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Actuarial Services Back

Professional Financial Consulting Pty Ltd

Background Information

Professional Financial Consulting Pty Ltd is an Adelaide based actuarial consultancy, established in January 2004 by Mr Chris Papanicolas.  Mr Papanicolas qualified as an actuary at the end of 1993, and is a Fellow of the Institute of Actuaries of Australia.

Prior to starting his consultancy firm, Mr Papanicolas worked at AMP, National Mutual and Mercer Australia, in various actuarial roles.  He was a consultant at Mercer Australia, and in 1998 Mr Papanicolas became a principal of that business.

Over the years Mr Papanicolas has provided advice to the ABC, SA Water, ETSA, ReturntoWorkSA, several private sector employers, a few SA-based credit unions, an SA-based bank, and several legal firms.  This advice related to: various superannuation matters, workers compensation self-insurance, various matters related to National Consumer Credit legislation, and estimating liabilities that fall within the ambit of the Civil Liabilities Act 1936.

Workers Compensation Services Offered

  • Advising a private sector employer on the various matters that should be analysed when registration as a self-insured employer is being considered, as well as whether self-insuring the workers compensation risk is a viable option.
  • Undertaking the transfer valuation for a private sector employer that has just been granted registration as a self-insured employer.
  • Valuing a self-insured employer’s outstanding workers compensation liability, in accordance with ReturntoWorkSA’s guidelines for such a valuation.
  • Advising a self-insured employer on how to correct the financial consequences that arose from non-compliance with a relevant section of the Return to Work Act 2014.
  • Advising a self-insured employer on how key decisions handed down by the SA Employment Tribunal will impact on the way claims need to be managed.
  • Assisting a self-insured employer to develop and maintain compliant standard claim-related letters, claim-related forms and other communication material that is provided to an injured worker that is considering lodging a claim.
  • Advising a self-insured employer on aspects of its excess of loss insurance cover, as well as on potential recoveries from the compulsory third part insurance scheme.

NEW INFORMATION: Calculation of Weekly Income Support

I have just completed a major exercise for a self-insured employer.  The exercise involved developing a robust spreadsheet that calculates the weekly income support that should have been paid in respect of benefit weeks 1 to 104 (or later, if a serious injury) and, if the amount paid is short, the amount of the underpayment.

The calculation of the amount of income support is not straightforward, as the weekly benefit periods do not normally coincide with the weekly (or fortnights) pay periods.  This mismatch of periods complicates the calculation for payroll staff.  In particular, the pay period that normally includes some days from benefit week 52 (where 100% of any shortfall is payable), as well as some days from benefit week 53 (where 80% of any shortfall is payable).  The calculations for the first and final benefit weeks are also not normally straightforward.  My program automatically determines the benefit periods and the corresponding pay weeks.  It also automatically calculates the income support for each pay week, including the first and final pay weeks, as well as what I refer to as “pay week 53”.

The legislation’s requirement in relation to how annual leave and long service leave days impact of the calculation of income support further complicates matters.  My program correctly treats such days.  It also correctly treats payments made in respect of public holidays that are not worked, as well payments made in respect of all approved leave with pay (other than public holidays, annual leave and long service leave).

My spreadsheet can be used for two purposes.  The first is to calculate the weekly underpayments in income support, for the relevant weeks.  Just as importantly, the spreadsheet can also be used by payroll staff to determine the weekly income support for each new claim.  This should save a significant amount of time for the payroll staff.

I believe many of the other self-insured employers will find my spreadsheet of great assistance, after it is suitably modified to reflect the employer’s pay week cycle (the spreadsheet I developed assumes a pay week ends on a Saturday).  I am happy to demonstrate the spreadsheet to you and/or SISA’s executive, at one of the executive’s regular meetings.

Kind Regards

Chris Papanicolas

Actuary | Professional Financial Consulting Pty Ltd

PO Box 7355, West Lakes SA 5021

T   (08) 8242 6088

M   0413 666 741