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Three working parties, under the remit of the IFoA's Pensions Board have responded to three consultations.
The Managing Uncertainty with Professionalism Working Party seeks to develop general and simple principles to support actuaries in managing and communicating uncertainty in all fields.
The working party arose from a specific concern that, by quoting '1 in 200' numbers for capital requirements under Solvency II, actuaries were, perhaps unwittingly, being party to giving false confidence about the financial strength of insurers. This issue naturally led on to broader reflections on uncertainty, looking beyond the actuarial profession and even beyond the insurance industry.
The Institute and Faculty of Actuaries is delighted to announce that Tan Suee Chieh has been confirmed as the next President-elect.
Closing Date: 12 March 2019
The Health and Care Research Sub-committee is looking for volunteers interested in writing and presenting short research papers (approx. 5-10 pages) for thier annual Hot Topics event (4 November 2019), in London. These short research papers are intended to provoke discussion and lead to possible further research and debate.
The committee is open to all current hot topics (which should have a technical actuarial focus), however, there is a particular interest in the following areas:
Submission closing date – 12 March 2019
The Life Insurance Lifelong Learning (Life LLL) Sub-committee are busy preparing their Continuing Professional Development (CPD) programme for 2019, and has issued a call for speakers to support the events listed below. Speakers are welcomed from regulatory bodies, consulting firms and industry (both large and small companies). We are particularly interested in finding experienced, confident speakers who are willing to make their sessions interactive and also practical.
The Bulk Annuities and Longevity Swaps Member Interest Group (MIG) is seeking to appoint a volunteer Chair and volunteer members of the Managing Committee.
The Pensions Research Subcommittee is an extremely productive group of people. Despite all being volunteers, mostly with demanding day jobs, there are currently 10 active working parties researching an array of topics including the future pensions landscape, the impact of the changes in working patterns, savings in retirement and the taxation of retirement savings.
Several of the working parties have submitted reports, which include responses to consultations on Collective Defined Contribution Schemes (CDC), CDC consultation and the Pensions Dashboard.
The cross practice Consumer Risk Metrics Working Party (Life and Risk Management) has recently published their final report, and now invite you to review the report on their website.
The aim of the working party was to examine the way in which consumers understood risks, and as part of this process, a survey of consumers was undertaken via YouGov. The research report includes the full survey questions and data.
This paper is an addendum to the interim report, “Cashless Society- Benefits Risks and Issues”, published by the Cashless Society Working Party, in December 2017. In the process of researching into the various aspects of a cashless society, Quick Response codes (QR codes) featured as a popular and widely adopted technology as part of the digital economy and payment system.
This paper seeks to understand the phenomenal rise of QR codes use by:
Other actuary news
Added: Tue, 19/03/2019 - 12:30Billions of pounds could be unlocked for sustainable investments in Europe if Solvency II regulation is changed, the Association of British Insurers (ABI) has declared.
Added: Mon, 18/03/2019 - 14:30Millions of workers could soon enjoy improved retirement savings after the UK government today backed plans for the country's first Collective Defined Contribution (CDC) pension scheme.
Added: Fri, 15/03/2019 - 16:44Nearly six in 10 consumers would share significant personal information with their bank and insurer in return for cheaper services and products, a worldwide survey has found.
Added: Wed, 13/03/2019 - 14:40Every listed company in the UK faces major liability risks for failing to properly prepare for Brexit, especially if there is a 'no deal' outcome, experts have warned.
Added: Wed, 13/03/2019 - 12:30The European Commission has slashed capital requirements for insurers investing in equity and private debt after amending key Solvency II rules.
Added: Tue, 12/03/2019 - 14:40The UK's financial services sector is failing to capture feedback from around 17 million customers, potentially breaching a regulatory requirement to show fair treatment of clients.
Added: Mon, 11/03/2019 - 14:10UK pension schemes could enjoy a significant fall in liabilities after the Institute and Faculty of Actuaries (IFoA) last week slashed its life expectancy projections by almost half a year.
Added: Fri, 08/03/2019 - 11:21The UK is the 13th best country in the OECD for female economic empowerment after climbing one position in an annual ranking by PricewaterhouseCoopers (PwC).
Added: Tue, 05/03/2019 - 13:01The Pensions Regulator (TPR) has today published guidance outlining how it expects employers and trustees to approach upcoming scheme valuations.
Added: Mon, 04/03/2019 - 14:18More than half of private investors in the UK view Brexit as an opportunity, with the overwhelming majority confident about the outlook for their investments.