The Actuarial Profession is constantly evolving, and the rate of change continues to increase.
David Hare, President-Elect will review our strategy, recapping on progress to date and bringing the priorities for the next year into focus. What new challenges will we face as a profession in 2013?
This is a unique opportunity to hear from the leadership of the Actuarial Profession and raise issues and questions directly with them.
08:30 - 09:00 registration and tea and coffee
09:00 - 10:00 Presentation from David Hare and Derek Cribb
We have postponed this event. EIOPA released a public opinion on 20 December 2012 regarding interim measures for Solvency II. Within this EIOPA stated that, “As part of the preparation for Solvency II, national competent authorities should put in place, starting on 1 January 2014 certain important aspects of the prospective and risk based supervisory approach to be introduced” and that, “EIOPA will publish guidelines addressed to national competent authorities on how to proceed in the interim phase leading up to Solvency II.” We are expecting EIOPA to publish these guidelines in Spring 2013 and for National Supervisors to potentially follow with communications of their views on how to proceed.
To ensure that our ORSA conference is timely, and that delegates get the most benefit from attending, we have chosen to postpone the event. We will reschedule the event date once it is clear when the additional guidance from EIOPA (mentioned above) will be released
Free Conflicts of Interest Events: The Conflicts of Interest Working Party will be holding interactive sessions on the new conflicts of interest package in Autumn/Winter 2012 across the UK, Ireland and the Channel Islands. Members from the Working Party will be the presenters at each event.
The event structure will be a short presentation on the conflicts package followed by 45 minutes of facilitated case study examples, with participants being divided into small groups, which is then followed by a Q&A session. We have taken on board our members’ feedback that geographical areas should be particularly focussed on specific practice areas so we have tried to divide the sessions into specific practice area focuses depending on where the session is to be held.
In the meantime, if you have any feedback about the conflicts package or have any case studies you think might form the basis for group discussions in the new professional skills courses in 2013 which are going to focus on conflicts, please send your comments and thoughts to conflicts@actuaries.org.uk
The meeting on 28 January in London and 18 February in Edinburgh will be presentations by Barrie & Hibbert and PriceWaterhouseCoopers of the findings of the research project on holistic balance sheets and employer covenants commissioned by the Institute and Faculty of Actuaries in 2012. A synopsis of the two presentations is given below:
The Barrie & Hibbert research discusses how a market consistent valuation of the sponsor covenant can be undertaken. The paper provides a general overview of the valuation problem and introduces a Monte Carlo simulation framework for the valuation of the sponsor covenant. Later in the paper simpler, faster calculations are developed to estimate the full valuation method used earlier in the paper. Case studies are used to illustrate the accuracy and reliability of the methods proposed. In addition this work also considers how the market consistent pension fund balance sheet can be used to assess risk based capital requirements before finally setting out the team’s conclusions.
The PwC research goes back to basics and considers what sponsor support actually means and looking at some of the definitions used. The paper then looks at what an appropriate basis of valuation might be for sponsor support and how valuation analysis is currently used in assessing and understanding sponsor support. The paper then addresses the EIOPA proposals reviewing the principles and specific points on methodology. This is illustrated by using an example calculation showing the impact of some of the assumptions which drive the calculations. The paper then suggests an alternative process and methodology for placing a value on the sponsor support of the purposes of the Holistic Balance Sheet. The meeting will be structured to allow each team to give a short presentation of their findings followed by a brief question and answer session on the technical issues. After both parties have presented then a longer session inviting comments and questions from the floor on the topic will take place.
Please note, that as a result of member feedback, we will be trialling a new ‘enhanced networking initiative’ at this sessional research meeting.
The purpose of this initiative is to improve integration and networking among members, with particular focus on making those who are newly qualified or new to events, feel encouraged to approach more experienced members and become integrated into the actuarial community.
At each meeting, members who have particular experience in the topic area or those who are happy to be approached by new members and share their experience will be asked to wear a yellow ribbon on their name badge.
