Excellence in administration

  • Guidelines:
  • Actuarial Work for Social Security

Excellence in administration

  • Guidelines:
  • Actuarial Work for Social Security

Actuarial Work for Social Security -
Guideline 18. Supervision of individual funded accounts

The social security institution or other governing institution plays a role in the monitoring and surveillance of defined contribution schemes, as appropriate.

A funded defined contribution element is present in many retirement systems. However, social security institutions generally do not play a direct role in the management of this element of benefit provision. While issues relating to the design of systems are set out in Part G, this guideline refers to the supervision and policy aspects, including the setting of bases and methodology for determining returns that funds should credit to member accounts, review of providers and assessing adequacy of future benefits. This guideline should be read in conjunction with Guidelines 19 and 47.