Government Actuary

AAA

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
- insurance
- healthcare financing
- actuarial training

INVESTOPEDIA EXPLAINS '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.

RELATED TERMS
  1. Actuarial Service

    Method by which corporations determine, assess and plan for the ...
  2. Actuarial Science

    A discipline that assesses financial risks in the insurance and ...
  3. Actuarial Consultant

    A professional who advises clients on which methods, processes, ...
  4. Risk Tolerance

    The degree of variability in investment returns that an individual ...
  5. Bernoulli's Hypothesis

    Hypothesis proposed by mathematician Daniel Bernoulli that expands ...
  6. Actuarial Analysis

    The examination of risk by a highly educated and certified professional ...
Related Articles
  1. Retirement

    An Overview Of The Pension Benefit Guaranty Corporation (PBGC)

    Find out how this "retirement lifeguard" can save drowning plans, and why it's unlikely to be a long-term solution to the pension problem.
  2. Retirement

    Pension Plans: Pain Or Pleasure?

    Employees have a love/hate relationship with this retirement option.
  3. Home & Auto

    Insure Your Future With A Career As An Actuary

    If you've got excellent math skills, they can add up to a lucrative career as an actuary.
  4. Retirement

    The Investing Risk Of Underfunded Pension Plans

    Determine the risk to a company's EPS and financial condition resulting from an underfunded pension plan.
  5. Retirement

    The Pension Bill: A Wolf In Sheep's Clothing

    Find out why the 2006 act may not be all it's cracked up to be.
  6. Retirement

    Pension Protection Act Of 2006 Becomes Law

    Learn how the passed bill can help you save more for retirement.
  7. Options & Futures

    Personal Pensions: Repackaging The Annuity

    Discover an investment that can provide a stable income once you've left the work force.
  8. Economics

    Vladimir Putin: Rise to Power and Fortune

    An article about Vladimir Putin, where he studied, how he came into power, his net worth, and the current leverage he has on world politics.
  9. Stock Analysis

    A New Economic Threat: State-Sponsored Hacking

    State sponsored hacking attempts are becoming a major cause of concern to the US. Here is a list of US sectors most vulnerable to state-sponsored hacking.
  10. Economics

    Are Greece’s Worries Almost Over?

    Last week ended with the news that Greece and the European Union (EU) finance ministers struck a deal to temporarily extend the Greek bailout program.

You May Also Like

Hot Definitions
  1. Efficiency Ratio

    Ratios that are typically used to analyze how well a company uses its assets and liabilities internally. Efficiency Ratios ...
  2. Fixed Cost

    A cost that does not change with an increase or decrease in the amount of goods or services produced. Fixed costs are expenses ...
  3. Subsidy

    A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy ...
  4. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
  5. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
  6. Prepaid Expense

    A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received ...
Trading Center