This report highlights key dynamics of the benefit system and how they impact long-term benefit dependency. It is the fourth internal actuarial report produced in relation to the forward liability of the benefit system. The purpose of the report is for the Chief Actuary to independently:
- Review experience over the year of exit rates, numbers of new clients and clients transitioning between benefits
- Review overall performance of the welfare system and the effectiveness of investments made to reduce benefit dependency
- Review and comment on the valuation of the forward liability
- Identify areas for attention to assist in managing long-term benefit dependency.