ICE Council has approved an inflation-based 2% increase in 2015 subscription, transfer and entrance fees.
The increase, which will take effect on 1 January 2015, was agreed by Council last month to offset inflationary cost increases and maintain the Institution’s financial position, to ensure that it is positioned to invest for future growth.
Cost cutting measures which have been undertaken over recent years in reducing back office staff numbers, improving processes and making efficiencies have helped to improve the ICE’s financial situation, and the drive to make savings continues.
The Institution has also benefited from stronger profits from its trading company TTL in the past few years.
These are used to help pay for member services not fully covered by member subscriptions, and to cover other liabilities such as the pension deficit.
But Council agreed that these profits are not guaranteed and that an inflation-based subscriptions increase would help create the capacity for the
Institution to continue to improve member services through investment in information technology and new products and services.
The approved increase equates to an additional £7 per year for UK-based fellows, £5.50 for members and £3.75 for graduate members.