Ever wondered how a figure is arrived at for:
- Pension payments for super scheme retirees and their spouses over the next 40 years;
- Lump sum super payments for future resignations, retirements and payments to a beneficiary of a deceased person;
- Damages for someone who was deemed not eligible for a super scheme but later found to be eligible for a particular scheme;
- Costs of changes to the benefit design of super schemes, or
- More broadly how financial risk is assessed, managed and calculated when required to provide regular financial reports to employer sponsors, trustees and regulators.
This is what we do for the Government Agencies related Super Schemes, primarily for the Military superannuation schemes. We ensure that financial risk is quantified, likely cash flows identified and that agencies are accountable for the future superannuation costs of their employees.
Some of the work the Australian Government Actuary has done in this space has been: