“Professional services” is defined as follows in the CIA Rules of Professional Conduct:
The rendering of advice, recommendations or opinions based upon actuarial considerations, including other services provided from time to time by a member to a client or employer.
The reference to “services provided … to a client or employer” makes it very clear that a member is performing professional services when the member is being compensated for his or her work. Doing pro-bono work in a professional capacity is also considered performing professional services for a client.
A member who is retired and no longer doing CPD should not be acting in a capacity (paid or unpaid) that would be relied upon by other stakeholders to make financial decisions on behalf of themselves or others (e.g., pension committees and board of trustees, boards of financial businesses such as banks or insurance companies.) This also includes service on boards, councils, committees, or other volunteer groups of a professional actuarial organization since these groups influence the direction of the profession. Members who act in any of the capacities would normally not be granted a retirement exemption.
Casual employment or volunteer work outside of the actuarial or financial industries does not preclude a member from a retirement exemption, however. When a member is acting in a capacity where individuals could reasonably be expected to rely upon the member’s business skills and experience as an actuary, the member is obligated to
- Determine whether they should meet the CPD requirements; and
- If they opt for the exemption, inform their client and other stakeholders of their non-CPD compliant status.
You would also have to ensure, once in the role, that if an issue arises which you do not consider yourself qualified to tackle, that you say so and avoid performing professional services in accordance with Rule of Professional Conduct #2.