Introducing Michael Ingram – Actuary Of The Year 2020. My initial reaction was one of surprise. It’s a real honour receiving this and I am thankful to everyone who has voted and for all of the kind messages of support I have received. I have to add, my other half’s reaction was brilliant – as soon as she realised I might have to pose for a photo, she went straight for “does that mean you’ll finally let me cut your hair?”
Nigel Brook, Partner, Clyde & Co comments on the the government’s decision yesterday not to block a new coal mine in Cumbria - the Woodhouse mine – is likely to prove controversial for a number of reasons.
How actuaries perform their roles is changing rapidly. IFoA President Tan Suee Chieh and Willis Towers Watson's Marisa Hall discuss these new fields and new skills in the latest episode of our 'Exploring the Change' podcast.
It would be an understatement to say that 2020 was an unusual year. Now that the new year is upon us and after a lot of planning, actuaries will be focusing on performing year-end valuations, including finalising forward-looking assumptions. The impact of Covid-19 on experience in 2021 and beyond remains an area of huge uncertainty and, as such, this year actuaries must challenge their approach to setting assumptions and how they communicate the uncertainties to the Board.
In its 2020 Reputational Risk Survey published late last year, Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, revealed that 86 percent of clients are concerned about loss of income and a reduced customer base due to reputational risk.
PROSPECTS of a full national economic recovery post-pandemic could be fuelled by the relaxation of financial regulations on defined contribution (DC) pension schemes. Governor of the Bank of England (BoE), Andrew Bailey, recently stated that the relaxation could allow investments in higher, long-term productive investments, such as infrastructure projects, to accelerate the rate of recovery.
New data from the FCA shows that although the general standard of pension transfer advice seems to be improving, there are still some worrying trends in the market.
Legal & General have announced that it has agreed a £544 million full buy-in of four pension schemes sponsored by Evonik UK Holdings Ltd, securing the benefits of over 3,600 UK defined benefit pension scheme members and facilitating the merger of the four schemes as part of the de-risking process.
As the sector expands, risk managers must respond to an evolving risk landscape prompted by climate change - the key theme of Willis Towers Watson’s annual Renewable Energy Market Review
Most people will be glad to see the back of 2020, however, it seems the first weeks of 2021 have been just as challenging, as we face the ongoing trauma of the coronavirus pandemic, and in our more specific world of the Local Government Pension Scheme. While we stay safe at home, we look ahead to the priorities for the LGPS in 2021.
XPS Transfer Watch 2020 review shows 20% fall in transfer activity but 49% of transfers processed indicated at least one red flag warning sign of a pension scam
Aegon research tracking attitudes towards health and wealth every month throughout the pandemic shows adults expect their financial wellbeing to worsen throughout the course of 2021, lagging behind any optimism of improvements to other wellbeing indicators such as mental, social and physical wellbeing once the vaccination is successfully rolled out.
Phoenix Group announces the appointment of Colin Williams as Managing Director, Pensions and Savings. The appointment signals the strong foundations the firm is putting in place, as it continues to grow a strong and sustainable business that will help even more people on their journey to and through retirement.
Mactavish, an outsourced insurance buyer and claims resolution firm, claims that the Covid-19 crisis has revealed some of the systemic flaws in an insurance market that is no longer fit for purpose. It says that many businesses bought cover – under business interruption and other policies – that they believed would protect them from precisely the sort of severe, once in a lifetime event that we see unfolding around us today. Unfortunately, insurers have not played much of a role at all in the crisis, and many are still doing everything possible to avoid paying out.
Sponsored by Star Actuarial Futures. Stars of the Future highlights the rising talent in the actuarial industry. We know how hard you all work to qualify as actuaries and this is the perfect way to acknowledge those who strive and go above and beyond. Thank you for you for voting, the winners will be announced in the February issue of Actuarial Post.
Ron Wheatcroft, Technical Manager, L&H UKI, Swiss Re, says: “Days like Blue Monday – otherwise known as the most depressing day of the year – undoubtedly highlight the extent to which the current prolonged environment of social isolation and economic uncertainty has potentially exacerbated people's mental health. Quite rightly, it may also act as a trigger for companies to consider their responsibility in supporting staff’s wellbeing through this difficult time.
The vaccination roll-out is steadily sweeping the UK, with nearly 3 million people receiving their first dose. As a result, reports in the press have suggested that there is a strong appetite among over-50s to plan ahead and get ready to fly off on a well-deserved break once the current travel restrictions have lifted.