Solvency II Actuarial Contractors

The introduction of the Solvency II Directive in 2012 means that there has never been a more exciting time to consider becoming an Actuarial Contractor. This is the most comprehensive regulatory regime in the history of the insurance industry, and Actuaries will play a vital role in helping the industry to respond to these fresh challenges.

Solvency II is intended to create a supervisory framework that protects insurance policyholders and ensures general financial stability. It adopts a risk-based approach and is built on three pillars:

  • Pillar 1 - sets out valuation standards for liabilities and assets and identifies a capital requirement that needs to be met.
  • Pillar 2 - deals with the qualitative aspects of internal controls, risk management processes and the approach to supervisory review.
  • Pillar 3 - ensures there is appropriate disclosure to increase market transparency.

It seems that insurance companies are already reacting to the upcoming legislation changes, by starting to bring contractors on board. At SJD we’re already seeing a huge increase in Actuary Contractors on our books, and one of our industry experts estimates that each insurance company will require 15 to 20 contractors. 

Essentially this means if you’re thinking of taking the plunge and setting up as a an Actuarial Contractor, there has never been a better time than now.

The thought of leaving full time employment and setting up on your own as a contractor can appear daunting at first, but it needn’t be, especially in an industry where there is such an opportunity presenting itself. 

The first decision you need to make is whether to set up your own limited company, or whether to operate through an umbrella company. There are pros and cons to each (click the link for our guide on limited or umbrella)- but if you’re looking for the greatest amount of take-home pay, then any accountant will tell you that contracting through your own limited company is the most tax efficient option. 

Yes we would agree it does require a little more administration on your part, but the 15,000 contractor clients which we already support - all of whom trade through their own limited companies - are a testament to the fact that the extra 15 or 20 minutes a month of administration that’s needed is well worth the effort.

For the latest vacancies and contracts we recommend trying:

Here is a selection of pages which will help to guide you through the minefield of contracting.

You may also find our contractor careers section helpful, especially if you have been out of the job-hunting market for some time. There are some great hints and tips on CV writing and interview techniques, as well as ways to get an edge over your competitors!

If you have any question about contracting or would like any further advice please either contact your SJD Tax Expert or call our new client services helpdesk on Freephone 0500 152500 / 01442 275789 or e-mail: jessica@sjdaccountancy.com

SJD Accountancy

SJD Accountancy are the UK's largest specialist provider of fixed fee, Limited company accountancy services to contractors; we've been acting for contractors across the UK since 1992 and have more than 15,000 clients.

We are the only national specialist firm of contractor accountants with offices nationwide. SJD Accountancy has more qualified staff than any other firm in our market with qualifications from the following major tax and accountancy bodies - ATT, AAT, CTA, ACCA, CA, ACA and FCCA.

  • Unlimited face to face meetings. This is a unique service only SJD Accountancy offers - unlimited face to face meetings across the UK - tax is complicated and sometimes only a meeting will do.
  • UK's Largest contractor accountants with more qualified staff. No call centres, no outsourcing, no automated call handling. Simply telephone, email or meet your own dedicated accountant face to face.
  • Money back service guarantee. All your Emails received by 4pm on any normal working day will be answered the same day. Should it be necessary to leave a telephone message it will be answered same day/following day latest or we will make a full refund of that months fee.
  • Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market, including: Best Accountant for Contractors, Accountant of the Year and Best Professional Service Team to name just a few.
  • All inclusive low cost fixed fee accountancy package which includes completion of accounts*, payroll bureau, dividends and corporation tax computations, personal taxation, free bookkeeping software, your own dedicated accountant* and all company returns for a fixed fee starting from £120 plus VAT per month. Check our packages for more detail.

If you have any questions about contracting or would like any further advice please call our new client services helpdesk on 01442 275789 or email: janice@sjdaccountancy.com. Our new client services helpdesk is open Monday to Friday (8am to 6pm).

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again.

Form your own Limited company with SJD - our same day online company formation service includes company bank account set up, VAT/PAYE registration and advice on optimum share structure. 

You may also find the following pages, guides and case studies useful:

*If you would like us to complete your company year end accounts we simply ask that you have been a client of SJD for one year or have made 12 monthly payments. All accountants are part or fully qualified.