The social security institution communicates actuarial information in a way that is appropriate for the intended audience.
It is often difficult to communicate technical information to different stakeholders. These stakeholders include board members, parliamentarians and plan participants who will have different levels of skills, experience and expertise. The social security institution, with the assistance of actuaries, should work at preparing communications that address the needs of both technical and general audiences.
One particularly important area of actuarial involvement is the preparation of annual benefit statements sometimes provided to social security scheme participants. These should be accurate and provide comprehensive and clear information on a regular basis. Information should be determined using appropriate methodologies and assumptions. Since the annual statements often contain information of an actuarial nature, it is crucial for the actuary to be involved in the preparation of these statements.
This guideline should be read in conjuncture with Guideline 10.