Open-access content
28th September 2015
All out at 80
Being over 80, and so a life member free of subscription, I was surprised to receive an email asking me to renew.
Following through the various links, I eventually discovered that existing life members continue without charge, but the concession is withdrawn for everyone reaching age 80 from now.
These people will normally stay in the retired category, paying £70 per year provided they do no paid actuarial work. I have found no clear reason for the change.
However, I remember when the concession was introduced that Council had found that a lot of elderly members were deciding there was no point in continuing to pay. As a result, the profession was losing all contact with actuaries who had been members for the whole of their careers and Council thought this was a matter for regret. Does this reason no longer apply? Does Council no longer care if members drop off as they age? Surely the profession is not so hard up that it needs £70 from its octogenarians?
Response from IFoA
As Mr Colbran helpfully clarifies, all existing members within the category of "life" membership will continue to retain their membership free of charge. However, following a detailed and considered review by Council, this category of membership will no longer be available for members reaching 80 years of age on or after 1 October 2014.
This change was agreed to align with best practice as regards recent legislation, particularly in relation to age discrimination.
Following through the various links, I eventually discovered that existing life members continue without charge, but the concession is withdrawn for everyone reaching age 80 from now.
These people will normally stay in the retired category, paying £70 per year provided they do no paid actuarial work. I have found no clear reason for the change.
However, I remember when the concession was introduced that Council had found that a lot of elderly members were deciding there was no point in continuing to pay. As a result, the profession was losing all contact with actuaries who had been members for the whole of their careers and Council thought this was a matter for regret. Does this reason no longer apply? Does Council no longer care if members drop off as they age? Surely the profession is not so hard up that it needs £70 from its octogenarians?
Response from IFoA
As Mr Colbran helpfully clarifies, all existing members within the category of "life" membership will continue to retain their membership free of charge. However, following a detailed and considered review by Council, this category of membership will no longer be available for members reaching 80 years of age on or after 1 October 2014.
This change was agreed to align with best practice as regards recent legislation, particularly in relation to age discrimination.
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