We would invite all those members who are happy to wear a yellow ribbon on their name badge to signal that they encourage any member to approach them and ask questions about the sessional meeting, chat or even just to introduce themselves to get in touch with Event Management.
Philip Scott, President of the Institute and Faculty of Actuaries, will be attending the 15th Global Conference of Actuaries on 17-19 February 2013 in Mumbai, India.
On the evening of Monday 18 February Philip, along with Derek Cribb (Chief Executive) and Trevor Watkins (Director of Education), will be hosting a reception for Institute and Faculty of Actuaries members at the Conference hotel, the Hotel Grand Hyatt (Santacruz East), Mumbai from 18.45-19.45.
If you are interested in joining Philip at the reception please book your place.
Spaces are limited and will be allocated on a first come first served basis and you have to be registered to attend the 2013 AGFA & 15th GCA (http://gca.actuariesindia.org) to be able to book on.
Join us in Edinburgh to discuss the findings of the ILC-UK cost of our ageing society; report sponsored by Milliman. The report highlights the projected financial impact of the cost of the world’s ageing population. It argues that governments must do more to reduce the long term cost of ageing to the public purse.
Benefits of Attending
Until recently, the financial impact of demographic change had received only limited macro-economic analysis and a recent report by the IMF argued that “few governments or pension providers adequately recognise longevity risk”. But over the past three years, we have seen growth in national and international data on the financial cost of future demographic change including The 2009 European Commission sustainability index, the Chancellor of the Exchequer’s 2010 Emergency Budget and The Office for Budget Responsibility (OBR) Fiscal Sustainability Report.
The event will consider the findings of “The cost of our ageing society”. It will also allow debate on:
Are we adequately considering the long term economic costs of longevity?
Or are we overestimating the impact?
Are some countries responding better than others to the economic cost of ageing?
How can governments across the world best respond to the fiscal challenges of demographic change?
How can policymakers best react to the cost of ageing?
16:00 Registration with Tea/Coffee
16:30 Presentations by Philip Simpson (Milliman), David Sinclair (ILC-UK), Emma McWilliam (Milliman) and Kenneth Gibson MSP, Convenor, Scottish Parliament Finance Committee
Are you a student who has entered the Actuarial Profession in the last two years, or is currently in the final year of an actuarial undergraduate or post-graduate degree? Then this event is for you.
TANC (The Actuarial Network at Cass), in association with the Actuarial Profession, is proud to present 'A survival guide to being an actuarial student'.
In this interactive panel discussion, our panel of recently qualified actuaries of the UK Actuarial Profession, and our panel of employers from each of the main actuarial fields, will be giving you practical top tips on:
how to maintain a healthy work/life/study balance;
effective studying while working;
how to be a good worker - from top student to top employee.
Agenda:
18.00 - 18.30: Registration
18.30 - 20.00: Panel discussion and Q&A
20.00 - 21.00: Networking over nibbles and drinks
Employers' panel:
Representing Life and Health: Marjorie Ngwenya, Director, Mazars
Representing General Insurance - Henry Johnson, Head of Market Reserving & Capital, Lloyd's of London
Representing Pensions - Patrick Bloomfield, Partner, Hymans Robertson
Representing Investment - Paul Sweeting, Managing Director, JP Morgan Asset Management
Recently qualifieds' panel:
Representing Life & Health - Jean Eu, Senior Actuary, Correlation Risk Partners Ltd (qualified 2009)
The event is sponsored by the Actuarial Profession
About TANC
TANC is a special interest group of Cass Business School and City University which organises unique events of actuarial interest in slightly wider fields than actuarial professionals may typically have access to through their work.
Although our events are aimed primarily at alumni, we also welcome friends and colleages in joining our network of like-minded professionals.
This event is currently fully booked, should you wish to be added to the waiting list, please email eventmanagement@actuaries.org.uk
Meet the authors: 16:30 - 17:00
Registration: 17:00 - 17:30
Programme: 17:30 - 19:00
Drinks reception: 19:00 - 20:00
Diversification across asset classes has declined markedly in the last decade and concerns abound about the ability (or lack) of the financial system to weather another 2008-like event. There is a growing volume of academic literature seeking to derive measurement variables for detecting systemic risk. There is clearly a role for the actuarial profession within this discussion and we hope that this paper can engender further discussions and papers on this specific issue.
