Commenting on the Queen’s Speech delivered today (11 May 2021) at the State Opening of Parliament, Tan Suee Chieh, President at the Institute and Faculty of Actuaries, said:

 “The Prime Minister committed to fixing social care in his December 2019 re-election promise. Today’s Queen’s Speech presented an opportunity for the government, at the very least, to indicate next steps and a clear timeline for tackling the social care funding crisis.

 “The pressures facing the health and social care system are largely driven by the UK’s changing demographics. The population is growing, individuals are living longer, and there is a rising proportion of older people. In the face of profound demographic change, it is increasingly likely that more and more people will require long-term care in later life.

 “These pressures on the social care system have been exacerbated by Covid-19 and the need for health and social care integration. This Queen’s Speech was an opportunity to set out a clear strategy and a practical plan for tackling social care in both the short and the long term. Whilst it is important that this complex issue is addressed comprehensively, and the government should seek to provide clarity around the level of care provided and who will pay for it, we are concerned that another key moment has passed with no comprehensive plan and an unclear timetable remains.

 “As set out in our recent report, The Great Risk Transfer, we believe the government must support individuals to manage financial risks, such as those incurred by the need for social care. We urge the government to engage with all relevant stakeholders, including drawing on the professional expertise of the IFoA, to develop a consensus around proposals that can help unlock this impasse for the benefit of the public good.”

~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.

Contact Details

For all media queries please contact Sonia Sequeira, Media Relations Manager

sonia.sequeira@actuaries.org.uk

+44 (0) 20 7632 2126

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