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2021 - 07 - Subscription Policy

This document outlines the Institute and Faculty of Actuaries' (IFoA) subscription policy. The key points are: 1) The subscription year runs from October 1 to September 30. Fees may be varied by Council with advance notice. 2) Subscriptions are due by October 1. Payments outstanding by certain dates will incur late fees up to cancellation of membership. 3) Membership can be reinstated by paying outstanding fees and a 25% reinstatement fee. Reduced rates are available for income or circumstances-based hardship. Changes in eligibility must be reported.

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22 views

2021 - 07 - Subscription Policy

This document outlines the Institute and Faculty of Actuaries' (IFoA) subscription policy. The key points are: 1) The subscription year runs from October 1 to September 30. Fees may be varied by Council with advance notice. 2) Subscriptions are due by October 1. Payments outstanding by certain dates will incur late fees up to cancellation of membership. 3) Membership can be reinstated by paying outstanding fees and a 25% reinstatement fee. Reduced rates are available for income or circumstances-based hardship. Changes in eligibility must be reported.

Uploaded by

mittalgaurav555
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Subscription Policy

July 2021
Subscription Policy
Subscription year

The subscription year runs from 1 October to 30 September each year. The fees payable for any
subscription year may be varied or waived by Council and shall be notified in advance via the Actuary
Magazine and the General newsletter.

Late payment surcharge

Subscriptions are due on 1 October each year. Subscriptions which are outstanding as at 1 November
2021 will incur a 1% surcharge which rises to 2% at 1 December 2021. Failure to settle outstanding
subscriptions by 31 December 2021 will result in the membership being cancelled.

Reinstatement of membership

Following cancellation or resignation of membership, members may apply for re-admittance at any
time. The whole subscription for the year of reinstatement will be due plus a reinstatement fee of 25%
of the applicable membership subscription. The Guide to Reinstatement is available on the website
and from the Member Services team

Resignation
Any member who wishes to resign their membership, must inform the Member Services team by
email before 31 December 2021. If notification of resignation is not received by 31 December 2021
and the current subscription fee remains outstanding, the membership will be cancelled.

Reduced rate subscription

Income based

Any member whose gross annual income, as defined by United Kingdom Government rules on
taxable income, from all sources throughout the coming subscription year is not more than the
earnings levels set by Council for each membership category, may apply for a reduced subscription
(evidence of income may be requested). Applications for a reduced rate subscription fee should be
made online in the members’ area of the website at any time during the current subscription year. If
granted, a refund for any overpayment for the year will be made at the discretion of the IFoA.

Non-Income based

The following members will also benefit from the reduced rate subscription:

 Members who are fully retired;


 Members who are not in work which relies upon their actuarial training and experience, in the
widest interpretation, or on their membership of the IFoA;
 Members who work in an actuarial role for less than 20 hours during the subscription year;
 Members who can demonstrate exceptional circumstances that would justify application of the
reduced rate, such as serious ill health.

In these circumstances please complete an application form and email to the Member Services team.

The reduced rate applies to subscription fees only. Fees for any other services offered by the IFoA will
be charged at the rate applicable at the date of application.

Please note that a change in circumstances which affect your eligibility for a reduced rate must be
referred to the Member Services team. The subscription will revert to the full amount and the balance
will become due.

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Dual Membership

Fellows and Associates who are eligible to apply for Dual Membership status will pay a dual
membership fee.

The criteria for Dual Membership status is as follows:

 Currently a member at the equivalent level as a Fellow or an Associate of the IFoA of another
actuarial professional body which is a full member of the International Actuarial Association
(IAA);
 Cannot carry out a role for which an IFoA practising Certificate is required;
 Cannot carry out a role or work for which there is a specific requirement in UK legislation or
regulation that this must be carried out by an IFoA member;
 Cannot carry out work that falls within the scope and authority of the FRC’s Technical
Actuarial Standards.

Eligible Members should apply for Dual Membership status online in the members’ area of the website
before 31 December. As part of that application process Members will need to provide proof of their
membership with another IAA body with their initial application.

Transfer of Membership status

Members of any category who become qualified for membership of another category at any point
during the subscription year shall be transferred on request. Members will be required to pay the
difference between the subscription already paid and the full subscription due in respect of the
membership category the member is being transferred to. For example, if you are a student member
and you qualify as an Associate part way through the subscription year, you will have paid the student
subscription fee for that year and will be required to pay the difference between the student and the
Associate subscription rate for that subscription year.

Refunds

Membership Subscription and Admission Fees

Admission fees and member subscription fees are only refundable if you decide to cancel your
membership within the first 14 days after your membership has been confirmed. Thereafter, no
refund of an admission fee or subscription fee will be given.

Register of Members

Council prescribes that a register of members is kept which shall contain information as Council may
require and may be prescribed by the Regulations.

The IFoA is registered as a Data Controller under the General Data Protection Regulation. We will
use the information provided to maintain our Register of Members, and to contact you in the course of
your membership. Please note that we will publish your name, address and membership details to
the member only area of our website. If you’d rather we didn’t publish this information contact you
should contact Member Services Team. In line with our Royal Charter you are not able to opt out of
appearing on our Register of Members, this contains your name, status and any regulatory notes.
To find out how we use your personal data, who we share it with and when please see our privacy
policy: https://www.actuaries.org.uk/privacy-policy

Members are responsible for ensuring that their personal details in the actuarial directory are
complete, accurate and current, by using the website personal profile facility or otherwise by
contacting the Member Services team.

You can update your contact details and communication preferences at any time. Simply go to
Contact preferences section in My Account area of our website www.actuaries.org.uk .

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To ensure that your preferred contact details are listed in the Actuarial Directory go to My Account and
select Actuarial Directory preferences.

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