No, I don’t know how actuarying works. Do you have to be licensed? Independent? Or is it something that can be done by anyone with hte right qualifications but not requiring a licence? Or what?
For, a reader here.
“I’m in the position of being executor for my late sister-in-law and I’m in desperate need of someone to do an actuarial computation concerning the value (or maybe time value) of a life interest in property”
This might then become part of a submission to HMRC.
So, what’s the system here? Is there a form of “ActuaryingIsUs”? Or is this some little bit of side work someone qualified here would like to pick up? And yes, of curse, standard professional fees would apply. I don’t know tho’ whether this is something that’s done by one man band actuaries or what?
Isn’t actuarying the profession for those who find accountancy too exiting?
Wow @Bloke in Spain, I think I’ve only heard that about 18,734 times, albeit in every case from someone who knows nothing about the profession.
My role covers investment management and structuring for clients across UK, Europe and Asia – what do you do?
Tim – to answer your question, the actuarial profession is extremely broad, covering a huge number of different areas. But to use the title you need to be qualified and signed up to the Institute of Actuaries, so you fall under their CPD program and technical standards.
You could contact the profession at actuaries.org.uk to find a suitable individual / firm?
Genuine question. When looking for people of exceptional timidity, one wouldn’t expect their professional body to be easy to find. Possibly near the back of directories in very small print. Or listed under flower arranging.
what do you do?
Don’t ask.
And no, I don’t play the piano.
@An Actuary – October 20, 2023 at 11:30 am
You could contact the profession at actuaries.org.uk to find a suitable individual / firm?
I have. I’ve written to several firms over the last few weeks and not one of them has even had the courtesy to reply – even to tell me “not interested”… I was hoping to find a more concerned/interested professional who could give authoritative advice.
Interested? Tim has my details.
Anon
I’m not sure if it’s an actuary you need, but if it is and If you’ve not tried, suggest you approach an accountancy firm which has an actuarial division. They may be more inclined to help with a query that an actuarial practice would regard as trivial and are used to private clients.
Try Mazars and BDO, they have actuarial divisions.
If they can’t help, there’s a polymath in Ely who is expert in all fields of human knowledge, details on request.
I’m not an actuary, but I recall reading somewhere that it is a very well paid occupation.
I would expect that a real estate appraiser could do the analysis as the property’s value would be its fair market value if not subject to a life estate less the value of the estimated rent it could have earned over the person’s life expectancy which can probably be looked up in various tables. And I supposed there might be various discount factors applied. But it seems pretty straightforward.
“to use the title you need to be qualified and signed up to the Institute of Actuaries”
In my day the clever ones joined the Faculty of Actuaries.
You could tell they were clever by playing bridge or poker with them.
I would suggest contacting a surveyor, especially one with knowledge of calculating the value of leases.
The job sounds like the sort of thing a surveyor may be able to do. If not, they may be able to suggest a suitable actuary.
I dealt with such a surveyor many years ago- get back to me if you ‘d like contact details.
@Bloke in Pictland – I had forgotten that there were some clever people unfortunately enough to be born north of the border :D.
Of course now it’s actually known as the Institute & Faculty of Actuaries…
Of course now it’s actually known as the Institute & Faculty of Actuaries…
Which means Oxbridge actuaries can no longer put MA FIA after their names 🙁
Actually., You can still choose to retain FIA or FFA if you choose. Which is what I do.
More Actuary jokes.
“If you ask 50 doctors for professional advice they’ll probably give you the same answer.
If you ask 50 economists they’ll say ‘Well, on the one hand…but on the other…’
If you ask 50 Actuaries what you should do they’ll tell you it’s too late!”
“What’s the difference between a British Actuary and a Sicilian Actuary? A British Actuary will tell you how many people will die next year, a Sicilian Actuary will tell you who they are.”
Note the spelling of ‘Actuary’ with a capital ‘A’ as a mark of respect!
I’ve written to several firms over the last few weeks and not one of them has even had the courtesy to reply – even to tell me “not interested”.
Clearly, they’re the builders of the accountacy trade. I’ve been trying to get somebody to do some routine repairs to a couple of windows for over six months, and get exactly the same response. Resulting in the routine maintainance turning into now needing emergency repairs due to yesterday’s storms now means rainwater is flowing through the windows.
I am not any longer – I quit in my late sixties because I had just got totally fed up with the combination of arrogance and incompetence, followed by insolence, of some young women in the administration of the (then) FIA. I could do the sums but HMRC probably wouldn’t accept me as being an authority.
Chris Miller knows a string of people over Normal Pension Age (mostly younger than I) who are capable of doing this and not in desperate need of money, so one of them might be willing to help.
I used to hire expert witnesses for my trials. For the PV of a life interest, I’d just go with a real estate appraiser or a bank loan officer. Anyone who can impress the jury or judge with their whiz math skills will work.
Thanks everybody (and especially Tim for putting the posting up) for all the suggestions and advice…
If “An Actuary” or Chris Miller feel inclined to “earn a few bob”, Tim has my contact details. Failing that, I’ll give Mazars a try next week, I used to be one of their clients before I retired, so I’m a tad more hopeful of getting a response.
Once again, many thanks.
A polite inquiry to their professional standards body to ask if that is the standard of behaviour to be expected of actuaries might provide a kick up the arse (though I doubt it.)
@Anon,
Sorry, not something I could do on a professional basis (the internal approvals I’d need would be more hassle than it’s worth) and doing something on a voluntary basis probably wouldn’t give you the formal ‘evidence’ you need,
However, I’m inclined to agree that if it is just a basic discounted cash flow calculation you need, not an analysis consistent with specific technical actuarial standards, you shouldn’t necessarily need an actuary to do this for you.
I concur with “An Actuary”, but I can ask around if Anon still thinks a professional signature is necessary.
“How can you spot an extrovert actuary?”
“He looks at your shoes when he’s talking to you.”
An engineer, an accountant and an actuary are all applying for a job and are asked the same question: What is 2=2?
The engineer says ” the answer is 4, but better call it 5 to be on the safe side”.
The accountant says “the answer is 4, but I can show you how to get it down to 3 using a Double Irish with a Dutch sandwich”.
And the actuary says “what would you like the answer to be?”
Chris
“What is 2=2?”
You forgot the philosopher. 🙂
@Chris Miller,
Please would you ask around… I’m going to have to slug it out with HMRC and I’ll need all the “credentialism” that I can get! 🙂
Thanks in advance.