Tag Archives: The Actuarial Profession

Joint Networking Evening: Trading Longevity Risk – hosted by PRMIA and The Actuarial Profession

Posted on 10 December 2012 | Leave a comment

When: 17th December 2012, 17:30 to 20:30

Where: Staple Inn Hall, London WC1V 7QJ

A helpful event where delegates gain a range of perspectives on the emerging markets for trading longevity risk.

Panellists will present their views on a number of issues such as: overview of the market and its economic function, key risks involved and challenges, emerging themes, the role of regulation and Solvency II and perspectives from risk sellers and buyers.

Speakers include:

  • Douglas Anderson, Hymans Robertson LLP
  • Pretty Sagoo, Deutsche Bank AG
  • David Epstein, Aviva
  • Emma McWilliam, Milliman

To book your place email eventmanagement@actuaries.org.uk

→ Leave a comment

Posted in Events, Networking, Risk

Tagged , , ,

Global insurance prices continue to rise

Posted on 5 November 2012 | Leave a comment

Global insurance prices increased by 0.9% in the third quarter of 2012, continuing the gradual increases that began in the second half of 2011

The latest quarterly insurance market briefing by Marsh, also found a 1.4% increase in renewal rates in the third quarter. This was the same level as seen in the second quarter, which Marsh said was evidence that price increases might be stabilising.

Andrew Chester, chief executive of the firm’s placement brokering division Bowring Marsh, said: ‘While the global insurance market continues to be in a state of clear transition, the results for individual insureds vary significantly. With capacity and appetite for well-managed risk still strong, insureds are still able to achieve favourable results on renewal in many lines of business.’

Insurance rates for financial and professional business rose by an average of 1.9% for renewals in the third quarter. In particular, concerns over the eurozone crisis among underwriters saw financial institutions in every major eurozone country experience increases in their liability insurance rates.

Casualty insurance rates rose by an average of 1.2% globally – higher than the 0.8% increase seen in the second quarter of 2012. However, a lack of natural catastrophes so far this year has helped to stabilise property insurance rates.

→ Leave a comment

Posted in insurance, news

Tagged , ,

Jane Curtis, Immediate Past President of the Institute and Faculty of Actuaries comments on the introduction of auto-enrolment in the UK

Posted on 28 October 2012 | Leave a comment

After the recent introduction of auto enrolment a system which could see up to 11 million workers automatically enrolled into a workplace pension, Jane Curtis President of the Institute and Faculty of Actuaries  comments on the  ‘positive step’ to encourage people to save for their retirement

“Auto-enrolment is a positive step forward in the battle to encourage individuals to save for their retirement. However by effectively helping individuals to save without realising it there is the danger that they may sleepwalk into retirement without enough money in their pension pot to fund the lifestyles that they want to maintain when they leave work.

“To illustrate this; the minimum contribution for NEST will be 8% per year by 2018.  For an individual earning £20,000 a year and assuming a 5% employee and 3% employer contribution for 20 years the NEST calculator assumes that the pension pot will be worth £47,000 in today’s money, which equates to a tax free lump sum on retirement of £11,700 and an annual income for the rest of life of £1,600. Adding this to the present basic state pension of just under £6,000 a year and someone earning £20,000 a year would experience a significant 65% drop in annual income.

“Of course there are many factors that will affect the value of an individual’s pension pot over time, but what these figures illustrate is that it is as important for each individual to be engaged in saving for their future as it is to automatically enrol them into doing so. This is a communication and education challenge for both the Government and employers and one where the expertise of the architects of pension products, such as actuaries, will have a key role to play.”

→ Leave a comment

Posted in news, Pensions, UK

Tagged , ,

Launch of the first Actuarial Research Centre

Posted on 10 September 2012 | Leave a comment

50 business leaders, academics and MSPs met at the Scottish Parliament to celebrate the opening of the new Actuarial Research Centre (ARC) earlier this month.

Mark McDonald, MSP welcomed the audience and outlined some of the areas where the profession has already been interacting with politicians. He also said that they would welcome any input from the profession, which aligned to their public affairs objective.

