Case studies illustrate the varied work the Government Actuary's Department (GAD) completes, and these recent examples continue to showcase the range of projects we undertake for clients.
Model QA
In the latest examples, this includes work we undertake around Model Quality Assurance (QA) reviews of financial models. These are used by government to make financial and business decisions including estimating costs and testing policy options.
GAD's independent QA review helps by:
- verifying model calculations are working correctly
- validating that data, assumptions, and the modelling approach are fit for purpose
- assessing whether the model has been subjected to appropriate scrutiny and challenge
- assuring the limitations and uncertainty of model outputs are adequately communicated
Pensions factors
Occupational pension arrangements for public servants include flexibility and choice. GAD analysis supports pension scheme managers in keeping the terms of these options up to date. Our advice updates actuarial factors specific to each scheme, and the guidance on how to use them.
GAD is also set to update Factor Guidance Notes for public service pensions schemes. It follows completion of a major actuarial factors review project. Our work in this area is highlighted in a latest case study about the Factors review.
Collaborative work
We also highlighted the cross-government Credit Risk Group which GAD set up. It is for people in government departments, arms' length bodies and public sector organisations which manage loans and financial guarantees.
Also featured is our collaborative work with NHS Resolution, an arm's length body of the Department of Health and Social Care. GAD works with NHS Resolution in detailed and strategic ways to support several workstreams, including reserving (forecasting the ultimate cost of claims), cashflow projection, budget setting, and pricing of member level contributions.
