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Illiquid solutions for better DC outcomes
19 July 2018
The accessing illiquidity working party was commissioned to explore the practical challenges which exist for UK Defined Contribution (‘DC’) pension schemes in relation to investment in illiquid assets and to explore existing and potential solutions. As part of their research into available and potential solutions for this paper, they have spoken to key industry DC platform providers and fund managers to consider the potential for development and to understand their own views on the viability of various options
IFoA members win prize at International Congress
17 July 2018
Six members of the IFoA (Andrew Hitchcox, Chinu Patel, Chris Ramsey, Lok Ma, Marian Elliott and Tim Keogh) presented a sessional meeting paper on “IRM for DB Pension Schemes” in March 2017. This year, the paper was awarded the Best Paper Award in the IAA Consulting Actuaries Section of the International Congress of Actuaries 2018 in Berlin.
Read the article (page nine) in The Actuary
Heavenly rewards: impact investing
17 July 2018
In 2014, the Catholic Church put engagement with impact investing on the forefront of its agenda. Four years on, the Vatican has held its third conference on the topic with the focus being on health, climate change, migrants and refugees and youth employment. Read the full report by The Economist here.
Hot and Bothered? – Club Vita webinar recording available to download
17 July 2018
The recording of the Club Vita webinar, held on 4 July, to discuss both the current understanding of climate change and the potential implications for pension schemes and insurance companies, is now available to download.
The webinar recording covers what is happening now and what may happen in the future, how this will affect investments and pension scheme demographics and how the developing regulatory environment will affect those responsible for pension scheme funding.
Transition risk – time for fiduciaries to take action?
17 July 2018
Another week and yet more headlines around the energy transition and impacts on incumbents. The Financial Times reports that energy analysts Wood MacKenzie are now forecasting Peak Oil demand by 2036, earlier than the date many oil majors use in their scenario planning.
UK performance against Sustainable Development Goals – ‘must do better’
17 July 2018
The UK Stakeholders for Sustainable Development (UKSSD) have produced a report ‘Measuring up: How the UK is performing on the UN Sustainable Development Goals’. The report finds that while there are some pockets of good news, the most vulnerable people and places in our society are increasingly being left behind.
Invitation to Join Actuarial Studies in Non-Life Insurance (ASTIN)
16 July 2018
ASTIN is a well-established worldwide leading forum of risk and actuarial professionals of non-life insurance industry. Created as the first Section of the International Actuarial Association (IAA) in 1957, ASTIN stands for ‘Actuarial Studies in non-Life Insurance’.
Is actuarial science difficult?
16 July 2018
In this blog, Chloe Hung, Amazon best-selling author, uses her experience to explain what makes the actuarial examinations difficult and how best to prepare for them.
Has anyone ever told you that actuarial science is a difficult course to study?
Reflections on my time as Chair of the Health and Care Research Sub-committee
13 July 2018
Chris Reynolds, outgoing Chair of the IFoA Health and Care Research Sub-committee reflects on his time in the role:
Over the last two years I’ve had the privilege to chair the Health and Care Research Sub-Committee. This has been an excellent experience as it’s allowed me to be at the heart of the research being undertaken in the Health and Care space.
Update from the Life Office Taxation Working Party
11 July 2018
The Life Office Taxation Working Party (TWP) keeps abreast of new developments in the area of Life Office Taxation. We aim to offer an annual presentation on relevant matters to the Life Conference, and we are currently supported by having a taxation professional (Lindsay J’afari-Pak, PwC) as a member of the Working Party.
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Other actuary news
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One in three global insurers budget over €50m for IFRS 17 regulation
Added: Fri, 20/07/2018 - 18:02Approximately one-third of global insurers now expect to spend over €50m (£45m) complying with IFRS 17 regulation, up from less than a tenth five years ago. -
PLSA rejects climate change law for investment decisions
Added: Fri, 20/07/2018 - 15:50The UK's pension fund trade body has argued that new regulations governing how trustees invest £1.5trn in assets should exclude explicit reference to climate change. -
Car insurance premiums plummet
Added: Thu, 19/07/2018 - 18:26UK drivers enjoyed the largest annual drop in car insurance prices recorded since 2015 last quarter, thanks largely to changes in the way insurers calculate personal injury compensation. -
Just one in 20 executive director roles held by women at UK insurance firms
Added: Thu, 19/07/2018 - 16:20The insurance sector has yet to shake off its image as being dominated by men, with women representing just 6% of executive director positions on UK company boards. -
US trade wars could cut global GDP by 0.5%
Added: Wed, 18/07/2018 - 16:20US president Donald Trump's tariff threats could spark a global recession if trade tensions escalate and business confidence falls, the International Monetary Fund (IMF) has said. -
Investment reforms unveiled to boost competition in UK pension industry
Added: Wed, 18/07/2018 - 14:00Pension trustees will be required to run a competitive tender when selecting their first fiduciary manager under reforms set out by the Competition and Markets Authority (CMA) today. -
Global warming set to exceed Paris Agreement limit by 2C
Added: Tue, 17/07/2018 - 18:15The world is on course to experience a temperature rise that is approximately double the upper limit of 2C set out in the Paris Agreement, new research has found. -
Artificial intelligence to replace seven million UK jobs over next 20 years
Added: Tue, 17/07/2018 - 13:00Artificial intelligence (AI) is predicted to displace approximately seven million jobs in the UK over the next 20 years, with roles in the financial sector some of the most at risk. -
Pension deficits down over month
Added: Mon, 16/07/2018 - 17:45The Pension Protection Fund (PPF) has said in its latest monthly 7800 Index that the aggregate deficit of the 5,588 schemes included is estimated to have decreased over the month to £85.6bn at the end of June 2018, down from £94bn at the same point in May. -
Financial sector invests more in cyber security than any other UK industry
Added: Mon, 16/07/2018 - 14:05The UK's financial sector invested more money in cyber security than any other industry over the latest financial year, new research has found.