Independent Expert Peer Review Services

AGREEMENT BETWEENDEPARTMENT OF SOCIAL PROTECTION AND THE INTERNATIONAL LABOUR ORGANIZATION Output: Letter seeting out the findings of the independent peer review of the Department’s Actuary Actuarial Review of the Social Insurance Fund as at 31 December 2021 Activity 1 – Review of the assumptions and methodology used for both the closed group and open group approaches. For this, the Department’s Actuary will provide access to the peer reviewer to all the documentation supporting the selection of assumptions as well as to the investment managers of the SIF. More specifically on the review of the methodology, the Department’s Actuary will provide the documentation and all details requested by the peer reviewer. The peer reviewer will not review the coding of the valuation model. Activity 2 – Review that the results of the analysis are within a reasonable range. The Department’s Actuary will present to the peer reviewer the Page 7 of 8 main drivers of the results, give an outline of the checks and reviews in order to satisfy the per reviewer that the results are consistent with the documented methodology and assumptions. In addition, detailed outputs from the pension model (in Excel/CSV format) will be made available allowing the peer reviewer to understand the drivers of expenditure changes. The peer reviewer will not review the detailed calculations nor reproduce with the ILO valuation model the results produced by the Department’s Actuary. Activity 3 – Taking part in discussions regarding areas involving significant actuarial judgement. Activity 4 – Detailed review of the draft report. Activity 5 – Drafting of a short letter setting out the findings of the independent peer review of the Department’s Actuary Actuarial Review of the Social Insurance Fund as at 31 December 2021. Article 21: DEADLINES OF THE PROJECT ACTIVITIES

Project symbol

IRL/23/01/IRL

Admin unit

SOCPRO

Start date

06/06/2023

End date

31/12/2023

Total allocation

26969

Total expenditure

Status

Closed

26250

Development Partners

Ireland, Department for Social Protection

Country/Countries

Ireland

Outcomes

Outcome 7: Universal social protection