The Investment Approach

2015 Benefit System Performance Report

This is the third 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

Some of the analysis in this report relies on the liability calculations performed by Taylor Fry Consulting Actuaries and detailed in their report titled “Valuation of the Benefit System for Working-age Adults as at 30 June 2015” which was publicly released in January 2016.  Prior liability calculations were also performed by Taylor Fry for the years ended 30 June 2011, 30 June 2012, 30 June 2013 and 30 June 2014.