You are here

Pensions and Long Term Care Steering Group

A cross practice Working Party investigating the challenges of meeting long term care costs, a significant funding challenge for individuals, and both, current and future governments

The UK has an ageing population and this presents both opportunities and challenges for individuals and Government. One of the challenges is meeting long term care costs, which is a significant funding challenge for individuals, and both, current and future governments.

The Pensions and Long Term Care has oversight of three research groups:

  • Products Research Group (now includes the Long Term Care Working party members)
  • Products Impact Group (closed 2016)
  • Pensions Income Modelling Group (Closed 2016)

The over-arching objective of these groups is to explore the role of pensions as a framework for saving to meet potential long term care needs.

The Products Research Group, published a paper in 2014 ‘How pensions can help meet consumer needs under the new social care regime’ and an interactive regional mapping tool illustrating costs for those entering care and the likelihood of benefitting from the cap on care costs as outlined in the 2014 Care Act. The group is working a second report that will be published late 2015.  They then published a joint paper with Independant Age in November 2017, and presented at the Life Conference 2017

The Products Impact Group, which closed in 2016, produced a series of case studies to understand how financial products for long term care might impact on a person’s wealth should they have long term care needs.

The Pensions Income Modelling Group, which close din 2016, explored the possibility of a project to develop a continuously maintained repository of pensions data to improve pensions and long term care policy and planning in the public and private sector.

PRG Chair: Tom Kenny
Membership: 12
Established: 2012

Related documents

Contact Details

If you want more information about this research working party please contact the Communities Team.

professional.communities@actuaries.org.uk

Filter or search events

Start date
E.g., 20/10/2020
End date
E.g., 20/10/2020

Events calendar

  • GIRO 2020 Virtual Conference

    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

  • Life Conference 2020 Webinar Series

    Online
    16 November 2020 - 27 November 2020

    Spaces available

    This year's Life Conference 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 life insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's website.

  • 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.

  • 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

    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.