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New announcements will affect public service pension schemes. One means the 2016 valuations will complete and another sets out how the cost control mechanism will be reformed.
We support the Ministry of Justice's work on a reformed pension scheme for the judiciary providing actuarial costings and drawing on our experience of public service pensions.
The government is seeking views on changes to the cost control mechanism and the discount rate methodology, which apply to public service pension schemes.
The Government Actuary has reviewed the cost control mechanism used in public service pension schemes. His report recommends possible changes.
GAD provides varying levels of support to the departments in preparation of their pension scheme cashflow forecasts for the Office for Budget Responsibility (OBR).
The Government Actuary’s Department (GAD) provides advice to trustees of a number of funded pension schemes, which cover over 300,000 members with combined assets of around £30 billion.
Changes announced by the government on public service pensions are set to have implications for GAD’s pensions work. The update was announced at the beginning of this month.
GAD has worked with the Northern Ireland Department of Justice by developing its response to the McCloud ruling, and provided wider pensions consultancy advice.
GAD is highly commended in the communications category of the inaugural Analysis in Government Awards 2020.
GAD has carried out a pensions cost review, to help the Utility Regulator for Northern Ireland decide if it needs to adjust the pensions costs requested by the water provider.
GAD is supporting clients as they navigate the complexities which have followed the McCloud judgment which ruled some public sector pension reforms were discriminatory.
GAD has provided key support and expertise for a government consultation on pensions.
On 16 July 2020, the Chief Secretary to the Treasury provided an update to Parliament on public service pensions.
GAD helps set up an external peer review on the 30th Actuarial Report on the Canada Pension Plan.
GAD’s expertise helped the Department of Health and Social Care assess approaches for senior clinicians’ pensions.
GAD carries out the first formal review of the Local Government Pension Scheme (Scotland) and concludes the 15 funds are in a strong financial position.
GAD produces examples to illustrate proposed remedy methodology.
Advice on implementation of government policy.
Expert witness analysis on costs.
Articles: An actuary in court: reflections on the role of expert analysis, Centenary deep dive: GAD’s role in advising on public service pension schemes, GAD centenary lecture.
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