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Understanding Actuarial Valuation: Insights from the Kent County Council Pension Fund

This presentation provides an overview of the 2013 actuarial valuation of the Kent County Council Pension Fund. It addresses the role of actuaries in managing pension funds, exploring their functions such as evaluating pension promises, conducting valuations, and determining funding needs. Key concepts include discount rates, financial and statistical assumptions, and the implications of deficit management strategies. Learn about recovery periods and deficit contributions, and gain insights into the effective management of pension funds over time.

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Understanding Actuarial Valuation: Insights from the Kent County Council Pension Fund

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Presentation Transcript

  1. Kent County Council Pension Fund 2013 Actuarial Valuation graeme.muir@bwllp.co.uk roisin.mcgee@bwllp.co.uk

  2. Agenda

  3. What is an Actuary? • Crystal ball gazer?

  4. What is an Actuary? • Thinking mans bookmaker?

  5. What is an Actuary? • Mathematical wizard?

  6. What is an Actuary? • Accountant with a personality?

  7. What is an Actuary?

  8. Why do we need an actuary ?

  9. Costing the pension promise

  10. How do we do valuations?

  11. Purpose of valuations

  12. Triennial Funding Valuation

  13. Annual Accounting Valuations

  14. How do we do it? Total cashflows – around £17bn

  15. How do we do it?

  16. Assumptions

  17. Discount Rates

  18. Discount Rates

  19. Financial Assumptions - Summary Property returns 75% of equity return and 25% of gilt return

  20. Statistical Assumptions

  21. Valuation Results

  22. Assets and Fund Accounts

  23. Intervaluation Experience

  24. Valuation Results – Whole Fund

  25. Next Steps

  26. Managing Your Deficit

  27. 20 Year Recovery Period - £100m of deficit Total Deficit Contributions - £183m

  28. 10 Year Recovery Period - £100m of deficit Total Deficit Contributions - £140m

  29. 30 Year Recovery Period - £100m of deficit £110m Total Deficit Contributions - £249m

  30. Any questions?

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