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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

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E.g., 04/03/2021
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Events calendar

  • Finance in the Public Interest Series

    16 March 2021 - 23 March 2021

    Spaces available

    There is widening debate that many of our social, financial and regulatory institutions need to be rethought so that we can create more sustainable futures, particularly in light of the Covid-19 pandemic, the policy/macro-economic response to the pandemic and how it affects consumers, as well as the impending climate crisis. This multi-day series of three keynote webinars, individually presented by leading economist John Kay, Sir Paul Collier, Professor of Economics and Public Policy at the Blavatnik School of Government, Ashok Gupta, Chair at Mercer Ltd, and Nico Aspinall, Chief Investment Officer at B&CE, will open up discussion on these essential topics. The series will culminate in a panel session with Chief Economist of the Bank of England, Andy Haldane.

  • The price is righter

    16 March 2021

    Spaces available

    This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced.

  • Spaces available

    This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)

     

  • Spaces available

    What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code? How does effective stewardship create long term value for beneficiaries and what roles do asset owners and asset managers play in active stewardship. This webinar will offer answers to these questions in a practical approach to stewardship reporting.

  • Spaces available

    Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis.  However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year.  This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work.