We are delighted to announce that Colm Fagan, a Past President of the Society of Actuaries in Ireland, is a co-winner of the inaugural Frank Redington Prizes, awarded by the UK Institute and Faculty of Actuaries (IFoA).
Frank Redington (1906 – 1984) is widely recognised as a great thinker who brought forward prolific new ideas, and one of the most influential actuaries of all time.
The Frank Redington Prizes were launched to encourage and promote thought leadership in actuarial science. The IFoA called on innovative thinkers to step forward with bold ideas on some of the biggest challenges of the 21st century.
Responding to an invitation for ideas on “What would be a sustainable and effective pension system?”, Colm Fagan submitted an essay on “A New Approach to Auto-Enrolled Pensions”. In it, he proposed “a reform to the UK’s current auto-enrolment (AE) system, which delivers more than 50% better value for members, and can be extended to improve outcomes for retirees under DB and non-AE DC arrangements . . . By shifting the investment focus from short-term returns to sustainable returns over a 50-year plus investment horizon, it will ensure that investment is premised on societal needs and the green transition”.
Colm had previously presented ideas on this subject, as applicable in an Irish context, at a Society of Actuaries in Ireland meeting in January 2021. The paper presented then, and a recording of the meeting, are available through the Society’s website. Then and again yesterday, Colm expressed his appreciation for the support he received from Brian Woods, also a Fellow of the Society, in developing and refining the ideas presented in the papers.
Speaking at the launch of the Frank Redington Prizes, the IFoA Immediate Past President at the time, Tan Suee Chieh, said: “We are casting the net as far and wide as possible, looking for fresh strategic thinkers who are not afraid to challenge orthodoxy and put forward radical challenge in a way that supports our public interest commitment”. Colm Fagan certainly stepped up to this challenge and we congratulate him on his achievement.