Looking for a way to give back to the profession in some form? Becoming a panel member with the Professional Support Service (PSS) can give you a platform to share your experience in a way that can help fellow actuaries navigate issues in their work, allow you to network with your peers and provide useful experience beyond your day job.
The PSS is a free service for IFoA members. If a member has an ethical work dilemma, or a query on the Actuaries’ Code, Actuarial Profession Standards or the Technical Actuarial Standards published by the Financial Reporting Council, they can contact the PSS and receive the views of a panel of qualified, experienced peers.
The process is anonymous to ensure confidentiality and avoid bias.
- Queries are varied, and have included topics such as:
- Whistleblowing within a company over what were seen as incorrect calculations
- Professional duties where an actuary was acting effectively as a trustee
- Work review and identifying a suitable person to undertake an independent peer review
- Responsibilities under the ‘Speaking Up’ principle in the Actuaries’ Code
- A possible conflict of interest in taking on a new role
- Preparing a report and potentially appearing as an expert witness.
A worthwhile experience
Michael Field, a recently retired PSS volunteer of 12 years, said this about his time on the service: “It’s a very worthwhile and satisfying experience. Having been a proud member of the actuarial profession for more than 50 years, including more than 45 years’ experience of advising on the relatively new areas of self-invested personal pensions and small self-administered schemes, I decided to volunteer for the role. I felt I was well placed to give the benefit of my experience – of the many conflicts and problems that arise when advising pension scheme trustees, members and their employers.
“All panel member discussions take place over email and need not interfere with your ‘day job’. An added bonus is that time spent on PSS matters counts towards your CPD requirement.”
To find out more, you can go to bit.ly/IFoA_Volunteer_PSS or contact [email protected]
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