Address by the President. Actuarial highways

Abstract

The Address is a journey in three parts. The first part describes the world scene in the last century when the Institute was founded and traces the development of actuarial work to the present day. The current U.K. pension scene is then broadly reviewed and the journey ends with vistas of the future. The concentration of actuarial work towards life assurance and pensions is attributed to meeting the needs of the past and encouragement is given to the urgent extension of the work of the profession into wider fields.

The U.K. pension scene is described as being complex, confused and filled with uncertainty. The profession is urged to assist government actively and positively, to examine the expected future growth of pension funds, and to compare the financing of retirement benefits in the U.K. with other methods adopted in Europe.

Work in wider fields is envisaged as embracing general insurance, the health and care of the aged, banking and finance, and the appraisal of capital projects.