Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • September 2014
09

IFoA aims to deliver value for money

Open-access content Wednesday 27th August 2014 — updated 4.50pm, Tuesday 14th April 2020
2

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. 

This article appeared in our September 2014 issue of The Actuary.
Click here to view this issue
Filed in
09

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

New Fast-Growing Team - Actuarial Systems Development

London (Greater)
Excellent Salary Package
Reference
143762

Actuarial Pension Consultant – Scotland/Remote – Up to £90,000 plus bonus

Edinburgh / Glasgow / Remote working
Up to £90,000 + Bonus
Reference
143761

Part Qualified Pensions Actuary– Specialised Pensions Consultancy - Scotland/Remote - Up to £70,000

Edinburgh / Glasgow / Remote working
Up to £70,000 + Bonus
Reference
143760
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