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Government Actuary's Department
The Government Actuary's Department (GAD) provides actuarial solutions including risk analysis, modelling and advice to support the UK public sector. It is a department of the Government of the United Kingdom. History In 1912 the Government appointed a chief actuary to the National Health Insurance Joint Committee, following the Old Age Pensions Act 1908 and the National Insurance Act 1911 The National Insurance Act 1911 (1 & 2 Geo. 5. c. 55) created National Insurance, originally a system of health insurance for industrial workers in Great Britain based on contributions from employers, the government, and the workers themselves. .... As the role of the Chief Actuary expanded, the post of Government Actuary was created in 1917. The Government Actuary's Department was formed 2 years later. The role of GAD within government expanded significantly in the 1940s and 1950s, coinciding with an expansion of the state's role in pensions, social security and health care. By the 19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-ministerial Government Department
Non-ministerial government departments (NMGDs) are a type of Departments of the Government of the United Kingdom, department of the Government of the United Kingdom, United Kingdom government that deal with matters for which direct political oversight has been judged unnecessary or inappropriate. They are typically headed by British Civil Service, senior civil servants. Some fulfil a Regulatory agency, regulatory or inspection function, and their status is therefore intended to protect them from political interference. Some are headed by a permanent office holder, such as a Permanent Secretary or Second Permanent Secretary.Government Departments and Agencies , Government, Citizens and Rights, DirectGov. Overvi ...
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United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The UK includes the island of Great Britain, the north-eastern part of the island of Ireland, and most of List of islands of the United Kingdom, the smaller islands within the British Isles, covering . Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the UK is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. It maintains sovereignty over the British Overseas Territories, which are located across various oceans and seas globally. The UK had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the UK is London. The cities o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Actuary
The Government Actuary's Department (GAD) provides actuarial solutions including risk analysis, modelling and advice to support the UK public sector. It is a department of the Government of the United Kingdom. History In 1912 the Government appointed a chief actuary to the National Health Insurance Joint Committee, following the Old Age Pensions Act 1908 and the National Insurance Act 1911 The National Insurance Act 1911 (1 & 2 Geo. 5. c. 55) created National Insurance, originally a system of health insurance for industrial workers in Great Britain based on contributions from employers, the government, and the workers themselves. .... As the role of the Chief Actuary expanded, the post of Government Actuary was created in 1917. The Government Actuary's Department was formed 2 years later. The role of GAD within government expanded significantly in the 1940s and 1950s, coinciding with an expansion of the state's role in pensions, social security and health care. By the 19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Actuary
An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. These risks can affect both sides of the balance sheet and require investment management, asset management, liability (financial accounting), liability management, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms. The name of the corresponding academic discipline is actuarial science. While the concept of insurance dates to antiquity, the concepts needed to scientifically measure and mitigate risks have their origins in 17th-century studies of probability and annuities. Actuaries in the 21st century require analytical skills, business knowledge, and an understanding of human behavior and information systems; actuaries use this knowledge to design programs that manage risk, by determining if the implementation of strategies proposed for mit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Her Majesty's Government
His Majesty's Government, abbreviated to HM Government or otherwise UK Government, is the central government, central executive authority of the United Kingdom of Great Britain and Northern Ireland.Overview of the UK system of government : Directgov – Government, citizens and rights Archived direct.gov.uk webpage. Retrieved on 29 August 2014. The government is led by the Prime Minister of the United Kingdom, prime minister (Keir Starmer since 5 July 2024) who appoints all the other British Government frontbench, ministers. The country has had a Labour Party (UK), Labour government since 2024 United Kingdom general election, 2024. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Old Age Pensions Act 1908
The Old Age Pensions Act 1908 (8 Edw. 7. c. 40) is an Act of Parliament (UK), act of Parliament of the United Kingdom, Parliament of the United Kingdom of Great Britain and Ireland, passed in 1908. The act is one of the foundations of modern social welfare in both the present-day United Kingdom and the Irish Republic and forms part of the wider social Liberal welfare reforms, welfare reforms of the Liberal Party (UK), Liberal government of 1906–1914. Successful single claimants over the age of seventy were paid five shillings a week, while couples in which the husband was aged over seventy got seven shillings and sixpence per week. History A royal commission (1893-1895) chaired by Henry Bruce, 1st Baron Aberdare, Lord Aberdare investigated the viability of old age pensions, but issued an adverse verdict for economic reasons. A second committee (1896-1898) chaired by Lord Rothschild gave an adverse verdict on setting up an old age pension. A 1899 committee reported favorably on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Insurance Act 1911
