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:
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:
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.
Each week we publish a summary of what has occured that week relating to the EU Referendum and as detailed in the table below:
You might also like
IFoA, 7th Floor, Holborn Gate, 326 – 330 High Holborn, WC1V 7PP
Filter or search events
Five plenaries and 13 workshops cover current topics and industry trends in the Pension sector with the opportunity to develop your network at the pre-conference evening dinner (18 June). There is also a day ticket option available for the 19 June.
This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.
To book your place, please email Barry_Shannon@standardlife.com
CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry.
There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas.
Fake news, post truth, mistrust of experts... a familiar roll call of anxieties – or perhaps clichés – about our data rich world. They point to an underlying fear that in this data abundant age the bad data drives out the good and we are left with a broken public discourse.
This event is now fully booked. Please click here to register on the waiting list.
The pensions dashboard has been talked about across the industry for a long time and now nears implementation with DWP’s consultation ending in January 2019.
Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.
The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.
Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.
The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.
The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
Presented by Louise Pryor
Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.
The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.
Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments.
For more information on the FRG please visit this webpage.
Presenter: Rahul Verma
Presenter Matt Modisett
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.