Aussie rules

Actuarial professionals looking to work in Australia should be aware that July 2012 will see the introduction of a completely new selection model for skilled migration.

The new system will be called 'SkillSelect' and will be the standard process to apply for residence through all the 'general skilled migration' categories from July 2012. According to the Australian Department of Immigration, this new system is designed to significantly reduce visa processing times and address regional shortages.

The occupation of actuary is, of course, present on the skilled occupations list for residence visas and also for work visas.

The main entry requirement is a relevant degree and work experience (professional actuarial exams are not mandatory). SkillSelect will also be available for migrants who wish to be sponsored by an Australian employer on a work visa, such as subclass 457, which allows skilled applicants to work for up to four years.

Before one can apply for permanent residence through SkillSelect, a migrant must have received a positive skills assessment and meet the basic entry requirements on age, English language, recent experience and so on. The skills assessment still remains a vitally important and time-consuming part of the process for actuaries. This involves an assessment of the applicant's qualifications and work experience.

Prospective migrants must then submit an expression of interest (EOI) and can then subsequently be invited by the Department of Immigration to make a skilled migration visa application. These invitations will be issued monthly. Migrants can also be offered state sponsorship or employer sponsorship after lodging an EOI. For instance, the state of New South Wales lists actuary as a shortage occupation in that state.

Only pre-approved employers will have the option to access SkillSelect —allowing them to locate and contact prospective migrants that have shown an interest in employer sponsorship through their EOI. State governments will also be allowed to access SkillSelect - so it is in one's interest to highlight the different states you are interested in when applying for the EOI.

However, the main advantage to SkillSelect is that it serves as a 'one-stop shop', allowing migrants to make their details available for selection by state governments and employers. Under the current system, a migrant would have to submit separate applications to every state government and every employer. This new approach is a real benefit and will assist many more migrants to have employment secured beforehand. It also brings much more flexibility into the system and allows migrants to put themselves forward for different visa routes in the one application. Actuaries should see real benefits from this new system.

Most importantly, SkillSelect will still allow actuaries to apply for and secure permanent residence as independent migrants, without state or employer sponsorship.

"For a long time Australia has proved a highly desirable destination for actuaries from the UK because of its combination of climate, good economic outlook and common language," says Dr Geraldine Kaye, managing director of GAAPS.

"We see a steady stream of applicants wishing to travel and work there, but these new changes are certainly worth bearing in mind should you think about working there."

UK immigration changes

So far in 2012, we have seen many changes in UK immigration, reflecting the current government's policy of reducing migration. The following is a brief summary of some of these key changes:

• Tier 2 (General), the main category for UK employers to recruit overseas employees, usually requires the employer to demonstrate that they have carried out a recruitment search or 'resident labour market test' before offering the position to an overseas employee. However, certain actuarial occupations (especially in life assurance, general insurance, and health and care sectors) are now exempt from this 'resident labour market test' as they are already seen as acute shortage occupations.

• The Tier 1 (Post Study Work) visa category was closed to new applicants in April 2012. Those who possess existing post-study work visas can still remain and work in the UK throughout the validity of their visa, which can be up to two years in most cases.

• UK university graduates are now able to switch into Tier 2 (General) employment,
if they have a skilled job offer from a licensed sponsor and be paid at least £20,000 per annum or the minimum appropriate rate for the occupation. The employer will not be required to complete a resident labour market test (advertising the post) and the job will not be subject to the annual Tier 2 limit.

Please contact us through our website for any assistance with Australian or UK immigration.


Comment:

Recent Australian Immigration changes are quite beneficial for people associated with actuarial profession in many ways but the only concern I have is the occupation ceiling which is 420 for actuaries. I assume these places would be taken up very quickly and subsequently the points required to get an invitation to apply through skillselect can be as high as 75 (Because only the top ones would get into the 420 places available). I hope I am wrong though!

Irfan Chaudry, Analyst at Aon Benfield