Date Time
Looking to long-term
The Government Actuary’s Department (GAD) has completed actuarial reviews for 2 of Guernsey’s social security funds. These are the Guernsey Insurance Fund and the Long-term Care Insurance Fund.
GAD’s involvement
Social security is a long-term undertaking because benefits for current contributors may still be being paid in 60 or more years’ 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. The reports show the contribution rates required to finance the benefits, allowing for the policy on the balance that should be held in the funds.
10 February 2021
The Government Actuary’s Department (GAD) has completed actuarial reviews for 2 of Guernsey’s social security funds. These are the Guernsey Insurance Fund and the Long-term Care Insurance Fund.
GAD’s involvement
Social security is a long-term undertaking because benefits for current contributors may still be being paid in 60 or more years’ 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. The reports show the contribution rates required to finance the benefits, allowing for the policy on the balance that should be held in the funds.