DEFINITION of 'Government Actuary'
An employee of the U.K. government who works for the Government's Actuary Department (GAD). The GAD provides actuarial consulting services for the public sector at a set fee structure. It provides consulting on numerous actuarial and statistical topics including:
- pensions policy and regulation
- occupational pensions
- staff transfers
- social security
- healthcare financing
- actuarial training
BREAKING DOWN 'Government Actuary'
The first government actuary was appointed in 1917, and was shortly followed by the British finance ministry creating the actual Government Actuary Department. The government actuary first provided financial implication reports to parliament on health insurance proposals and unemployment-related legislation. The government actuary's role expanded significantly since World War II and today it advises public sector clients from the U.K. and worldwide.