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  • July 2014
07

IFoA: Changes to reduced rate subscriptions

Open-access content Wednesday 9th July 2014 — updated 9.20pm, Thursday 2nd April 2020

The new subscription year sees the introduction of a 'Retired' subscription rate category, linked to the 2014/2015 continuing professional development (CPD) scheme, where eligible members can apply for a reduced subscription rate. Members can be classified as retired if they are not in paid work that relies on their actuarial training and experience, or on their membership of the IFoA, and if they do not intend to return to such work in the foreseeable future.

Members may also apply for a reduced rate subscription if their total income from all sources, including pensions and investments, is less than 30 times the full subscription rate applicable to them. For example, if you are a fully regulated Fellow, your total income must be less than 30 times £690, ie £20,700. 

Below are some frequently asked questions.


Q. The criteria states your total income from all sources must be less than 30 times the current subscription rate applicable to you. Do you mean the reduced rate of £69?

A. No, the rule refers to the current full subscription rate applicable to you. Members can refer to the application form, which outlines details of maximum total income eligibility according to their membership category. The form can be found on the IFoA's website at bit.ly/1n8UXXM


Q. What is the reduced rate subscription? 

A. The reduced rate remains at £69. 


Q. In the past, members could exclude pensions income when applying for the reduced rate. Why has this changed?

A. The main reason is to ensure that we treat members consistently by bringing our definition of 'total income' in line with the UK government's definition of what counts as taxable income. A list of what counts as taxable income can be found on the HMRC website.


Q. I think I am eligible. How do I apply for a reduced rate subscription?

A. Please complete the application form on the IFoA's website at bit.ly/IFoAReducedSub and return to [email protected]


Q. I am currently unemployed. Must I still fill in the form to apply for a reduced rate?

A. Yes, all eligible members must apply to get the reduced rate.


Q. What is the 'Retired' subscription rate?

A. The 2014/2015 rate is £69.


Q. I would like to be classified as 'Retired'. What should I do?

A. Contact the membership team at 

[email protected]

This article appeared in our July 2014 issue of The Actuary.
Click here to view this issue
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