Since its formation in 1919, GAD has provided advice to the UK Government on the UK social security scheme as it has evolved from inception to maturity.
The significance of GAD’s role in the management of the UK National Insurance scheme is recognised in legislation by the requirement for regular reports to parliament by the Government Actuary on the scheme’s financial position.
Short-term reports
The Government Actuary reports to parliament annually on the financial implications of changes to National Insurance contribution and benefit rates.
These reports include short-term projections of the financial position of the National Insurance Fund.
Long-term reports
Every five years, the Government Actuary reports to parliament on the projected long-term financial position of the National Insurance Fund.
These reports consider the effects of projected demographic changes, and project the future contribution rates required to meet the cost of benefits.
Other reports
The Government Actuary may, from time to time, be required to report to parliament on specific aspects of the National Insurance scheme, in particular on the financial effects on proposed changes to the scheme.
External peer review
As part of its policy of ensuring that it provides actuarial advice of the highest quality, in 2002 GAD commissioned an external peer review of its public reports on the National Insurance Fund.
The review was carried out by Jean-Claude Menard of the Office of the Chief Actuary at the Office of the Superintendent of Financial Institutions in Canada.
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