Just as diversification across conventional asset classes has decreased there has been greater attention paid to the broader array of potential investment strategies that can be accessed via derivatives. The paper explores the prudent management of derivatives in pension funds and general asset portfolios to improve portfolio efficiency both in terms of implementing investment strategies and in broadening the range of investment opportunities for building an efficient investment portfolio from a risk-based perspective.
Please note, that as a result of member feedback, we will be trialling a new ‘enhanced networking initiative’ at this sessional research meeting.
The purpose of this initiative is to improve integration and networking among members, with particular focus on making those who are newly qualified or new to events, feel encouraged to approach more experienced members and become integrated into the actuarial community.
At each meeting, members who have particular experience in the topic area or those who are happy to be approached by new members and share their experience will be asked to wear a yellow ribbon on their name badge.
We would invite all those members who are happy to wear a yellow ribbon on their name badge to signal that they encourage any member to approach them and ask questions about the sessional meeting, chat or even just to introduce themselves to get in touch with Event Management.
Free Conflicts of Interest Events: The Conflicts of Interest Working Party will be holding interactive sessions on the new conflicts of interest package in Autumn/Winter 2012 across the UK, Ireland and the Channel Islands. Members from the Working Party will be the presenters at each event.
The event structure will be a short presentation on the conflicts package followed by 45 minutes of facilitated case study examples, with participants being divided into small groups, which is then followed by a Q&A session. We have taken on board our members’ feedback that geographical areas should be particularly focussed on specific practice areas so we have tried to divide the sessions into specific practice area focuses depending on where the session is to be held.
In the meantime, if you have any feedback about the conflicts package or have any case studies you think might form the basis for group discussions in the new professional skills courses in 2013 which are going to focus on conflicts, please send your comments and thoughts to conflicts@actuaries.org.uk
The DWP has recently announced calls for evidence in relation to “Whether to smooth assets and liabilities in scheme funding valuations” and “Whether to introduce a new statutory objective for the Pensions Regulator”. The Institute and Faculty of Actuaries is hosting a series of regional sessions to discuss the calls for evidence.
The sessions are for pensions actuaries advising both trustees and sponsors. The format of the sessions will be to discuss the questions posed by the DWP and to allow the members to participate in this important debate.
These events are likely to be over-subscribed, therefore the number of places at each event per firm will be limited.
The DWP has recently announced calls for evidence in relation to “Whether to smooth assets and liabilities in scheme funding valuations” and “Whether to introduce a new statutory objective for the Pensions Regulator”. The Institute and Faculty of Actuaries is hosting a series of regional sessions to discuss the calls for evidence.
The sessions are for pensions actuaries advising both trustees and sponsors. The format of the sessions will be to discuss the questions posed by the DWP and to allow the members to participate in this important debate.
These events are likely to be over-subscribed, therefore the number of places at each event per firm will be limited.
The DWP has recently announced calls for evidence in relation to “Whether to smooth assets and liabilities in scheme funding valuations” and “Whether to introduce a new statutory objective for the Pensions Regulator”. The Institute and Faculty of Actuaries is hosting a series of regional sessions to discuss the calls for evidence.
The sessions are for pensions actuaries advising both trustees and sponsors. The format of the sessions will be to discuss the questions posed by the DWP and to allow the members to participate in this important debate.
These events are likely to be over-subscribed, therefore the number of places at each event per firm will be limited.
The DWP has recently announced calls for evidence in relation to “Whether to smooth assets and liabilities in scheme funding valuations” and “Whether to introduce a new statutory objective for the Pensions Regulator”. The Institute and Faculty of Actuaries is hosting a series of regional sessions to discuss the calls for evidence.
The sessions are for pensions actuaries advising both trustees and sponsors. The format of the sessions will be to discuss the questions posed by the DWP and to allow the members to participate in this important debate.
These events are likely to be over-subscribed, therefore the number of places at each event per firm will be limited.
