In response to the letter from
Mr Rashbrooke on subscription rates (August 2014).
The IFoA aims to deliver value for money in all its activities. Membership subscriptions not only pay for the core membership of the IFoA, but also provide a wide range of other services and benefits including regular newsletters, an increasing range of free events, continuing professional development (CPD) courses, forums and discussion groups, the International Actuarial Careers Network and
The Actuary magazine.
Our goal is to deliver an equivalence of service to all our members wherever they are located, by means such as technology and support for regional volunteer groups. We have made many strides towards this goal, but recognise that there is more to do.
Council reviews the level of subscriptions every year taking into account our financial forecasts, changes in the services provided - such as the recent changes to the CPD scheme - and the blend of our membership categories.
We have not increased the Fellow subscription rate since 2007, a reduction in real terms of £152, thereby providing increased value for money. The reduced rate subscription has also remained static at £69 for that period.
The changes that are being introduced to the reduced rate subscription from 1 October 2014 are twofold. First, we have introduced a new 'retired' category that is linked to the 2014/2015 CPD Scheme. 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.
Second, members may also apply for a reduced rate subscription if their total income from all sources, now including pensions, alongside paid work and income from investments,
is less than 30 times the full subscription rate applicable to them. The key principle about the income-based reduced rate subscription, is to help those members least able to afford the full subscription rate.
The previous exclusion of pensions from the assessment
of income gave rise to inconsistencies and this has now been corrected.
Derek Cribb, IFoA chief executive
15 August 2014
The editor welcomes readers' letters but reserves the right to edit them for publication. Please email [email protected]. The deadline for receiving letters for the September issue is 17 September 2014.