As the summer draws to a close and thousands of ICAEW members prepare for the sprint towards the end of the year, others will be thinking about winding down their careers. 

If you are considering whether to retire in the not-too-distant future, it’s worth knowing that when you stop work you don’t have to stop being part of the ICAEW community. Retired members can continue to take advantage of ICAEW member rewards, while benefiting from reduced fees and CPD exemption.

Reduced membership rates

Members who are over the age of 60, are fully retired and who have surrendered their Practising Certificate are eligible for reduced membership fees. 

There are two annual fee options, which are based on income. Similar to how fees are calculated for those who are working, individuals whose income is below £17,504 can access our lowest membership rate; those above can access the retired rate. Both these rates are significantly discounted from ICAEW’s full membership rate.

It is worth remembering that, in calculating your income, we do not consider pensions and state benefits – but we do factor income from other sources, such as interest on investments and savings, property rental, dividends, ISAs and PEPs.

Life membership: now available from 55

Alongside reduced annual membership rates, ICAEW offers a life membership option for a one-off fee. From 2025, the eligibility criteria for life membership are expanding. While previously members must have been with ICAEW for more than 30 years and over the age of 60, from 1 January 2025 members can apply from the age of 55 years and with 25 years of membership. 

Meanwhile, free life membership is offered to fully retired members who have been with us for more than 50 years – or who have reached the age of 75. 

You can read the full eligibility criteria and details on retirement rates in our guidance on fees and subscriptions. 

Reduced CPD requirements

Any member who is fully retired for a CPD year (1 November – 31 October) is completely exempt from ICAEW’s Continuing Professional Development (CPD) Regulations.

If you retire during a CPD year you are expected to fulfil at least a pro rata amount of CPD hours, based on the period from the start of the CPD year to your retirement date.

Retired members who decide to use their accountancy and finance skills as a volunteer – whether on behalf of a charity, an organisation or an individual – are encouraged to reflect on how the nature of that work affects their professional development needs.

While it is important to ensure your CPD addresses those needs, you will not be required to complete a set minimum of CPD hours. The only exception is if you’re volunteering as a trustee or another senior financial or executive role for a charity. In this instance, you are expected to undertake an hour of ethics-related training each year, alongside some charity-specific training. ICAEW provides free online options to meet these requirements.

Member offers and discounts

Retired members continue to have access to all of the member rewards that are part and parcel of ICAEW membership, as well as help and support through caba.

Offers and discounts for members include a range of services in healthcare, insurance and vehicle breakdown cover – plus brands, such as Charles Tyrwhitt, and an array of UK tourist attractions from Legoland and Thorpe Park to Warwick Castle and Madame Tussauds. 

Practical support on retiring

If you own an accountancy practice or other type of business and think that you are likely to stop work this year, ICAEW has a range of resources to help you plot a smooth path into retirement.

In addition to advice on business valuation, exit planning and successful transfer, we also have tips on succession planning.

Keep an eye on Insights for a forthcoming article that will take a closer look at how to make an effective plan for succession.

Get in touch

If you are considering retiring at the end of this year, you should get in touch with our Members Information Team. They will be able to discuss your membership options moving forward and ensure your annual renewal is correct.