The Government Actuary’s Department (GAD) has assisted the Office of the Accountant General (OAG) in a review of the Strategic Investment Board (SIB) Framework. This framework provides the structure for managing funds invested by the Court Funds Office (CFO) on behalf of children and protected beneficiaries who have received court awards.
The SIB, with support from the OAG, offers strategic direction on the investment profile of these funds, including fund manager appointments and performance monitoring. The Framework is designed to support two groups awarded money by the courts: children and protected beneficiaries who need help managing their financial affairs.
GAD's role involved reviewing the existing Framework and making recommendations to the OAG for its future development. This included assessing the investment strategy, the balance between expected returns and risk, and how factors like income requirements and beneficiary age affect this balance. GAD also advised on potentially extending the Framework to include additional asset classes.