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The Actuary The magazine of the Institute & Faculty of Actuaries

Profession news round-up - May 2012

Council nominations / New qualifiers / Volunteering / FTSE data / Library  access / SPA and longevity / European Actuary / CPD


New qualifiers enter the profession
A ceremony for new qualifiers was held in Edinburgh on 22 March. Attending the ceremony were: Murray Blake (pictured); Craig Browning; Andrew Campbell; Robert Chestnutt; Marcus Cole; Julie Davidson; Steven Findlay; Benjamin Hampton; Sarah Keighley; Sarah Lingard; Claire McColl; Scott McGarva; Christopher Morton; Konstantinos Nikolopoulos; Alan Rankine; Andrew Sinclair; Helen Toner; Gary Walker and Alison Watson.

Call for nominations to Profession Council
Nomination forms to stand for election to the Council are available on the Profession’s website under the heading ‘Council election 2012’. Nomination forms must be submitted by 16.00 on Monday 21 May.

There are nine vacancies to be filled – six for the general constituency and three for the Scottish constituency. As a reminder, Fellows, Associates and Honorary Fellows can vote in Council elections. If you were a Faculty member prior to merger and have not elected to change constituency, you are in the Scottish constituency and will vote for Scottish constituency candidates standing for election to Council. Alternatively, if you were an Institute member and have not elected to change constituency, you are in the general constituency and will vote for general constituency candidates.

Honorary officers 2012/2013
The following individuals will take office from the close of the AGM on 25 June 2012:
President: Philip Scott
President-elect: David Hare
Immediate past president: Jane Curtis

Volunteers needed to shape the actuarial future
Volunteers are important to the growth and success of the Actuarial Profession, providing the support and enthusiasm needed to drive our small profession.
If you are interested in volunteering, here are just some of the current roles available:
- Acting as an expert witness.
- Volunteer to join the Health and Care Conference programme committee.
- Become a careers ambassador.
For more information, visit bit.ly/volunteer_vacancies or email [email protected]

FTSE indices data
The Actuarial Profession currently has an arrangement with FTSE International Ltd, which allows members limited use of data from the following families of indices:
- FTSE UK Index series
- FTSE UK Gilts Index series
- FTSE Global Bond Index series
- FTSE Global Equity Index series
Members may use this data to assist with non-commercial research they are carrying out as part of an Actuarial Profession working party or committee or for academic studies.
If you would like to make use of any of the FTSE data series, please contact [email protected]

Library plugs reading list gap
When student members of the Institute of Actuaries of India struggled to access a key text for their exams, the Profession’s library service stepped in to help. By sharing access to the online version of Economics for Business via the award-winning Athens information portal, dozens of students from across India were able to access the book instantly via their computers.
The Athens portal brings the latest cutting-edge actuarial research to your desktop and is free to members. Access is available to hundreds of journals covering pensions, insurance, mathematics, finance and risk management.
For a login and more information, please contact [email protected]

Budget: state pension age to be linked to longevity projections
In the budget, George Osborne announced the government’s intention to link the state pension age to projections of future longevity. This will be of interest to all future pensioners and is an area where the Actuarial Profession will undoubtedly have expertise and experience that could be useful to policymakers.

The Actuarial Profession’s response to last year’s DWP consultation in this area is on the website and highlights that projecting future mortality rates is not an exact science. It also makes the point that the age from which people are entitled to take their pension should remain a political decision. Further details of the government’s plans are expected to be made available in the Fiscal Sustainability Report due to be published in July by the Office for Budget Responsibility.

The European Actuary now available online
The latest version of The European Actuary (TEA), the biannual magazine of the Dutch, ‘Actuarieel Genootschap & Actuarieel Instituut’, the German ‘Deutsche Aktuarvereinigung’, the Institute and Faculty of Actuaries in the United Kingdom (‘The Actuarial Profession’) and the French ‘Institut des Actuaries’ is now available online. Visit www.the-european-actuary.org

Continuing professional development (CPD)
Reporting year 1 July 2011 - 30 June 2012
As we are now well through the reporting year for those in Category 2, Fellows and Associates who are fully regulated by the UK Profession are reminded that their online CPD declarations were due in by 30 April. These members also need to ensure that their CPD activity records are up to date by 31 July to cover activity to 30 June. Full details of the CPD requirements, including the sanctions policy for non-compliance, can be found on the ‘members’ tab on the Profession’s website.

If you have any questions, please email [email protected]

Save the date:
Pension plan solvency and extreme market movements: a regime switching approach
11 June, Leeds

Actuarial Teachers’ and Researchers’ Conference
11-12 September, University of Leicester

Further information for both of these sessional research events will be made available in due course.