Notes on some Actuarial Aspects of the Local Government and other Officers' Superannuation Act, 1922, and on a method suitable for the initial Valuation of a small Fund of the “Officer” type

Abstract

Any attempt to cover in a single paper the whole field of the present and future problems which the placing on the Statute Book of the “Local Government and other Officers’ “Superannuation Act 1922”, presents to the actuary would be a highly ambitious task, and as so many of these problems will be solved far more readily and more accurately a few years hence’ than can be the case to-day, I have deliberately limited my comments on the present occasion to two important aspects of these questions. The first section of the paper gives an explanatory summary of the main provisions of the Act, so far as they affect our profession : the second section is an attempt to devise a simple method of valuation, suitable for adoption in the case of a small body of benefit members, where the ordinary valuation procedure, based on salary averages, does not seem to me to be applicable at the outset.