GAD's analysis of the Autumn Statement 2023
GAD analyses announcements in the Autumn Statement, as they relate to areas where we specialise. We look at pension reform proposals, and other measures.
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The Government Actuary’s Department (GAD) has analysed the announcements in the government’s Autumn Statement, as they relate to areas in which we specialise.
The latest Technical Bulletin focuses on proposals for pension reforms and a selection of other measures most closely linked to GAD’s work. These areas include:
Pensions
We examine the Autumn Statement’s package of pension measures which represent the next steps of the Chancellor’s Mansion House reforms. This includes proposals relating to Local Government Pension Scheme (England and Wales) investments and options for defined benefit schemes.
National Insurance
The government also announced a reduction in National Insurance contributions (NICs) for employees and people who are self-employed. The Government Actuary reports to Parliament annually on the financial implications of changes to NICs and benefit rates. The next report, due in early 2024, will include the impact of the announcements in the Autumn Statement.
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Contingent liabilities
The Autumn Statement also announced that the government has published a report assessing the risks from existing contingent liabilities. The assessment has come from the Contingent Liability Central Capability (CLCC), the government’s centre of excellence for the management of contingent liabilities. CLCC was established within UK Government Investments in partnership with GAD, in 2021.