Jules Constantinou of the Institute and Faculty of Actuaries

　　Jules Constantinou of the Institute and Faculty of Actuaries (IFoA) responds to the joint statement of intent for social care funding between the Department of Health and the Association of British Insurers (ABI)
 

　　

　　“Today’s joint statement by the Department of Health and the ABI is a sensible coordination between industry and Government for the communication of the services and options available to individuals, and for the development of products to help people meet their care needs.

　　“It it estimated that 80% of all over 65’s in the UK today will need care at some point.  Yet the size of the care planning market in the UK remains small. The reality is that very few of us want to consider needing care and despite the growing evidence that many of us will need it at some point in our lives, most do not plan ahead for that need.

　　“The new social care regime, which comes into full effect in April 2016, will improve the present regime for care, but it should be noted that the new cap on care charges will not work as a cost limit in the way that people might expect.  The cap will apply to ‘care’, not to residency or any top-up care costs.  As such it does not represent an absolute payment ‘stop’ point, rather it limits some elements of the costs that individuals and their families will face. (See editors notes for example.)

　　“Actuaries work in the health and care, pensions and life industries.  We believe that unlocking the value of retirement savings in some way to fund care would recognise that people do not plan ahead for this need.  This would offer a degree of future proofing as subsequent generations find they are faced with a growing list of savings requirements and limited money to fund these needs. We will be releasing research later this year, some of which should offer some interesting ideas on how this could be achieved.”

　　~Ends~

　　Editors notes:

　　About the Institute and Faculty of Actuaries

　　1.Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues

　　2.Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.

　　3.Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
 

　　祝福语：经过这么久的复习，我相信你在这次考试中，一定能够获得一个好的成绩。