Post on 26-Jul-2020
transcript
WIG ‘Society’ Series
Martin Clarke, Government Actuary, Government
Actuary's Department
Tuesday 8 October 2019
For other WIG events & opportunities visit www.wig.co.uk
Join the conversation @WIGuk | #WIGevents
Government Actuary’s Department 100 years and beyond
Martin Clarke, Government Actuary
8th October 2019
Welcome to the world of government actuaries
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What are actuaries?
“Problem solvers and strategic thinkers with a
deep understanding of financial systems”
Institute and Faculty of Actuaries
A brief history of GAD• The first Government Actuary sat on 21
Royal Commissions and was influential in
the creation of the National Health
Insurance Scheme;
• The second served on and was actuary
to the Beveridge Committee whose
report led to the creation of NHS;
• Like many of his colleagues at the time,
the third served a secondment in a War
department during WWII;
• The sixth led on the introduction of
appointed actuaries to life insurers and
was instrumental in the beginnings of
SERPS;
.
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GAD’s direction of travel:
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RiskSocial
Security
Govt
Insuranc
e
Schemes
Public
Pensions
Health –
social care
Climate
change
Mathematics, economics, probability and statistics, data analysis, modelling.
Actuarial sciences – pensions, investment, insurance and risk ….
Client engagement, policy development, project management, public finances
communications, business development, research, standards…..
Generic skills for public sector consulting
Increasing “domains” of expertise
Technical and professional skills and specialisms
Today’s Government Actuary’s Department
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• Achieving fairness through the PI discount rate
• Getting value for money from student loan sales
• Practical remedies after public service pensions Employment Tribunal
GAD analysis showed the distribution of compensation at different PI discount rates
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Today’s Government Actuary’s Department
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• Achieving fairness through the PI discount rate
• Getting value for money from student loan sales
• Practical remedies after public service pensions Employment Tribunal
GAD’s student loan model
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GAD’s model of student
loan repayments is
based on a “transition
matrix” of probabilities
of moving from one
earnings/employment
state to another over a
one year period.
The probabilities are
determined from
analysing
past data and retro-fitting
the model to past
experience.
Today’s Government Actuary’s Department
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• Achieving fairness through the PI discount rate
• Getting value for money from student loan sales
• Practical remedies after public service pensions Employment Tribunal
GAD’s challenges for the future
• Big data – seeing the wood for the trees
• Who pay’s for risk? Risk management of the government balance sheet
• Ageing population – sound finances and fair policies
• Climate change - understanding, measuring and managing the risks
• EU exit – UK-specific policies based on sound analysis
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Client / employee perspectives
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90% “highly valued”
“Any material or information in this document is based on sources believed to be reliable, however we cannot warrant accuracy,
completeness or otherwise, or accept responsibility for any error, omission or other inaccuracy, or for any consequences arising
from any reliance upon such information. The facts and data contained are not intended to be a substitute for commercial
judgement or professional or legal advice, and you should not act in reliance upon any of the facts and data contained, without
first obtaining professional advice relevant to your circumstances. Expressions of opinion do not necessarily represent the views
of other government departments and may be subject to change without notice.
Time for questions?
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WIG ‘Society’ Series
Martin Clarke, Government Actuary, Government
Actuary's Department
Tuesday 8 October 2019
For other WIG events & opportunities visit www.wig.co.uk
Join the conversation @WIGuk | #WIGevents
www.wig.co.uk
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Thursday 10 October
Managing Risk in Outsourcing: A Cross Sector Conversation with the
Cabinet Office
Wednesday 6 November
Chris Giles, Economics Editor, The Financial Times
Wednesday 27 November
Sir Richard Heaton, Permanent Secretary, Ministry of Justice
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