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Ronnie Bowie comments on the resignation of Louise Pryor from the Board for Actuarial Standards
7 April 2011
Mr Bowie said: “The Actuarial Profession enjoys a constructive partnership with the Board for Actuarial Standards and the spirit of co-operation which exists between our two organisations is thanks, in no small part, to the efforts of Louise. On behalf of the Profession, I wish her well for the future and we look forward to working with her successor.”
Actuarial Profession welcomes plans to reform state pension
4 April 2011
Huw Evans, of the Profession’s pensions committee said: “The Actuarial Profession has argued that a state pension system that is fair, simple, easy to understand and transparent will make it easier for people to make informed decisions about their financial future.
“In 2009, the Actuarial Profession published a book entitled 100 years of state pension: learning from the past. We will use the lessons from this research to understand the mistakes and successes of the past as we play a full and engaged role in the debates and decision making to come.”
Actuarial Profession welcomes call for transparency in referral fees in motor insurance claims
11 March 2011
The Profession’s working party on third party motor insurance warned, last year, that the number of motor insurance claims involving personal injury was increasing at an alarming rate and that the rise of claims management companies appeared to be a significant factor behind this increase.
Actuaries: Career average pensions could benefit lower paid public sector workers
10 March 2011
The figures have been announced to coincide with the publication of Lord Hutton's Independent Public Sector Pensions Commission report and should provide some comfort to lower paid public sector workers.
Career Average Revalued Earnings (CARE) schemes give members pensions based on a percentage of their salary earned in each year of their working life. The pension is adjusted each year in order to maintain value. In the public sector, adjustments are generally in line with either a prices index or an earnings index.
Actuaries: European Court of Justice ruling will have wide ranging consequences
1 March 2011
Ronnie Bowie, President of the Institute and Faculty of Actuaries said: “Insurance companies have some tough decisions ahead. They will need to provide convincing evidence to justify any future differences between men and women, between old and young and between the healthy and the unhealthy. Consumers also need to be wary but, as now, there will be better value for those who are prepared to shop around.”
Actuarial Profession's response to Independent Public Service Pensions Commission consultation
20 December 2010
President of the Institute and Faculty of Actuaries, Ronnie Bowie, said: “There is a range of viable possible risk sharing options which have some traction in the private sector whose experience the Commission could learn from. However, our experience shows us that a greater degree of risk to be borne by employees needs to be accompanied by a greater emphasis on education and communication and, perhaps, provide ‘safe harbour’ default options for those not able to make their own informed choices.”
Actuarial Profession announces three new mortality and morbidity research projects
13 December 2010
Whilst the ageing population and increased longevity are welcome indicators of health and societal improvements, they present new challenges for business and government alike. Mortality investigations are the cornerstone of actuarial science but also constitute an area with considerable scope for interdisciplinary studies with medical, social science and demographic fields.
Recognising this, the Profession called for research proposals which would consider one, or more, of the following key areas:
New report focuses on the impact of tax policy on employer sponsored pension provision
10 December 2010
Public commentary and analysis of the substantial changes in pensions provision in the UK have tended to focus on the substantial increases in costs of provision over the past three decades and how these costs are recognised and met. The new PPI report, jointly sponsored by the Actuarial Profession and Age UK, examines in detail 30 years of changes to the taxation of employer provided pensions schemes and looks to assess the impact of these changes.
New generation of actuaries must speak up about the future of pensions
9 December 2010
John said: "Over the last 25 years, pension costs and risks have escalated out of all proportion. The movement towards defined contributions is a natural reaction to this, but this move might not be right for all employers. So, as we look for the different answers, those working in pensions need freedom and flexibility. Employers have to be able to develop and market different and new pensions models and sponsors need to be able to manage their pensions risks."
The Actuarial Profession Chief Executive
18 November 2010
She was the first person to be appointed by both bodies to oversee their joint operations while also holding the role of Director General of the Institute.