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How can ICAEW support you in your retirement?

Author: ICAEW Insights

Published: 29 Sep 2023

Retirement can offer significant opportunities for Chartered Accountants to pursue other interests, as well as giving back to the wider finance profession. Find out how ICAEW can help you make this transition.

Retirement may conjure up mixed feelings for many, but at ICAEW what it doesn’t mean is a severing of ties with an organisation that has supported members for decades through their successful careers.

ICAEW can continue to support members in this next stage of life and provide many benefits and opportunities, such as mentoring or volunteering. It is a great achievement to have gained the ACA qualification in the first instance, to have retained it for so many years is fantastic, and therefore retirement should also be celebrated.

Life membership at a discount

As a retired professional there are a number of different options to choose from, depending on your retirement status. For example, life membership allows you to retain the benefits of ICAEW membership, including retaining your ACA status.

For retired members aged 75 and over, or those who have been a member for at least 50 years, life membership is free. 

If you are fully retired, aged 60 or over and have been an ICAEW member for 30 years or more, you can become a life member by paying a one-off life membership fee of £675 (1.5 times the standard annual subscription).

Life membership is for those members completely retired, so it’s always worth calling member services to double check your eligibility.

Life members continue to enjoy the benefits of membership, including access to library services and business and accountancy resource and research services, and use of the Business Centre at Chartered Accountants’ Hall, as well as ICAEW’s confidential advice and support helplines.

ICAEW has also negotiated with an array of renowned brands to offer you the best possible benefits and discounts, from family days out to a variety of reduced insurance benefits.

Another option for those considering retiring or who have retired since their membership was last renewed, is a reduced membership fee. Annual membership fees are income-based and start from as little as £59. You can apply for a reduced rate when you receive your annual bill in November.

Finally, if members are lucky enough to reach 90 years of age and upwards they are automatically granted free life membership. Any Practising Certificate, Practice Assurance, faculty and community fees and subscriptions are also waived.

Support the next generation of accountants

Once retired, you may want to simply enjoy the slow pace of life or get down to that retirement project you’ve been putting off for years. For those who don’t have plans, though, the Student Mentoring Programme may be just what you’re looking for.

The programme is designed around a one-to-one relationship between you and an ACA student and is aimed at supporting a student in their professional journey and helping them to manage their career and improve their skills along the way.

Importantly, retired members don’t need any mentoring experience to get involved. By sharing your own experiences and expertise the student will learn and improve.

Ideally, the time commitment is spread over a three- to six-month period involving about two to four hours of mentoring each month. This will entirely depend on each relationship though.

ICAEW has partnered with mentoring platform Guider to facilitate the matching process. You can build your own profile and select areas of support you feel comfortable offering. Guider will then match you with a mentee. Once a potential student has been matched, they will contact you through the platform to set up an introduction session. It couldn’t be easier.

Mentoring isn’t just a rewarding experience and an opportunity to gain personal and skills development for both you and the mentee, but research repeatedly shows that mentoring has a positive effect on mental health. 

Resources if you are considering retirement

For some, the thought of no longer having to work can be incredibly daunting. Vital to making sure you adapt well to it and enjoy every minute of it is drawing up an action plan for retirement. 

Members can contact the Chartered Accountants’ Benevolent Association (caba) for help with this. Caba is the occupational charity helping the ICAEW community “thrive through everyday situations to exceptional life-changing circumstances”.

Regular lunches, coffee mornings and general gatherings for retired and semi-retired members take place across the UK, so it’s always worth checking for updates on events.icaew.com, as there are many and varied events taking place across the regions.

Retirement, when well-planned and thought through, can be a joyous stage in life. ICAEW is here to encourage members to make the most of this period and support them in their choices and aspirations.

Changes to CPD requirements

From 1 November 2023, ICAEW's CPD requirements are changing. Please ensure that you review ICAEW’s new CPD Regulations to ensure you understand how the changes may impact you. The CPD self-assessment tool will help you determine whether you are exempt.

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