Working Paper 16 - The Graduation of the CMI 1999-2002 Mortality Experience: Proposed Annuitant and Pensioner Graduations

The CMI is pleased to announce the immediate availability of proposed new tables of mortality (the "00" Series) for annuitants and pensioners.

• Working Paper 16

The range of tables proposed has expanded substantially compared with the “92” Series, and a full list is given on pages 4 and 5 of the Working Paper.

These tables are based on the “all office” mortality experience for 1999-2002, as detailed in C.M.I.R. 21 which was published in September 2004. The CMI consulted the profession about these, and other, proposed mortality tables in Working Paper 8 (WP8), which was published in May 2004.  That paper was discussed at a seminar held in Staple Inn in June 2004.

In April 2005, Working Paper 12 (WP12) was published. WP12 contained proposals for the “00” Series assured lives (permanent and temporary assurances) tables. Final proposals for all tables – assured lives, annuitants and pensioners – will be published following the consultation period (until 31 October 2005) for WP16.

The proposed new tables of mortality for annuitants and pensioners are significantly lighter, over the main age ranges for these types of business, than the previous “92” Series of tables. It is also clear that the “shape” of mortality is somewhat different. However, the new tables are consistent with the results disclosed in the CMI’s regular annual reports on industry mortality experience, the quadrennium report in C.M.I.R. 21and with the information contained in WP8. That paper gave a detailed comparison of the 1999-2002 experience with the “92” Series tables, including confidence intervals for mortality rates at particular ages. In this way information as to the shape and level of mortality that the new tables will be required to describe was disclosed.

The CMI is aware that some offices are required, for some purposes, to use the latest published mortality tables. It should be noted that the information that is now being made available does not constitute “publication” of the tables. At time of publication, it is expected that formal adoption of the "00" Series tables will occur towards the end of Q1 2006, but this depends on feedback received.

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