaries (IFoA) volunteers, you are invited to join us at Staple Inn Hall, for an evening of drinks, canapes and networking, in London.

    IFoA President, John Taylor, will be attending and will make a speech

    If you support the IFoA as a volunteer (member or non-member), or in any other role, and you are going to be in London on 15 January, please book your place and join us at this reception.

     

  • Sessional Meeting - Operational Risk Dependencies

    Royal College of Physicians of Edinburgh 9 Queen St Edinburgh EH2 1JQ
    20 January 2020

    Spaces available

    The Operational Risk Working Party aims to assist actuaries and others in the modelling and management of operational risk. One of the key challenges in modelling operational risk is the modelling of dependencies between operational risks, and between operational and non-operational risks such as market, credit and insurance risk. Their paper seeks to assist in this regard, and help develop good practice in setting assumptions and modelling operational risk dependencies. 

  • KSS event in Glasgow: Public Sector Pensions

    Hymans Robertson, Glasgow 20 Waterloo St, Glasgow
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • KSS event in Stirling: Public Sector Pensions

    M&G Prudential, Stirling Craigforth Campus, Stirling
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • KSS event in Edinburgh: Public Sector Pensions

    Hymans Robertson 1, Exchange Place, Semple St, Edinburgh
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • Professional Skills Training - London (11 February 2020)

    Staple Inn, High Holborn, London WC1V 7QJ         
    11 February 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Sessional: Impact of E-cigarettes Working Party

    Royal College of Physicians, 9 Queen St, Edinburgh EH2 1JQ
    24 February 2020

    Spaces available

    This sessional meeting will be of direct interest to actuaries and others working in the in the Health and Care, Life or Pensions sectors or indeed actuaries with an interest in morbidity or mortality. Note: Registration is from 17.30 in time for the sessional to begin at 18.00.

  • Professional Skills Training - Edinburgh (25 February 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    25 February 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Spring Lecture 2020, Edinburgh - Vicky Pryce

    Assembly Rooms, 54 George St, Edinburgh EH2 2LR
    25 March 2020

    Spaces available

    What next in Economic Policy?

    Please join us on 25 March 2020 for our annual Spring Lecture presented by Vicky Pryce in Edinburgh. 

  • IFoA Asia Conference 2020, Kuala Lumpur

    CCEC Nexus, 7, Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
    24-25 June 2020
    Spaces available

    The sixth annual Asia Conference once again offers a prestigious line-up of home and international speakers discussing the insurance and financial industry’s innovation and change in Asia. This year's conference in Kuala Lumpur will be hosted by Tan Suee Chieh, IFoA’s first Asian President. He will also make his Presidential address at this conference and will expand on the important elements of IFoA’s new strategy. 

    Additionally, this landmark conference will showcase how the IFoA is reinventing itself to support its members to succeed and thrive in a digital age, within traditional businesses and beyond, as a global organisation. 

    Not to be missed by international industry players, opinion formers, academic and industry leaders, actuaries and non-actuaries.