Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
Quick links:
  • Home
  • The Actuary Issues
  • November 2015
11

Intertemporal equity

Open-access content 30th October 2015
2
Recently, the chancellor of the exchequer, George Osborne, suggested that public finances should be re-engineered towards 'intertemporal equity'. This is fatuous - although less so than his verdict on Ireland, delivered just before the Irish boom went belly up: "Ireland stands as a shining example of the art of the possible in long-term economic policymaking."

The New Statesman's take on this was that: "Ireland boomed instead on a toxic mix of cheap credit, lax banking regulation and by becoming a borderline tax haven." The rest of the article is well worth reading too (New Statesman, bit.ly/1GrXhb2).

I trust Mr Osborne's latest fantasy will have as little effect as his hymn to Ireland. If we listen to it, it seems to follow that offering government benefits and pensions to World War II veterans violated some sacred financial, as well as actuarial, principle since that war generation could hardly be expected to pick up their own tab: they were busy.

One could make a similar case for introducing government pensions
payable to all citizens working at scheme inception and reflecting past service in the benefit formula.

Should not the actuarial profession tell the chancellor that the test for benefits provided by governments should be whether they are sustainable over the long term? Actuaries, unlike politicians, are supposed to think about the long term.
Let's do so.
This article appeared in our November 2015 issue of The Actuary.
Click here to view this issue
Filed in:
11
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Director of Investment Risk

London (Central)
+ comprehensive benefits
Reference
118783

Qualified Reporting and Process Improvement

London (Central)
£90,000 - £100,000
Reference
118762

Risk Actuary

London (Central)
Market Rates + 20% bonus + benefits
Reference
118782
See all jobs »
 
 

Most-Popular

 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2020 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited, Level 5, 78 Chamber Street, London, E1 8BL. Tel: 020 7880 6200