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The Actuary The magazine of the Institute & Faculty of Actuaries

BAJ Volume 9 part I

If not already published by the time that you read this, this latest volume of BAJ will be with you shortly. Perhaps more than other parts, this one has required careful review, containing as it does the presidential addresses of both current incumbents. If you did not hear them given, then you now have the opportunity to bring yourself up to speed with their thinking. However, Jeremy Goford went one step further and allowed discussion of his address at a subsequent meeting and the views expressed are also published in this edition. The openness of the discussion is refreshing and a reminder to us all that only by listening to others and debating the points can we hope to develop better thinking and behaviour.

Discussion and debate are also well to the fore in subsequent sections of this part. The Institute’s discussion on the UK life market, products, regulation, and accounting covered many of the current issues without trying to find solutions to all the ills, but did leave one thinking about how the future might be improved and what role the profession might play. North of the border, however, the debate was on pensions and in particular DB vs DC. The panel of debaters took the roles of the various stakeholders providing both a constructive and humorous background prior to it being opened to the floor. In a wide-ranging debate many different views were aired but in the end the majority remain convinced that DB is still the best.

A submitted paper from Angus Macdonald looking at the implications of the Human Genetics Commission’s study into the use of genetic and family history in underwriting mortgage-related life insurance and a paper on global asset liability management by Dempster et al are the intellectual contributions in this part. Both are likely to be topical for some time to come and the Dempster paper, in particular, has a comprehensive reference section for those needing to brush up on their dynamic financial analysis knowledge and related thinking.

Finally Rob Brown has reviewed Actuarial Practice in Social Security, 2002, a book published by the International Labour Office/International Social Security Association and there is a review of articles appearing in actuarial journals worldwide. Neither may be of interest to many, but nevertheless hopefully they broaden the spectrum of BAJ. Before you consign your copy to the shelf (or wherever else you store it), do take a quick glance at it because it does have something for everyone.