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The Actuary The magazine of the Institute & Faculty of Actuaries

From the government actuary

In July 2003 the Government Actuary’s Department (GAD) moved to new and larger premises at Finlaison House, 15-17 Furnival Street, EC4A 1AB in the City of London. From our new home we look forward to continuing to expand and develop services for our valued existing clients and a steadily increasing number of new clients.

The name Finlaison House was chosen in honour of John Finlaison, the first actuary to be the government actuary, a post which he held from 1822 to 1851. An enthusiastic organiser and innovator, Finlaison’s greatest contribution to actuarial science was his work in developing mortality tables used to calculate government annuities. He also received international acclaim for his system for indexing the records and correspondence of the Admiralty. In 1848 he became the first president of the Institute of Actuaries.

In the past year GAD has compiled and released a special set of population projections that took into account the results of the 2001 census. These results showed that the registrars generals’ population estimates, used as the base for previous projections, had been overestimated. The interim projections incorporate a reduced assumption of net international migration to the United Kingdom, informed by the first results of the 2001 census and more recent migration information.

We also broke new ground with a substantial report for the Mexican Social Security Institute on the risks it faces and the reserves and policies required to address them.

In a busy and generally successful year with many tight deadlines, we completed a number of major pension scheme valuations, including reports for the Teachers’ Pension Scheme (England & Wales), the NHS Pension Scheme, and the Parliamentary Contributory Pension Fund. The Quinquennial Review of the National Insurance Fund continued with the release of a near-final draft. Actuarial advice was also given on a day-to-day basis to dozens of government departments and other public sector organisations in the UK, and to social security institutions or regulators in more than 15 other countries.

Full results from the 2000 Occupational Pension Scheme Survey were published and made available on our website in April 2003.See full report at www.gad.gov.uk/news /documents/GAD_AR_2003.pdf.