The Government Actuary's Department (GAD) has shared insights into how we can help with various challenges facing the UK public sector pensions.
Actuaries at GAD presented at the European Association of Public Sector Pension Institutions (EAPSPI) event, hosted by the Scottish Public Pensions Agency (SPPA) in Edinburgh.
EAPSPI is a network of European organisations involved in public sector pensions. It provides a forum for the exchange of ideas, best practices and policy developments across various countries.
Pension experts, policymakers, and stakeholders discussed issues around:
- pension provision
- reform
- management
Expertise and insights
Delegates heard from GAD about insights into the actuarial valuation and cost control process for UK public service pension schemes.
Attendees included representatives from various pension systems across Europe, allowing for a broad and comparative discussion on how different regions manage pension provision.
GAD actuaries Greg Donaldson and Martin Smith presented detailed analyses of the cost control mechanism in place in the UK. This aims to maintain a fair balance of risk between the taxpayer and members of the schemes.
UK and European comparisons
One of the key themes of the event was comparing pension provision across different regions including the UK, Slovenia, Germany, Finland, Switzerland and Belgium.
The event offered a unique opportunity to draw comparisons between these diverse systems, exploring how various countries address challenges such as:
- pension adequacy
- sustainability
- demographic changes
Evolving challenges
Reflecting on the event, Greg Donaldson commented: "We were delighted to be invited by SPPA to attend this event. We shared information on GAD's supporting role to both the Scottish and UK governments in their management of public service pension provision.
"It was an excellent opportunity to engage with colleagues from across Europe and discuss the various ways in which pension schemes are adapting to evolving challenges.
"The event facilitated the exchange of ideas and opinions. It's clear that despite the differences in pension systems across Europe, there are many common themes and shared experiences."
Martin Smith added: "It was interesting learning about the issues facing other European countries in terms of public sector pension provision and discussing how each were analysing and approaching such issues. The audience were very knowledgeable and were engaged with the sessions presented."
