22 November 2021
Commenting ahead of the Government’s vote in the House of Commons on proposed amendments to the Health and Social Care Bill, Chris Reynolds, Chair of the Health and Social Care Board at the Institute and Faculty of Actuaries, said:
“The IFoA is disappointed at the proposed change to the Care Act 2014, not to include means-tested support from local authorities towards the £86,000 cap for personal care. This will disproportionally affect lower-value homeowners, who will end up paying the same as those in high value homes. Without fairness, the reforms are unlikely to achieve the consensus needed for a sustainable system going forward.”
“The IFoA calls on the Government to ensure the social care portion of the new Health and Social Care Levy is ring-fenced after 2023 to help address the funding challenges in social care and provide better long-term certainty.”
~ENDS~
Contact
Sonia Sequeira, Media Relations Manager, IFoA
Tel: 07525 592 198
Email: sonia.sequeira@actuaries.org.uk
About the Institute and Faculty of Actuaries
The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.
Research undertaken by the IFoA is not commercial. As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest.
Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s of London.
Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
The IFoA is available to provide independent expert comment to the media on a range of actuarial-related issues, including COVID-19 and its long term consequences, mortality, pensions, life and general insurance, health and care, finance and investment, climate change and sustainability, systems thinking, uncertainty and judgement, and risk management.