皇冠体育app

皇冠体育app Government Actuary鈥檚 Department (GAD) has completed actuarial reviews for 2 of Guernsey鈥檚 social security funds. 皇冠体育appse are the Guernsey Insurance Fund and the Long-term Care Insurance Fund.

GAD鈥檚 involvement

Social security is a long-term undertaking because benefits for current contributors may still be being paid in 60 or more years鈥� time. It is therefore important that policymakers and the wider public have a clear understanding of the financial commitments being made.

GAD looked at the period up to the year 2080. 皇冠体育app reports show the contribution rates required to finance the benefits, allowing for the policy on the balance that should be held in the funds.

皇冠体育appy also illustrate some of the key drivers of the funds鈥� finances. 皇冠体育appse include how benefits are increased each year, migration patterns and earnings growth.

GAD Actuary James Thompson led the project. He said: 鈥淒ecisions on the financing of social security commitments can be complex. 皇冠体育appse reviews are important in helping policymakers assess the long-term viability of the funds for the people of Guernsey.鈥�

Policy responses

皇冠体育app Committee for Employment & Social Security has considered the reports which will be presented to the States of Deliberation, the legislature and government of Guernsey, later this month (February 2021).

皇冠体育app results provide a sound basis on which to build future decisions on benefit rates and contribution levels.

皇冠体育app reports on both the and the are available to view on the States of Guernsey website.