GAD business critical models (HTML)
Updated 18 July 2024
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GAD’s Business Critical Models
The Government Actuary’s Department uses the following business critical models:
| Model name | Model description | |
|---|---|---|
| Mantle | A pension valuation system used across GAD to calculate pension costs in respect of both past service and future accrual | |
| Public service pension schemes: data tools | Tools to summarise, check and manipulate member data as required for the actuarial valuations of the public service pension schemes | |
| Public service pension schemes: analysis of experience model | Tool to aid actuarial advisors in determining assumptions and communicating these to clients | |
| Public service pension schemes: valuation results and analysis of surplus calculations | Tool for calculating the Cost Cap and Employer Contribution Rate, as well as analysis of changes since prior valuation results | |
| Annuity generator | Tool to calculate individual and bulk annuities on a variety of different assumptions | |
| Accounts roll-forward tool | Tool to roll-forward liabilities for resource accounts disclosures | |
| Actuarial factors tools | Tools to calculate and manipulate actuarial factors such as early retirement reductions, late retirement uplifts and cash equivalent transfer values | |
| DB Consolidation | Tool to simulate outcomes across potential authorisation regimes for the consolidation of Defined Benefit (DB) pension schemes | |
| Firefighters’ Pension Scheme commutation factors | Model to generate factors for members of the Firefighters’ Pension Scheme who exchange pension for lump sum | |
| Police Pension Scheme commutation factors | Model to generate factors for members of the Police Pension Scheme who exchange pension for lump sum | |
| National Insurance Funds of Great Britain and Northern Ireland | Models used in relation to work for the National Insurance Funds of Great Britain and Northern Ireland, used to project contribution income and benefit expenditure and to apportion contributions between the Funds and the National Health Service | |
| Service credit model | Model for the calculation of service credits under Fair Deal | |
| Bulk transfer templates | Implementation of pension valuation software to provide calculation templates used to calculate bulk transfer values under Fair Deal for NHSPS & PCSPS (GB). | |
| Pension Cost Model | Enabling DfT to model future pension costs in the Railways Pension Scheme | |
| NHS Resolution’s IBNR provisions | Model to calculate NHS Resolution’s Incurred but not reported (IBNR) provisions for accounting purposes | |
| Personal Injury Discount Rate modelling | Claimant outcome modelling to inform Ministry of Justice policy | |
| Annual accounts production | Model to produce GAD’s annual resource accounts, as required by statute | |
| State Pension age model | Model to determine the State Pension age changes required to meet defined criteria, such as the expected average period in retirement not exceeding a specified proportion of adult life | |
| EU Exit: Financial Instruments Model | Model to forecast the UK’s liability under Article 143 and 144 of the Withdrawal Agreement | |
| Judicial Pensions Scheme: O’Brien 2/Miller tool | Tool to enable scheme administrators to provide pension remedy calculations for members impacted by the O’Brien 2 and Miller judgements |
Last reviewed: July 2024