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Melissa Leitner provides an update on the latest Sustainability Board activities.
Engagement is the word I'd choose to pull a common thread through the key agenda items of the latest meeting of the IFoA Sustainability Board on 16 March 2021.
Engagement within the Board(s)
Louise Pryor, President-Elect asks you to take part.
The UK Department for Business, Energy and Industrial Strategy (BEIS) has published its long-awaited White Paper on reform of audit and corporate governance. Within this, it also sets out important proposals for the future of UK actuarial regulation.
The IFoA Council recently approved changes designed to streamline, improve efficiency and independence of our regulatory governance arrangements. A new Regulatory Board will be created which will have responsibility for all aspects of our public interest regulatory role.
Previously, the delivery of these matters was carried out by three boards including the Regulation Board, Disciplinary Board and the Lifelong Learning Board.
The U.K. launched the word’s first mass COVID-19 vaccination on 8 December 2020. John Ng and Scott Reid, as part of their work in the IFoA Covid-19 Action Taskforce, explore whether the data supports early signs of immunity build up and mortality impact on people 80 years of age and above in England.
The Institute and Faculty of Actuaries is delighted to announce that Matt Saker has been confirmed as the next President-Elect.
Matt will assume this role in June 2021, as Dr Louise Pryor becomes President. Matt will serve as IFoA President from June 2022.
Matt has 30 years’ experience working as an actuary in the life and general insurance industry.
During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor. The latest update covers week 8 of 2021 (20 February to 26 February) based on provisional England & Wales deaths data published by the Office for National Statistics (ONS) on 9 March 2021.
The key points of this update are:
The Continuous Mortality Investigation (CMI) has released the latest annual update to the CMI Mortality Projections Model, CMI_2020.
Mortality rates in England and Wales in 2020 were on average 12% higher than in 2019 because of the coronavirus pandemic. This is the largest year-on-year increase in mortality rates since 1929, and mortality rates in 2020 were the highest we’ve seen since 2008.
The U.K. launched the word’s first mass COVID-19 vaccination on 8 December 2020. John Ng and Scott Reid explore whether the data supports early signs of immunity build up and mortality impact on people 80 years of age and above in England.
Actuaries are being urged to reacquaint themselves with the Pensions Regulator’s expectations with respect to dividend payments and the requirement to treat defined benefit pension schemes equitably (typically as an unsecured creditor of the sponsor). This follows the publication today of the report by the IFoA Working Party on the Impact of Dividends and other covenant leakage on Pension Scheme Funding.