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Resource and Environment practice area: practical guides

The Resource & Environment (R&E) Board has commissioned a series of working parties to prepare a number of practical guides to support actuaries who are considering how to appropriately include Resource & Environment matters into their work.

R&E Practical Guides

A Practical Guide to Climate Change for Life Actuaries

This guide provides Life Actuaries with an overview of how climate change impacts on life insurance and the particular areas of work for life actuaries. It covers changes to economic growth and performance in wider economies, investment over or underperformance, current mortality and insurance regulatory environment and morbidity and uncertainty around future trends as well as the climate risks around Physical, Transition and Liability risk.
 

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PlantPlant
Practical Guide to Climate Change for GI Practitioners

This guide provides General Insurance Practitioners with an overview of different aspects of insurance operations that may be affected by climate change. It highlights the impact of the following risks on Pricing and Underwriting, Reserving, Reinsurance, Catastrophe Modelling, Investment, Risk Management and Capital Management processes. These risks have been broadly grouped into Physical, Transition and Liability risks. These risks can impact General Insurers to different degrees, depending on their business areas and investment strategies. These may pose different strategic, investment, market, operational and reputational risks.
 

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Climate Risk: A Practical Guide for Actuaries working in Defined Contribution Pensions

This guide has been produced to support actuaries advising UK defined contribution pension schemes (trust, contract and master trust), although some of the material may also be relevant for actuaries advising other types of pension schemes and in other jurisdictions. It explains how climate risks may be relevant to defined contribution pension arrangements and is designed to support actuaries and others working in defined contribution pensions in exercising their judgement in this area.
 

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R&E Issues: A Practical Guide for Defined Benefit Pensions Actuaries

This guide explains where R&E issues are relevant to pension schemes and the work of pensions actuaries. It is a first attempt at helping pensions actuaries to assist their clients in navigating the uncertainties associated with R&E issues, in collaboration with covenant and investment advisers. Supplementary reports will be published which provide more technical detail on how R&E issues might impact on covenant assessments, funding advice and mortality. This guide is intended to raise awareness of the topic, encourage discussion and prompt further research. It is aimed at actuaries advising UK trust-based defined benefit pension schemes, although some of the material is also relevant for actuaries advising other types of pension schemes and in other jurisdictions.
 

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R&E Issues for Defined Benefit Pensions Actuaries: Supplementary Information

Climate Scenario Analysis for Pension Schemes: A UK Case Study

This paper explores how climate scenario analysis can be used as a tool for forward-looking assessment of the risks and opportunities for defined benefit pension schemes and other financial institutions. It is intended to provide an example of how pension schemes can integrate climate change into their thinking on matters such as funding strategies and long-term strategic asset allocation, and should prove useful to pension actuaries and other advisors who are seeking to give specific consideration to climate risks in their advice to scheme trustees and sponsors.

 

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Climate Scenario Analysis for Pension Schemes: An illustration of potential long-term economic & financial market impacts.

This paper examines the long-term economic and financial impacts projected by a model that combines climate science with macro-economic and financial effects to examine the relative impacts of three different climate pathways.

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Climate Change Working Party

Climate Change for Actuaries: An Introduction

An introduction to climate change for actuaries in all fields of work. It provides an overview of some of the differing topics discussed and researched by the Climate Change Working Party over the last few years. 
 

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Contact Details

For more information about the Resource and Environment Practice Area please contact the Professional Communities Team

professional.communities@actuaries.org.uk

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E.g., 02/12/2020
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Events calendar

  • Spaces available

    The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.

  • Spaces available

    Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.

  • UK Town Hall 08:30-09:30

    Webinar
    4 December 2020

    Spaces available

    IFoA President Tan Suee Chieh would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual UK Town Hall 2020, hosted by Tan Suee Chieh with IFoA’s Immediate Past President, John Taylor, President Elect, Louise Pryor and IFoA Chief Executive, Stephen Mann.  

  • UK Town Hall 10:00-11:00

    Webinar
    4 December 2020

    Spaces available

    IFoA President Tan Suee Chieh would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual UK Town Hall 2020, hosted by Tan Suee Chieh with IFoA’s Immediate Past President, John Taylor, President Elect, Louise Pryor and IFoA Chief Executive, Stephen Mann.  

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Spaces available

    Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year

  • Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report. 

  • Spaces available

    Running off the £2 trillion of UK corporate sector defined benefit liabilities in an efficient and effective fashion is the biggest challenge facing the UK pensions industry. Trustees and sponsors overseeing those schemes need to be clear on their target end-state and the associated journey plan – but too few have well articulated and robust plans.

  • Spaces available

    The actuarial skill set has much to offer the banking industry. So many of the skills that actuaries acquire during their working life translate across to the world of banking and yet banking is perceived as an alien environment to many actuaries. But is it?

  • Spaces available

    Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.

    We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.