Good Governance - B.4. Actuarial Assessment of Financial Sustainability
Depending upon the legislation, policy or decree that establishes the social security programmes, the board and management of a social security institution may be duty bound to maintain an adequate level of funding to deliver the promised benefits and services to members and beneficiaries, and to ensure the cost effectiveness of the administration of the social security programmes.
In this respect, the key challenges will include defining and maintaining the financial sustainability of the administered programmes. The four guidelines on this topic touch upon certain aspects of actuarial measures, actuarial valuations and programme financial sustainability.
The ISSA-ILO Guidelines on Actuarial Work for Social Security provides more comprehensive guidance to different stakeholders in their work as it relates to the planning, management, financing and provision of social security benefits.