The Government Actuary’s Department (GAD) has released its Annual Report and Accounts for the 2023 to 2024 financial year, highlighting significant achievements and ongoing commitments to public service.
Introduction
The GAD Annual Report and Accounts for 2023-2024 underscores the department’s pivotal role in providing actuarial advice and support across various UK public service pension schemes, impacting around 16 million people.
Published on November 15, 2024, the report details GAD’s performance, new initiatives, and future plans.
Actuarial Advice and Public Service Support
GAD continued to provide critical actuarial advice on major UK public service pension schemes. The department achieved all its parliamentary estimate targets, with a fee income of £24.8 million, marking an all-time high and a £0.7 million increase from the previous year.
This financial success is attributed to GAD’s broadened workforce, which now includes more analysts and business professionals alongside actuaries, enabling faster integration of new capabilities and diversification into additional policy areas.
Initiative or Solution Overview
Enhanced Capabilities and Secondments
GAD placed 29 members of staff on secondment at 14 different organisations, supporting priority client activities and staff development through new experiences.
This approach has enhanced GAD’s capabilities in areas such as the Liability Driven Investment market for pension schemes and the development of McCloud remedy options. Additionally, GAD extended its advisory role to HM Treasury on the review of solvency requirements for insurance companies.
New Indemnity Scheme
GAD supported the Department for Levelling Up, Housing and Communities in introducing a new indemnity scheme to improve the mortgage market for sales of flats in high-rise buildings. This initiative aims to enhance the effectiveness and stability of the housing market.
Benefits and Impact
The work of GAD has significant benefits for public service pension schemes and broader economic stability. By providing accurate actuarial advice, GAD helps ensure the long-term viability of pension schemes, affecting millions of individuals.
The department’s support in developing new indemnity schemes and advising on solvency requirements contributes to a more robust financial landscape.
Implementation and Future Steps
Looking ahead, GAD is set to continue its core activities with a focus on efficiency and innovation. The department is expecting a significant increase in capital expenditure in the coming year, driven by the end of the lease on its London office and the need for new facilities.
GAD will also continue to adapt emerging tools and technologies to enhance its services, ensuring it remains a leading actuarial advisory body.
The Final Word
The GAD Annual Report and Accounts for 2023-2024 reflects the department’s commitment to excellence in actuarial advice and public service. As GAD moves forward, its innovative approaches and expanded capabilities will be crucial in addressing the complex financial challenges facing the UK.
This report serves as a testament to the department’s dedication to supporting the public good through precise and impactful actuarial services.
Sources: THX News & Government Actuary’s Department.
