Mr Ayers, who is a Fellow of the Institute and Faculty of Actuaries, the Pensions Management Institute and the Royal Statistical Society, also receives the award for his work in helping the Profession have an impact on broader areas.

He has spent most of his career in financial services and is a past chairman of the investment council of the National Association of Pension Funds and of the FTSE Bond Index Committee. He was also a sheriff of the City of London in 1995/96.

At a banquet held yesterday evening at the Manson House, London, the Master of the Worshipful Company of Actuaries, John Lockyer, said: ‘Ken’s many contributions to the Actuarial Profession, the Worshipful Company and to the City of London make him a very worthy recipient of this award.’

Mr Ayers is City of London Bassishaw Ward Deputy and became Chief Commoner of the City of London Corporation last Thursday (April 19). The latter role is one of the most senior elected posts at the City of London Corporation, which acts as the local authority for the ‘square mile’ business district.

Away from work, his principal relaxations are boating in the Mediterranean and motor sport. He was a motor sport competitor for 35 years, British Sprint Champion in 1982 and sat on the governing body for a number of years until 2009.