Social Security
Committee Overview
For the purposes of the Social Security Committee (SSC), "social security" encompasses all social transfers in kind and in cash that are typically organized by the state. Benefits include cash transfers, such as pensions, income grants, short term cash benefits (sickness, maternity, unemployment), as well as benefits in kind, such as health services.
Social security systems usually serve two basic functions:
- Alleviating poverty by providing a safety net to individuals facing destitution; and
- Maintaining income for individuals during periods of economic inactivity
Social security enhances economic development by providing:
- Health services that improve the health of workers and their families and hence have an impact on productivity;
- Income replacement benefits that affect the income distribution and, inter alia, permit the maintenance of consumption levels for people during inactive phases of their lives; and
- Anti-poverty benefits that help reduce poverty and maintain social peace, which is a crucial prerequisite for economic growth.
Membership of the SSC:
The SSC shall comprise a Chairperson and no less than four other members. The Chairperson shall decide on the maximum size of the Committee.
The Chairperson will be appointed by Council on the advice of the Human Resources Board. The Committee will also appoint a Council liaison member who may be the Chairperson, Deputy Chairperson or another member. Any member of the Actuarial Society may volunteer for membership of the Committee, but membership is subject to approval by the Chair, who will advise the Secretariat of such applications and whether they have been accepted or rejected. The majority of members of the Committee are required to be competent to contribute in the relevant practice area.
Sub Committees:
The SSC may, in its discretion, form and disband sub committees or Task Forces to address specific matters of relevance to its scope and objectives from time to time. Any such sub committee or task force must have a documented mandate and a date by which the sub committee or task force will be dissolved. The mandate must be lodged with the Secretariat. Should the Committee wish to form a sub committee with an indefinite term, Council approval must be obtained.
Key objectives of the SSC:
- To actively support the development of actuarial practice in the area of social security through the Actuarial Society’s education, CPD, standard setting, public policy and research activities.
- To actively identify and promote opportunities for members working in the practice area and facilitate communication, discussion and liaison within the profession on relevant topics, and
- To contribute to the strategic direction of the Actuarial Society from the perspective of the practice area and, in so doing, to support the Actuarial Society brand of “thought leadership”
Responsibilities of the SSC:
- To identify new and emerging technical and practice needs of members.
- To identify risks to the profession, to propose strategies to manage those risks and to bring such matters to the attention of Council in a timely manner.
- To assist in the development and maintenance of professional education materials.
To identify CPD needs and opportunities, including the identification of non Actuarial Society related opportunities, for members, and to develop and present CPD programmes and other opportunities.
- To identify potential issues for research developed in discussion with the Research Committee.
- To develop, review and adapt when necessary appropriate Professional Guidance Notes (“PGN’s”), for approval by Council.
- To prepare public policy submissions on technical issues affecting the practice area and to contribute to the development of an Actuarial Society response on matters of broader public interest as requested by Council. The Committee may be requested by Council to participate in or form a Task Force to prepare an Actuarial Society response on such broader matters.
- To communicate on a regular basis with members on issues and developments affecting the practice area, both local and international. In particular, the Committee is expected to maintain the web page relating to its activities, including reports on its activities and articles and links of interest to practitioners.
- To develop and maintain appropriate links with other overseas actuarial bodies, including the relevant IAA Section, and other relevant professional, industry and industry bodies.
- To advise Council, in general, on matters affecting the both the practice area itself and individual members operating in the practice area.
In order to meet its responsibilities, the SSC has assigned specific roles to its members. The current portfolio allocations are as follows portfolio allocations.
Reporting:
The SSC shall maintain minutes of its meetings and these minutes are to be made available to Council if required.
The Committee shall report quarterly to Council on its activities over the quarter and shall submit its report in good time for the quarterly Council meeting.
The Committee shall also present an annual report to Council, covering at least the following:
- A summary of activities over the past year, including activities in the areas of education, research and CPD.
- A scan of key issue and risks within the practice area and related industry sectors.
Committee work plan for the following year.
- Key challenges faced by the Committee and support required from Council (including any resource requirements)
Social Security & Retirement Reform Task Force:
Council established a Social Security & Retirement Reform Task Force in early 2008. The Task Force was established in view of the increasing prominence of these subjects, and considering the potentially far reaching policy reforms being proposed within Government.
As long as the Task Force stands, matters falling within the ambit of the Task Force must be driven within the Task Force rather than the Social Security Committee. The Social Security Committee might be requested to assist the task Force with some aspects of its work.
The Chairperson shall appoint one member to act as the liaison person between the Committee and the Task Force so as to ensure areas of unnecessary overlap are kept to a minimum.