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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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Events calendar

  • Spaces available

    The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.

  • Spaces available

    Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.

  • UK Town Hall 08:30-09:30

    Webinar
    4 December 2020

    Spaces available

    IFoA President Tan Suee Chieh would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual UK Town Hall 2020, hosted by Tan Suee Chieh with IFoA’s Immediate Past President, John Taylor, President Elect, Louise Pryor and IFoA Chief Executive, Stephen Mann.  

  • UK Town Hall 10:00-11:00

    Webinar
    4 December 2020

    Spaces available

    IFoA President Tan Suee Chieh would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual UK Town Hall 2020, hosted by Tan Suee Chieh with IFoA’s Immediate Past President, John Taylor, President Elect, Louise Pryor and IFoA Chief Executive, Stephen Mann.  

  • 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

    Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year

  • 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. 

  • Spaces available

    Running off the £2 trillion of UK corporate sector defined benefit liabilities in an efficient and effective fashion is the biggest challenge facing the UK pensions industry. Trustees and sponsors overseeing those schemes need to be clear on their target end-state and the associated journey plan – but too few have well articulated and robust plans.

  • Spaces available

    The actuarial skill set has much to offer the banking industry. So many of the skills that actuaries acquire during their working life translate across to the world of banking and yet banking is perceived as an alien environment to many actuaries. But is it?

  • Spaces available

    Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.

    We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.