The Institute and Faculty of Actuaries (IFoA) is delighted to announce the launch of two Frank Redington Prizes to encourage and promote thought leadership in actuarial science. We are issuing a call for the most innovative new thinkers to step forwards with bold ideas on two of the biggest challenges of the 21st Century.

This open essay competition, supported by major sponsorships from Milliman and Punter Southall, welcomes applicants from across the globe, both within and outside of the actuarial profession. Calls for submission will focus on two topics:

• What would be a sustainable economic and finance system for the public interest?
• What would be a sustainable and effective UK pension system for the people?

We are looking for entries of between 5,000 and 10,000 words in length and essays should include original thinking, practical solutions, an analysis of risks and opportunities, and proposals supported by evidence where necessary. Each first prize will be awarded £12,500, second prize winners will receive £7,500 and those awarded third prize will receive £5,000.

Tan Suee Chieh, Immediate Past President, IFoA, said: “The idea of the Frank Redington Prizes grew out of the IFoA’s ‘Finance in the Public Interest’ series in March 2021. This is the natural next step, allowing us to continue the conversation on some of the key debates raised during those discussions. 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. We would like to thank our sponsors Milliman and Punter Southall for helping to support this endeavour”.

Submissions must be submitted by 12pm BST on Friday 29th April. A shortlist will be considered by a prestigious panel of judges:

• Torsten Bell, Chief Executive, Resolution Foundation
• Sir John Kay, Economist
• Rt Hon David Heath CBE, Chair of the Policy Advisory Group, IFoA
• Hon Group Captain Sally Bridgeland FIA, Chair and Non-Executive Director at asset management and insurance companies

Stephen Mann, CEO, IFoA, said: “We are grateful to our panel of judges for their interest in and support of the Frank Redington Prizes. These prizes focus on two areas where the IFoA has been developing its thought leadership to help bring fresh and credible perspectives to two of the biggest questions and challenges of our time. We believe this is an invaluable opportunity for entrants to seek to shift the policy dial and move the debate on in a thoughtful but ambitious way.”