GAD Annual Report and Accounts for 2023 to 2024
We have published our Annual Report and Accounts which sum up the work of the Government Actuary’s Department in the 2023 to 2024 financial year.
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The Government Actuary’s Department (GAD) has published its Annual Report and Accounts (ARA) for 2023 to 2024, which have been laid before Parliament. The ARA sets out how GAD has supported the government across a wide range of policy areas including:
- climate change and disaster risk finance
- credit risk
- data science
- insurance and contingent liabilities
- investment and financial modelling, and QA
- pensions
- social security
Commenting on the work of the department, the Government Actuary Fiona Dunsire, said: “GAD has provided valuable analysis and insight into pressing, complex challenges in the public sector.
“I am impressed by the creativity and innovation in our delivery to clients and the appetite to continue to adopt new approaches and tools.”
Headline results
The ARA sets out GAD’s achievements over the financial year. The highlights include:
- £26.6 million - fee income for 2023 to 2024, a £1.8 million growth on the previous year
- 500,000 – number of reviewed and updated actuarial factors across 26 public service pension schemes
- 4.7 out of 5-star rating - awarded by clients in our annual client survey
- 70% - GAD employee engagement in the Civil Service People Survey
- 18 out of 24 – number of ministerial government departments GAD supported
- 1 in 6 – ratio of staff who have worked on new areas such as climate, data analytics and pensions administration
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Achievements
GAD continues to build on its skills around climate, data analytics and pensions administration. This will continue to strengthen over the coming year, with continued focus on nurturing talent and developing new skills.
Our pensions experts completed the actuarial valuations of the Public Sector Pension Schemes, GAD’s single largest project. The valuations influence around £40 billion of public spending each year. The completion of the valuations every 4 years marks a key milestone for the department.
We supported the Contingent Liabilities Central Capability to produce the first complete view of the UK government’s exposure to financial guarantees, indemnities, contingent liabilities, and provisions – in excess of £500 billion - and seen as a model internationally.
2024 also marked a decade of support to the Department for Education in respect of the Risk Protection Arrangement, developing a system which now provides risk cover for more than 10,000 schools at a fixed per pupil cost.
Fiona Dunsire concluded: “I look forward to leading the department through the coming years, with continued focus on innovation, forging meaningful partnerships and reaching even further across the public sector.”