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An Actuarial Overview of IFRS17 in the Public Sector (10 October 2023)

IFRS 17 is a global accounting standard developed by the International Accounting Standards Board. It establishes principles for the accounting and financial reporting of insurance contracts.

Our event provided an introduction to the actuarial aspects of IFRS 17 within the public sector. IFRS 17 will be applicable for accounts within scope of the government financial reporting manual (FReM) from 1 April 2025. Organisations affected by this are advised to consider seeking actuarial advice.

Climate Change, Financial Risk and Uncertainty (2 1 February 2023)

GAD discussed the issues of climate change, financial risk and uncertainty at the recent Civil Service Climate and Environment Conference 2023.

COVID, Life Expectancy and Public Finances (27 April 2022)

GAD hosted a webinar to discuss how COVID-19 may affect future life expectancy and UK population projections. We looked at how this linked to elements of the projection of public sector finances.

The topics included:

• ONS鈥檚 latest (2020-based) population projections
• how the indirect impacts of the pandemic may impact longer-term life expectancies and what that might that mean for future population projections
• how the latest views feed into important national forecasts including:
  • the National Insurance Fund
  • valuations of public service pension schemes
  • the State Pension age review

The Long View - Will changing demographics lead to more flexible working lives? (8 March 2022)

We held a webinar with the International Longevity Centre UK (ILC) for an in-depth look at the factors affecting working lifetimes, the impact of demographic changes and the implications for future policy.

Key questions we looked at were:

• What changes are we seeing in our demographics?
• How might working lives change?
• Do longer lives equate to healthier lives?

Exploring this with us were:

Chair: Sophia Dimitriadis (Senior Economist, ILC)

• Matt Gurden - Actuarial Director for Clients Development and Growth, Government Actuary鈥檚 Department
• Steven Baxter - Head of Innovation and Development, Club Vita

What Makes a Quality Model (2 March 2022)

National Audit Office (NAO) and Government Actuary鈥檚 Department鈥檚 (GAD) joint webinar on what makes a quality model, held on 2 March 2022.

Financial modelling is at the heart of how the government understands its spending, performance and risks, and influences decisions that often have major impacts on people鈥檚 lives. So it鈥檚 really important that people who depend on outputs from models can feel confident in the quality and robustness of these models.

Making Sense of COP26 (16 December 2021)

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Managing Risks to Public Finances (22 July 2021)

Learn more about the Office for Budget Responsibility鈥檚 latest Fiscal risks report and the government鈥檚 new Contingent Liability Central Capability.

The webinar was chaired by the Matt Gurden and included an overview of the latest Fiscal risks report, including its purpose and importance, the major risks facing public finances and insight into the CLCC鈥檚 risk management role for the government鈥檚 book of contingent liabilities. The event was followed by a Q&A.

Speakers also included members of the Office for Budget Responsibility and the government鈥檚 new Contingent Liability Central Capability teams.

Government Actuary鈥檚 review of the cost control mechanism (15 July 2021)

At the request of HM Treasury, the Government Actuary carried out a review of the cost control mechanism in the public service pension schemes. The Government Actuary set out a report of his findings and recommendations which can be found here.

This webinar was chaired by the Government Actuary, Martin Clarke, and included discussions of Martin鈥檚 assessment of the current mechanism and recommendations on possible changes to the mechanism, followed by a Q&A.

Speakers also included members of the team that assisted the Government Actuary with his review.

Analysis in Government month events

GAD hosted 2 events during the first Analysis in Government month in May 2021. The webinars and an accompanying flyer on working in multidisciplinary teams, are below.

Government decision-making in uncertainty

Working in multidisciplinary teams 鈥� lessons from COVID-19

Improving government decision-making: the new Green Book (16 February 2021)

The HM Treasury Green Book informs and directs government policy and investment decisions. It covers appraisal and evaluation for central government projects, programmes and policies.

Following a 2020 review designed to ensure it would not hinder the levelling up agenda, a revised version of the Green Book was published last November.

Climate change (17 - 18 November 2020)

On 17 and 18 November 2020, the Government Actuary鈥檚 Department (GAD), in conjunction with the Civil Service Environment Network, hosted a free virtual event focused on the government鈥檚 climate challenge and how risk management can help.

Making sense of COVID-19: climate change risk management (26 August 2020)

COVID-19 has shown that planning for systemic risks is essential. GAD鈥檚 Zoom webinar considered potential implications of the recent crisis on emerging climate risks and what we can learn from our experience of COVID-19 to inform better climate risk management practices.

Making sense of COVID-19: longevity for pension schemes (19 August 2020)

As we all sadly know, COVID-19 has had a stark impact on the UK鈥檚 mortality rate this year. GAD hosted a panel discussion to explore what 2020 population mortality experience has looked like and the impact of COVID-19. We considered practical implications for those involved in running defined benefit pension schemes (eg trustees and employers), identifying key factors which will need to be considered when setting future mortality assumptions for their own schemes.

Making sense of COVID-19: commercial insurance (5 August 2020)

In 鈥楳aking sense of COVID-19: commercial insurance鈥� we looked at the impact of the coronavirus on the insurance industry and explored what this means for public sector organisations.