The National Insurance Act 1911 (1 & 2 Geo. 5. c. 55) created National Insurance, originally a system of health insurance for industrial workers in Great Britain based on contributions from employers, the government, and the workers themselves. It was one of the foundations of the modern welfare state. It also provided unemployment insurance for designated cyclical industries. It formed part of the wider Liberal welfare reforms, social welfare reforms of the Liberal Government 1905–15, Liberal Governments of 1906–1915, led by Henry Campbell-Bannerman and H. H. Asquith. David Lloyd George, the Liberal Chancellor of the Exchequer, was the prime moving force behind its design, negotiations with doctors and other interest groups, and final passage, assisted by Home Secretary Winston Churchill. Background Lloyd George followed the example of Germany, which under Chancellor Otto von Bismarck had provided compulsory national insurance against sickness from 1884. After visiting Ger ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alfred Watson (actuary)
Sir Alfred William Watson KCB FIA (11 March 1870 – 7 May 1936) was a British actuary and civil servant. In 1917 he became Britain's first government actuary and was very influential in setting up funding from National Insurance for the newly introduced state pension. Early life Watson was born in Bristol on 11 March 1870 to parents Alfred Reuban Watson, a violinist and composer, and Emily Morris Hobro. He studied at Nottingham High School, before joining his grandfather Reuban Watson's actuarial practice, ''R. Watson and Sons''. He became a fellow of the Institute of Actuaries in 1893, passing his final examination with the highest mark in his year. Career In 1896, Watson was appointed to the 1896 Rothschild Committee on Old Age Pensions, which had been set up to investigate establishing a state pension in the United Kingdom, following the introduction of a state pension in Germany. The committee concluded in 1898 that none of the systems presented to them were viable. W ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Epps (actuary)
Sir George Selby Washington Epps (26 February 1885 – 8 February 1951) was a British actuary and civil servant. He succeeded Alfred Watson as government actuary in 1936. Early life and education George Selby Washington Epps was born on 26 February 1885 to father Washington Epps, a medical doctor in Great Russell Street, London, and his mother who was a sister of Lawrence Alma-Tadema. He was educated at Highgate School from 1899 before studying the Mathematical Tripos at Emmanuel College, Cambridge, graduating with a second-class degree in 1907. Career Epps became an actuary in 1907, having been introduced to the profession by a family friend. He started working with Alfred Watson as an actuary in government in 1912, acting as secretary to the Actuarial Advisory Committee from then until 1915. He served on various actuarial committees relating to National Insurance, including work on the implications on finance of the partition of Ireland. In 1921, he won an award for a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Christopher Daykin
Christopher David Daykin CB (born 18 July 1948) is a British actuary and civil servant. He was the head of the United Kingdom Government Actuary’s Department (GAD) from 1989 to 2007 where he worked on social security, pension fund consultancy, national pension policy, population projections, risk management and pension reform. He is the second-longest holder of the post. After graduating from Cambridge University with an honours degree in mathematics in 1970, Daykin qualified as a Fellow of the Institute of Actuaries in 1973 where he served as President between 1994 and 1996. He was also a President of the International Forum of Actuarial Associations in 1996–97 and was awarded the Medallist award from the International Actuarial Association in 2014. In 1993 New Year Honours, he was appointed a Companion of the Order of the Bath (CB). In 1995, he was presented with an Honorary Doctor of Science from City University of London. Daykin was awarded the Gold Medal of the Ins ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions In The United Kingdom
Pensions in the United Kingdom, whereby United Kingdom tax payers have some of their wages deducted to save for retirement, can be categorised into three major divisions – state, occupational and personal pensions. The state pension is based on years worked, with a full 35-year work history yielding a pension of £203.85 per week. It is linked to the Consumer Prices Index (CPI) rate. Most employees are also enrolled by their employers in either defined contribution or defined benefit pensions which supplement this basic state-provided pension. It's also possible to have a Self-invested personal pension (SIPP). Historically, the "Old Age Pension" was introduced in 1909 in the United Kingdom (which included all of Ireland at that time). Following the passage of the ''Old Age Pensions Act 1908'' a pension of 5/— per week (£, equivalent, using the Consumer Price Index, to £ in ), or 7/6 per week (£, equivalent to £/week in ) for a married couple, was payable to persons with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
