GAD’s Annual Report and Accounts 2024 to 2025
Source: gov.uk (2025-11-04)

GAD’s Annual Report and Accounts (2024 to 2025) provide an overview of the department’s work and sets the scene for the implementation of the strategy to 2030.

The Government Actuary’s Department’s (GAD) Annual Report and Accounts (ARA) for 2024 to 2025 (https://www.gov.uk/government/publications/government-actuarys-department-annual-report-and-accounts-2024-to-2025) provides details of the department’s work and direction.

The ARA sets out the ways we have supported the government across a wide range of policy areas through our expertise in:
- climate change and disaster risk finance
- credit risk
- data science and reproducible analytical pipelines
- insurance and contingent liabilities
- investment and financing
- modelling and quality assurance
- pensions
- social security
Commenting on the work of the department the Government Actuary, Fiona Dunsire, said: “I am proud of, and inspired by our work. This has ranged from public service pensions and policy development to investment advice, quality assurance on complex modelling, as well as disaster risk finance and climate analysis.

“During this year we anticipated a shift in the nature of our work, with an increased emphasis on supporting policy development. Our aspiration is to be the ‘go-to’ partner across the public sector when it is faced with complex and uncertain financial challenges.”

Headline results

The 2024 to 2025 financial year successfully demonstrated our ability to have a greater impact in supporting policy development across government.

We continued to deliver near record levels of client support. This was set against a background of innovation and system development to enable future efficiencies. As of 1 April 2025, GAD’s structure has been aligned with its 2030 Strategy to enable effective implementation of the strategy.

Achievements

This ARA reflects the final year of our previous strategy. This was built around GAD’s mission to improve the stewardship of public sector finances by supporting effective decision-making and robust financial reporting through actuarial analysis, modelling and advice.

Overall, the ARA sets out GAD’s achievements across the financial year including:
- £26.1 million – amount of support provided to clients as measured by fee income for 2024 to 2025
- 4.8 stars out of 5 – rating awarded by clients in our annual client survey (including an 8% increase in our innovation score)
- 700+ attendees at GAD events – staff also contributed to more than 50 industry events
- 68% GAD employee engagement – in the Civil Service People Survey (4% higher than the overall Civil Service staff engagement score)
Successes included:

Supporting the Pensions Investment Review impacting assets of £400 billion for the Local Government Pension Scheme and £200 billion for the defined contribution pension market.

Advising NHS Resolution on £60 billion provision for clinical negligence claims.

Providing advice and analysis to enable the UK government’s £2.26 billion loan to Ukraine.

Developing new tools and refining processes to enhance both accuracy and efficiency ahead of upcoming public service pensions valuations.

Reviewing the National Insurance Fund of Great Britain containing income and expenditure projections for the Fund.

Supplying advice and recommendations to the Scottish Government, to help develop a climate decision tool.

The ARA has been laid before Parliament and Fiona Dunsire added: “This report marks the transition to our 2030 strategy. We have a new ambitious vision: to be bold and trusted partners in risk and finance, enhancing decision-making for lasting benefits to society.

“As we enter the first year of this new strategy, we have already laid the groundwork for success – with refreshed leadership structures, clear goals and high ambition. We recognise that the cyclical nature of our statutory work means the next two years will be particularly demanding.”