Paul Sweeting becomes president as IFoA urges chancellor to focus on guided retirement
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Paul Sweeting is the new president of the Institute and Faculty of Actuaries, becoming the first president to serve for two years rather than one. His appointment coincides with the IFoA calling for a speedy introduction of the planned guided retirement duty ahead of Wednesday's Mansion House speech.
The chartered enterprise risk actuary was elected in May last year and will serve a two-year term under the IFoA’s governance reforms.
The chartered enterprise risk actuary was elected in May last year and will serve a two-year term under the IFoA’s governance reforms.
A senior adviser at the Hassana Investment Company – the asset manager for the General Organization for Social Insurance in Saudi Arabia – and honorary professor of actuarial science at the University of Kent, Sweeting has chaired actuarial boards, committees and working parties, and served as honorary secretary for the Institute of Actuaries before its merger with the Faculty of Actuaries.
Sweeting said he was honoured to be taking on the role of president, highlighting the changing skill set required by actuaries, as well as their ability to help solve some of society’s most pressing challenges.
“The skills that actuaries need are constantly changing. Change brings with it opportunities. During my sessional term a priority for me will be making sure that we are equipping all actuaries with the skills to respond to these changes and access the opportunities they afford,” he said.
“Whether it is pensions, insurance, banking, investment, AI, infrastructure, climate or broader sustainability issues, actuaries can and must contribute. We have the technical ability, we have the communication skills, and we have the professional oversight that means people can rely on what we say. We have an obligation to be part of these big conversations, and we must ensure that we are ready to take the opportunities as they arise,” he added.
IFoA chair Lord Currie extended his thanks to the outgoing president and welcomed Sweeting: “Paul Sweeting’s experience and expertise will be invaluable as we navigate an exciting period of transformation and work together to bring the IFoA vision principles to life in our multi-year strategy for 2026 and beyond.”
A new president-elect, for the term from 2027, will be chosen by council next spring.
Sweeting said he was honoured to be taking on the role of president, highlighting the changing skill set required by actuaries, as well as their ability to help solve some of society’s most pressing challenges.
“The skills that actuaries need are constantly changing. Change brings with it opportunities. During my sessional term a priority for me will be making sure that we are equipping all actuaries with the skills to respond to these changes and access the opportunities they afford,” he said.
“Whether it is pensions, insurance, banking, investment, AI, infrastructure, climate or broader sustainability issues, actuaries can and must contribute. We have the technical ability, we have the communication skills, and we have the professional oversight that means people can rely on what we say. We have an obligation to be part of these big conversations, and we must ensure that we are ready to take the opportunities as they arise,” he added.
IFoA chair Lord Currie extended his thanks to the outgoing president and welcomed Sweeting: “Paul Sweeting’s experience and expertise will be invaluable as we navigate an exciting period of transformation and work together to bring the IFoA vision principles to life in our multi-year strategy for 2026 and beyond.”
A new president-elect, for the term from 2027, will be chosen by council next spring.
Actuaries impatient to see guided retirement including decumulation CDC
The IFoA has expressed views on various topical pensions issues. On Friday, ahead of next week’s Mansion House speech, it said chancellor Rachel Reeves should focus on guided retirement for pension savers. The pension schemes bill contains measures to introduce this for trust-based schemes.
Glyn Bradley, who chairs the IFoA Pensions Board, said: “The IFoA is very supportive of guided retirement products that help individuals draw down on their pension. We would like to see a clear, rapid path to their introduction in the UK. This includes options like ‘retirement only’ collective defined contribution schemes.”
Bradley said another area that requires “immediate attention” is the take-up of pensions advice and guidance, through encouraging better usage of government services like ‘PensionWise’ or allowing those who can pay for advice from their pension pot.
“Finally, a pensions adequacy review needs to think about pensions in a wider world. We would like to see a focus on the way people are encouraged to think about their pensions throughout their working life – this includes... better communication and enhanced provision of information, advice and guidance,” he said.
The IFoA has previously also expressed support for a recent Pensions Review by thinktank the Institute for Fiscal Studies, which recommended defining an affordable level of state pension provision among others. The IFoA is among the organisations that have warned mandating investment in specific assets could expose savers to higher investment risk, costs, reduced liquidity and lower diversification.
What should the IFoA focus on in the next two years?
