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Social Care Policy Briefing Series

Despite numerous attempts by successive governments to reform the system, social care remains in crisis and under constant pressure – both financially and in terms of demand. With the government due to publish its long-awaited green paper this year, the actuarial profession has an essential role to play in offering a unique perspective on potential long-term funding solutions.

Current briefings in this series

A fairer means test

Read our latest briefing which explores the social care means test.

 

The state of play

Read our first briefing on the demographic, financial and societal challenges facing the social care system.

 

Recommendations

The IFoA recommends that the government should consider the following principles as it looks to reform the social care system:

  • Efforts should be made to improve the public’s understanding of the risks and costs associated with social care (as well as the solutions) and to clearly outline who is responsible for meeting any potential needs, ie the state or the individual.
     
  • Given the diverse needs and circumstances of those requiring care, the government should consider multiple funding solutions. These might include one (or more) solution(s) for those already in retirement or with care needs, and one (or more) for the working population with potential future care needs.
     
  • A combination of approaches will avoid exacerbating issues around intergenerational fairness. We would caution the government against asking younger generations to bear a disproportionate amount of the costs of supporting future older generations, particularly given the projected shrinking tax base over the coming decades.
     
  • The government should consider how it can help remove any existing barriers associated with the use of insurance and savings-based products and solutions, particularly for those who are able to self-fund, as well as how older people could effectively and efficiently use the wealth they may have accumulated through property and pension assets.
     
  • As proposed under the Care Act 2014, the means test should be implemented as soon as possible to reduce the disincentives to save for those with lower levels of assets.

 

Contact Details

For further information, please contact the Policy Team at

Policy@actuaries.org.uk

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E.g., 24/09/2020
End date
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Events calendar

  • Asia Conference Webinar Series

    Webinars
    7 September 2020 - 25 September 2020

    Spaces available

    There will be a prestigious line-up of international speakers discussing the insurance and financial industry’s innovation and change in Asia.  The conference will take place throughout September via an online platform. The webinars consist of plenary speaking sessions and a series of workshop sessions including Life, GI, Data Science, Sustainability, Risk Management and Investment.

    This will be the perfect opportunity for you to discover,ask questions and be at the forefront of current and developing actuarial/financial topics and trends in Asia.

     

  • Spaces available

    This free 90 minute webinar is designed to support the IFoA CPD Co-ordinators, and others, involved in supporting our members to achieve their CPD requirements. 

    The programme will include an overview of the new CPD Scheme; specifically sharing with you key messages to support you implement and embrace the new CPD Scheme for our members within your organisation and regional community; how to arrange a reflective practice discussion; and an interactive reflective practice discussion learning exercise.  In addition, delegates will gain information about accessing, and making the most of the IFoA event Toolkits which you can make use of to run your own in-house events and events for regional communities. 

  • Spaces available

    16.00-17.00 GMT+8

    Consumer expectations are changing Insurance. The Royal Commission in Australia, Design Obligations in the UK, the insurtech ecosystem, and digital-first consumers demanding personalised solutions will all revolutionise how insurance looks like in the future.

  • Spaces available

    12.00-13.00 GMT+8

    This presenter / panel workshop hybrid will be anchored by two presentations examining the socioeconomic, medical and technological factors that will have a significant impact on mortality and our pricing over the next 20 years and beyond. It will also discuss whether significant mortality improvement will continue in Asia or whether varying experience of low improvements or deterioration. 

  • Spaces available

    12.00-13.00 GMT+8

    This presentation aims to provides an overview of the reformation of current Chinese regulatory solvency regime, how industry coping with the new normal after pandemic time and how the reformation of the regulation could help the insurance industry gets back on its feet as well as coming back to the “protection” core value for the policyholders. The presentation would include:

  • Spaces available

    16.00-17.00 (GMT+8) | 09.00-10.00 (BST)

    The basic data of China’s 2nd Critical Illness Mortality Table covers 2000+ products in Chinese market, including about 340 million insurance policies and 5.1 million claimants. Presenter will give the audience a general understanding including but not limited to the following contents:

  • Autumn Lecture 2020: Professor Elroy Dimson

    Online webinar
    14 October 2020

    Spaces available

    Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term.

  • GIRO Conference 2020 Webinar Series

    Available to watch globally in November.
    02-13 November 2020
    Spaces available

    This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.