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IFoA calls for clear strategy to tackle social care funding crisis

Responding to speculation about reform and funding for social care, Chris Reynolds, Chair, Health and Care Board at the Institute and Faculty of Actuaries, said:

“Additional funding to support the social care sector will always be welcome but a clear strategy for tackling the funding crisis in both the short and the long term is required too. Over the longer term, it is likely that a range of funding options will be needed to solve the crisis. When evaluating different funding solutions, the government should allow for sustainable provision of quality care, and in a way that is inter-generationally fair. The IFoA is committed to leveraging actuarial expertise to inform the government’s proposed solution to the social care funding crises.”