The centre is set up in the same month that marks 250 years since the birth of actuarial work in life offices.  The first Director of the ARC, Professor Andrew Cairns spoke of his vision for the centre, collaborating with business, developing academic disciplines and researchers that will be an asset to industry.

→ Leave a comment

Posted in Actuarial Societies, Events, UK

Tagged , , , ,

REC flags need for clarity and consistency on taxation rules with HM Treasury

Posted on 26 August 2012 | Leave a comment

The Recruitment & Employment Confederation (REC) has been working with HM Treasury on ongoing taxation concerns for the UK recruitment industry.

Their latest appeal to the Treasury highlights the need for clarity in the way that taxation rules are applied to the recruitment sector – particularly with regards to travel dispensation schemes and to ensure that there is a level playing field for all members to operate in.

They are also continuing to engage with HMRC on improving IR35 rules for self-employed contractors. One major concern surrounds proposals for moving all ‘controlling persons’ onto the payroll which would undermine our economy’s valuable labour market flexibility.

The REC’s message to government is that to successfully use contractors there must be systems in place to manage contracts and staff, rather than a restrictive, one-size-fits-all regulation.

→ Leave a comment

Posted in news, Recruitment News

Tagged , ,

Call for speakers from the Institute and Faculty of Actuaries

Posted on 26 July 2012 | Leave a comment

If you would like to propose a session for one The Institutes residential conferences, we want to hear from you. Session proposals will be reviewed by the conference programme committee.  The more detail you can give about your proposed session, the more it will help the programme committee with the selection process.  Please see below for how to submit a proposal.

 The programme committee is looking for session proposals that offer:

 •new and relevant subject matter contributions from more than one company

 •practical experience presentations from working parties

 •contributions from practitioners in the products, distribution and customer area case studies

 •contributions from non-actuarial speakers

 •contributions from wider fields

 •dynamic and entertaining speakers

For more details, e-mail:  eventmanagement@actuaries.org.uk

→ Leave a comment

Posted in Actuarial Qualifications, Actuarial Societies, Careers Events, Networking

Tagged , , , ,

Important message from the Institute and Faculty of Actuaries about your CPD record

Posted on 24 July 2012 | Leave a comment

When did you last update your CPD record?  Will you be compliant by 31 July deadline? Please read the notes below for important advice regarding the current CPD reporting year :

Members in Category 2 are reminded that:

•the current CPD year ends on 30 June 2012; and

•the deadline for completing your on-line CPD record for the current period is Tuesday 31 July 2012.

No changes to CPD records will be possible after this date so, in order to be compliant for the current period, it is important that you log in and complete your record by close of play on 31 July.

No central monitoring of CPD records

During the previous reporting period (2010-2011), CPD requirements changed significantly; as a result of these changes, the Profession found that many CPD records were inadequately completed.  In recognition of the extent of the changes, the CPD team carried out a monitoring exercise and, where necessary, corrected inaccurate or inadequate reporting to bring records up to date.

In May 2012, the Profession transferred all member records to a new member database; as a result, for this and for all future CPD reporting periods, no central correction of inaccurate CPD reporting will be possible.  It is therefore stressed that this is now the responsibility of each member to ensure that their record is correctly completed by the 31 July deadline.

To help you, personal reminders will be issued in July, and further information about recording CPD can be found in the CPD area of the website.

Changes to the CPD recording pages/Verifiable CPD

Following the introduction of the Profession’s new membership database, next time you access your online CPD record you will see some small changes to the CPD recording pages.  These are designed to make CPD recording easier and more accurate: for example, you will be able to distinguish more easily between internal and external CPD events.

You will also find that the tick box which indicated whether a CPD activity was verifiable or non verifiable is no longer available.  Members are reminded that all CPD is verifiable; verification for ‘Private Study’ is indicated by completion of the ‘Learning outcome’ in your CPD record.  Please make sure that you complete this box when entering new records.

Partially regulated members

For partially regulated members, the introduction of the new database means that CPD can no longer be recorded on the Profession’s system.  Partially regulated members should now use their own regulator’s system to record their CPD.

