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The Relevance of Resource and Environment Issues to Pension Actuaries

This cross practice Working Party has been created to examine the main implications of Resource and Environment issues for Pension actuaries and identify the best ways to manage those implications

Resource and Environment (R&E) issues include the inter-related topics of climate change, water scarcity, pollution, loss of biodiversity, and the availability of fossil fuels and other materials. These issues have the potential to significantly change the economic and social landscape in which pension schemes operate. This will, in turn, affect the advice that actuaries are giving today.  There are currently few Resource and Environment resources available to pensions actuaries, particularly to help them explain how these issues are relevant to pension schemes and give associated actuarial advice.

By examining the main implications of resource and environment issues to pension actuaries and pension schemes, this working party will seek to identify the best ways to manage those implications and ensure the provision of appropriate actuarial advice.

Key objectives:

  • Summarise the R&E issues of relevance to pension provision and provide links to more in-depth information
  • Developing a practical guide to help pensions actuaries reflect the implications of R&E issues in their work
  • Suggest practical steps that pension actuaries can take to reflect R&E issues in their work
  • Recommend topics for further research and/or tools to be developed to help pension actuaries reflect R&E issues in their work.

Outputs:

 

Chair: Claire Jones
Membership: 14
Established: October 2015

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Contact Details

For more information about Sustainability working parties contact the Communities Team

professional.communities@actuaries.org.uk

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Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Fully booked.

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

  • The Many Faces of Bias

    2 December 2021

    Spaces available

    This webinar looks at the many types of biases, both conscious and unconscious and the impacts they can have in the workplace.  Raising our own awareness and understanding of the issues can help us avoid the pitfalls of unconscious bias in particular.  We’ve all heard the phrase ‘office banter’ but are we sure that’s how those on the receiving end perceive it and is it ok to go along with it?

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    Actuaries need to take action now - but how?  With a focus on climate change, this session will provide informed insight to enable you to improve your knowledge and understanding of the issues involved, demonstrate how it will impact advice to your clients, and highlight prospective opportunities for actuaries within pensions and wider fields.

  • Spaces available

    Pension scams have become more prevalent as a result of the pandemic, and Trustees have increased responsibilities to protect members, which means that actuaries need to be in a position to provide advice in this area. Our specialist panel will include a professional trustee, an IFA and head administrator, two of whom are members of PASA.

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    The Covid-19 pandemic creates a challenge for actuaries analysing experience data that includes mortality shocks.  To address this we present a methodology for modelling portfolio mortality data that offers local flexibility in the time dimension.  The approach permits the identification of seasonal variation, mortality shocks, and late-reported deaths.  The methodology also allows actuaries to measure portfolio-specific mortality improvements.  Results are given for a mature annuity portfolio in the UK

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    In this webinar, the authors of the 2021 Brian Hey prize winning paper present a new deep learning model called the LocalGLMnet. While deep learning models lead to very competitive regression models, often outperforming classical statistical models such as generalized linear models, the disadvantage is that deep learning solutions are difficult to interpret and explain, and variable selection is not easily possible.

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    The dominant underwriting approach is a mix between rule-based engines and traditional underwriting. Applications are first assessed by automated rule-based engines which typically are capable of processing only simple applications. The remaining applications are reviewed by underwriters or referred to the reinsurers. This research aims to construct predictive machine learning models for complicated applications that cannot be processed by rule-based engines.

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