As the 2017 General Election proved, the majority of the public are not aware of their responsibility for covering their social care costs, or the likelihood of it happening to them. Likewise, the UK Government has been commissioning a series of assessments of social care funding over the last twenty years to explore how best to balance individual and state responsibility for these costs. With the ‘Freedom and Choice’ pension agenda allowing individuals to access their retirement savings more easily and the NHS increasingly under budgetary strain, it is essential that Government reform the system as soon as possible to clarify what individuals, providers, and Government will be expected to pay so that they can prepare accordingly.
Recent developments in the Social Care Landscape
In 2010, the Government set up the Commission on Funding of Care and Support (Dilnot Commission) to evaluate how best to achieve an affordable and sustainable social care system. Since then:
- On 4 July 2011, the Dilnot Commission published its recommendations for the funding of social care.
- In 2014, Government introduced some of those reforms but announced in 2015 that the introduction of a £72,000 cap on lifetime costs and change in the means testing threshold would be deferred until 2020.
- In 2017, Government pledged to publish a Green Paper on social care. After various delays, this paper is still due to be published.
Explore our policy briefings below where we assess previously proposed financial products, caps and reforms for social care costs and recommend a solution as a means of social insurance to help individuals adequately prepare for later life.
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Drawing from his most recent book “The New Long Life” and his longevity research Andrew J Scott will outline how longer lives and new technologies will fundamentally reshape how we structure our lives and transform the economy. As well as looking at the agenda this will set governments and corporates he will focus on the implications for you and how you prepare your future career.
The IFoA’s Actuarial Review Team has published its first thematic review, which looked at the actuarial advice given by scheme actuaries to UK pension scheme trustees on setting transfer values and commutation rates.
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual India Town Hall 2021, hosted by John Taylor with IFoA Council Member Mahidhara Davangere and IFoA Chief Executive, Stephen Mann.
What are the options for the world economy looking ahead?
In this Thought Leadership Lecture, Economist, Vicky Pryce, will be discussing world economic trends, including the differences in geographical performance and how output is recovering and where.
Trust and Leadership for Actuaries
Led by Dr. Jim Baxter, University of Leeds, this webinar introduces some key ideas in the ethics of trust, with a particular focus on those in, or on the path to, leadership roles. Dr Baxter is joined by a panel of experienced leaders who will give their personal perspectives on how they understand the value of trust and how they seek to promote and inspire trust, drawing on their experiences of leadership. The panel includes:
In this webinar, we have two presentations showing the latest research on the implications for life and health insurers of two key issues: genomics and pandemic risk.
Dr Peter Joshi and Paul Timmers will share their research on how well-established underwriting processes can allow for genomics in predicting expected mortality and morbidity. They will then discuss the potential for stratified screening and personalised medicine to improve health and reduce claim costs.
As the world’s attention begins to turn to COP26 later this year in Glasgow, Sarah Gordon (Chief Executive, Impact Investing Institute) will share her vision for how the financial services industry can deliver for people and the planet, as well as how to encourage more investment with the intention to generate positive, measurable social and environmental impact alongside a financial return.
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual SSA Town Hall 2021, hosted by John Taylor with IFoA Council Members Mukami Njeru, Prosper Matiashe and IFoA Chief Executive, Stephen Mann.
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual MENAP Town Hall 2021, hosted by John Taylor and IFoA Chief Executive, Stephen Mann.