The social security institution ensures that regular actuarial valuations are conducted to assess and monitor the financial situation of social security programmes. The social security institution further ensures that an actuarial valuation is conducted at the inception of a new programme, or whenever an existing programme is materially changed.
Valuations of a social security scheme are aimed at assessing their actuarial soundness. Soundness may be defined in a variety of ways and social security institutions should define measures of soundness appropriate to their situation and their scheme. As stated in the ISSA Guidelines on Good Governance (Guideline 59), a social security scheme should carry out regular actuarial valuations to monitor sustainability and other key elements.
These ISSA-ILO Actuarial Guidelines include the principles that social security institutions should consider in relation to actuarial work undertaken for social security schemes. They are not intended either as a detailed actuarial manual or as standards of practice. Their goal is to guide social security institutions in the “what” to consider but not the question of “how”.
The guidelines are comprised of eight separate parts:
Part A, Valuation of Social Security Schemes
Part B, Operational Management of Social Security Systems (including benefit calculations and determination of factors)
Part C, Investment Issues
Part D, Reporting, Communication and Disclosure
Part E, Risk Management and Analysis
Part F, Regulatory Issues, Standards and Professional Guidance
Part G, Policy and Strategy Issues
These guidelines are written for actuaries and other social security professionals undertaking actuarial work for social security schemes, as well as social security institutions, policy-makers and other stakeholders overseeing or reviewing actuarial work.
These Guidelines on Actuarial Work for Social Security (hereafter referred to as ISSA-ILO Actuarial Guidelines) have been produced jointly by the International Social Security Association and the International Labour Organization.
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