The DWP has recently announced calls for evidence in relation to “Whether to smooth assets and liabilities in scheme funding valuations” and “Whether to introduce a new statutory objective for the Pensions Regulator”. The Institute and Faculty of Actuaries is hosting a series of regional sessions to discuss the calls for evidence.
The sessions are for pensions actuaries advising both trustees and sponsors. The format of the sessions will be to discuss the questions posed by the DWP and to allow the members to participate in this important debate.
These events are likely to be over-subscribed, therefore the number of places at each event per firm will be limited.
Scientists have discovered numerous ways to produce significant extensions in the lifespan of various species - what about humans?
Dr Aubrey De Grey contends that senior scientists in the field of ageing have distorted the relationship between ageing and disease and that his research strategies will lead to the rapid development of rejuvenation therapies to combat ageing.
Prof. Richard Faragher disputes these contentions and believes de Grey is damaging the credibility of the field by conflating his futuristic visions with the practical research strategies of the mainstream.
Which of them is right? Are both of them wrong? Regardless, both agree that research on ageing is grossly underfunded and key to a healthy future. Could a cure for ageing be on the horizon?
The Institute and Faculty of Actuaries is holding this one day seminar to showcase the highlights of the Life Conference 2012. As you can see from the attached line up the seminar will cover topical regulatory and business strategy issues. There will also be talks on innovative ways of understanding and delivering the social benefits of life insurance.
This seminar is primarily targeted at qualified life actuaries who were unable to attend the Conference in Brussels or who did not attend all their preferred sessions whilst at the Conference and for those with an interest in life insurance.
This networking event organised by the NED Member Interest Group is both for actuaries with a potential interest in NED roles and also those who may be advising firms (within and beyond financial services) on NED appointments.
Speakers will include:
• A recently appointed first time NED discussing their journey
• FSA representative discussing NED appointments from a regulator’s perspective
• Headhunter discussing the appropriate skills and experience to attract NED appointments
Subjects to be covered at the meeting include:
• What skills and experience of actuaries can be most useful at the board table?
• What actuaries can do to build a distinctive profile?
• What are useful courses and development activities for the aspiring NED?
• What are the key immediate actions to position yourself for an NED role?
• Actuaries are often seen as ideal candidates for specialist committees such as Risk and Audit, but what do Boards expect from a NED in these roles?
Diversification across asset classes has declined markedly in the last decade and concerns abound about the ability (or lack) of the financial system to weather another 2008-like event. There is a growing volume of academic literature seeking to derive measurement variables for detecting systemic risk. There is clearly a role for the actuarial profession within this discussion and we hope that this paper can engender further discussions and papers on this specific issue.
Just as diversification across conventional asset classes has decreased there has been greater attention paid to the broader array of potential investment strategies that can be accessed via derivatives. The paper explores the prudent management of derivatives in pension funds and general asset portfolios to improve portfolio efficiency both in terms of implementing investment strategies and in broadening the range of investment opportunities for building an efficient investment portfolio from a risk-based perspective.
Please note, that as a result of member feedback, we will be trialling a new ‘enhanced networking initiative’ at this sessional research meeting.
The purpose of this initiative is to improve integration and networking among members, with particular focus on making those who are newly qualified or new to events, feel encouraged to approach more experienced members and become integrated into the actuarial community.
At each meeting, members who have particular experience in the topic area or those who are happy to be approached by new members and share their experience will be asked to wear a yellow ribbon on their name badge.
We would invite all those members who are happy to wear a yellow ribbon on their name badge to signal that they encourage any member to approach them and ask questions about the sessional meeting, chat or even just to introduce themselves to get in touch with Event Management.
The purpose of these annual workshops is to enhance collaboration between practitioners and academics in the field of financial and actuarial mathematics.
Speakers are invited from industry and academia to come and discuss their current research interests. In contrast to conferences where final results and papers are generally presented, these workshops aim to provide a forum for developing nascent ideas.
If you have any queries about the workshop, would like to attend, or would like to present, please email Steve Hales directly.