 

Further information

Further information about your CPD requirements, please visit the following web pages:

•CPD Scheme 2011-2012

•Frequently asked questions

For further assistance please contact:  cpd_feedback@actuaries.org.uk

→ Leave a comment

Posted in Actuarial Qualifications, Actuarial Societies, news

Tagged , , ,

Institute and Faculty of Actuaries publishes conflicts of interest package

Posted on 12 July 2012 | Leave a comment

The Conflicts of Interest Working Party of the Institute and Faculty of Actuaries has now put the final touches to its package of conflicts of interest material.

The full package of material, which includes Actuarial Profession Standards (APSs) for pensions (APS P1) and life actuaries (APS L1 – which came into force on 1 October 2011), a guide for actuaries on conflicts of interest and a note for pension scheme trustees, can be found here.

The Working Party is also planning information evenings to explain how the conflicts of interest package will operate and to discuss the potential implications and practical effects it may have on members. The sessions are designed to help prepare members and firms in advance of the full regulations implementation date of 1 July 2013.  The dates and venues are:

•12 July – London, Staple Inn: 5.30–7.00pm

•19 July – Edinburgh, Maclaurin House: 5.30-7.00 pm

•2 August – York: Aviva Office, Board Room 6th floor, Wellington Row, York, YO90 1WR: 5.30-7.00pm

These initial evenings are open to all members of the institute but are primarily targeted at CPD co-ordinators and professionalism committee members.   More events targeted at members in general will be held during October to December 2012. Further information will be made available closer to those dates.

Members are entitled to claim up to one and a half hours of CPD for their participation in one of these evenings. Please remember to sign the attendance sheet to verify your attendance and to record it in your on-line CPD record.

If you plan on attending one of the above events, it would be appreciated if you could RSVP to adam.eggleton@actuaries.org.uk. Drinks and nibbles will also be provided.

 

→ Leave a comment

Posted in Actuarial Sectors, Events

Tagged , , , , ,

Invite to discussion on dimension reduction techniques and forecasting interest rates

Posted on 22 June 2012 | Leave a comment

A free talk for actuarials on the methods used when forecasting interest rates will take place at Staple Inn, London on Tuesday 17 July 2012 at 18:00. The talk will help to broaden understanding on the following topics by,

· providing an overview of the methods available and their possible uses.

· Highlight the importance of the many assumptions and choices to be made by the modeller

 · Discuss how a business’s assets and liabilities should be considered when constructing an interest rate model

 · Place such issues in the context of a Solvency II internal model, touching on issues relating to curve fitting and tail behaviour.

 Guests are invited to turn up on the night and are invited to enjoy a free drink at buffet at a nearby pub after the talk. Please contact 0207 632 1498 for more information.

→ Leave a comment

Posted in Articles, Events, Networking, news, Property and Casualty / Non-Life / General, UK

Tagged , , , , ,

Pension gender gap ‘shrinking but still significant’

Posted on 7 June 2012 | Leave a comment

Women retiring this year are expecting their annual retirement income to be a third lower then their male counterparts.

Research by Prudential found that the average woman retiring this year expects an annual income of £12,250 in retirement, including private, company and state pension, compared to an average expected income of £18,000 for men.

A gender gap of £5,750, last year’s figure was £6,500 meaning that the gap in expected incomes has narrowed steadily since Prudential first measured a gap of £6,642 in 2009. Prudential said the narrowing of the gap could mainly be attributed to a reduction in men’s expected incomes. For this year’s retirees as a whole, the average amount people expect to retire on fell to a five-year low of £15,500, compared to £16,600 in 2011.

Vince Smith-Hughes, Prudential’s retirement income expert, said: ‘The pension gender gap appears to be narrowing but there is still a long way to go. Not only does the gap remain stubbornly wide, but anticipated retirement incomes have this year hit a five year low for both men and women.’

‘The practical steps that women can take to improve their retirement income prospects include maintaining pension contributions during career breaks and, if possible, making voluntary National Insurance contributions after returning to work.’

The survey also found that 49% of women believe they will not have enough for a comfortable retirement, compared to 40% of men.

→ Leave a comment

Posted in news, Pensions, UK

Tagged , , , ,