The 2014/2015 CPD Scheme, effective from 1 July 2014, has been developed to clarify
and simplify the continuing professional development (CPD) arrangements for members. Below are some of the key things members should know to help them understand what has changed and how to meet their obligations.
1. All professional and technical requirements come under CPD 'umbrella'
Since the introduction of the professional skills training (PST) regime, our members have had to navigate two separate sets of rules to understand their professional development obligations. The 2014/2015 scheme makes it easier for members by bringing together the CPD and PST requirements under one regime, with one set of rules.
2. The CPD scheme applies to all members
As we have brought the PST and CPD requirements together under one scheme, some members who had obligations under the PST (but not under the CPD regime) now find themselves having to consider the CPD arrangements. We therefore needed to create some new CPD categories to ensure clarity for everyone. The CPD scheme clearly sets out the new categories together with the requirements of each in an easy-to-follow format. Many members will find that the changes impose no additional requirements upon them.
3. The scheme introduces a 'retired' category
Another change is the introduction of a 'retired' category. You need to apply to be classified as retired and you can do so if you meet the criteria set out in the CPD scheme. If you are classified as retired you do not have an annual CPD requirement, unless you are in unpaid work that relies on your actuarial training and experience. You will also be eligible to pay a reduced subscription rate of £69. If you meet the criteria and would like to be classified as retired, please contact us at [email protected]
4. It's now easier to focus your learning activities on areas that are important to you
The scheme affords you more freedom to select a balance of activities best suited to your learning needs and preferred learning styles. For example, in the 2014/2015 scheme, Category 1 members are no longer required to compete obligatory business skills/additional professional skills training - it's up to them to determine what types of activities will be of most benefit to them. For Category 2 members, completing private study was given less weight under the 2013/2014 scheme so they had to complete more CPD if private study activities were counted towards their minimum requirement. Under the 2014/2015 scheme, private study is considered equivalent to other types of learning activities. Just remember to record a learning outcome.
5. Arbitrary reporting deadlines removed
Historically we have asked members to make applications or report to the Membership team at certain dates throughout the course of the CPD year. Under the new arrangements, those arbitrary deadlines have been abolished and members can come to us at any time during the reporting year.
All members received an email in June which highlighted how the 2014/2015 CPD Scheme affects them. Full Scheme details and helpful guidance can be found at bit.ly/1mjLevI.
If you did not receive your email or have
any questions about these changes or how they apply to you, please contact us at
