In 2014, the Policy and Public Affairs team and IFoA Practice Boards identified our Key Policy Priorities: four key areas where public policy development was needed and where actuaries and their work could add significant value in informing government, regulators and policymakers.

The team set out to inform the debate through the use of rigorous, independent research and analysis using actuarial science. Working alongside the membership, we have established the actuarial profession as a trusted voice in these key policy areas.

Earlier this year, we refreshed our Key Policy Priorities to bring them up to date and in line with the most significant public policy challenges of the modern day.  These key priorities, Ageing population, Evolving risks and the future of insurance, Investing for sustainable growth and Resource and environment span the new and traditional actuarial practice areas and will shape the IFoA’s policy work and external engagement over the coming 18 months.

The highlight of our recent stakeholder engagement has been our meeting with the Pensions Minister, Richard Harrington. The IFoA’s Immediate Past President Fiona Morrison, accompanied by the Policy team, met the minister in September for a wide ranging discussion of both DB and DC pensions issues.

The discussion covered auto-enrolment, the Lifetime ISA and issues around ensuring an adequate retirement for savers, and moved on to broad conversation on the sustainability and regulation of DB schemes. We were able to share some insights from our response to the Work and Pensions Select Committee inquiry into the Pension Protection Fund and Pensions Regulator and informed the minister of our upcoming policy output on the sustainability of DB schemes, planned for early 2017.

The Minister was keen that we to continue to engage with him and his officials and we have since been invited to provide technical advice on an upcoming piece of pensions legislation on pensions early exit charges.

The IFoA's Public Affairs team keeps its ear to the ground, constantly scanning the external environment for governmental, parliamentary, regulatory and industry developments that could affect or interest actuaries and the IFoA. Some highlights from this month include:

•  L&G launches new green investment fund 
   
• MPs call for UK State Pension 'Triple Lock' to be scrapped in the interest of intergenerational fairness 
   
• Can self-driving cars gain public trust or will they be derailed?
   
• Survey finds that low interest rates and QE are harming business via greater pension costs

The IFoA regularly engages with government, regulators and parliamentary committees by responding to consultations on relevant topics where actuarial analysis can have a valuable input to the public debate.

Some highlights from the IFoA's  recent submissions include:

• Department for Work and Pensions on ‘NEST: evolving for the future’
• House of Lords Select Committee on the Long-term Sustainability of the NHS
• Department for Transport on advanced driver assistance systems and automated vehicle technologies
• PRA CP19/16 - Solvency II: Changes to internal models used by UK insurance firms
• FCA Retirement outcomes review

As you may be aware, the UK Treasury Select Committee has opened an inquiry into the introduction and operation of Solvency II, in the light of June’s Brexit vote. The inquiry aims to understand the strengths and weaknesses of Solvency II in its existing form, together with exploring the options open to the UK insurance industry following the Brexit vote.

We have worked with volunteers from both Life and GI practice areas to craft a detailed response, helping to promote the importance of the actuarial voice in this impending policy debate. For more information on this repsonse please get in touch at  policy@actuaries.org.uk.