(1) Actuaries in their professional life are concerned both with the study of population statistics and with the financial administration of pension schemes of all kinds. Among their responsibilities in relation to pension schemes are the calculation of rates of contribution and benefit, the determination of the funds which it is necessary to accumulate to meet contractual liabilities, and the estimation of the disbursements (or “emerging costs” as they are commonly termed) which may be expected over future years. It follows that the age distribution of the population, the economic effects of changes in that age distribution, and the provision of pensions are all subjects of vital concern to the actuarial profession. Accordingly, in response to an invitation received from the Committee which, under the chairmanship of Sir Thomas Phillips, is considering the economic and financial problems of provision for old age, the Councils of the Institute of Actuaries and of the Faculty of Actuaries in Scotland desire to submit the following evidence.