CMI Working Paper 165

Working Paper 165 was published in December 2022. The paper describes the mortality experience of combined standard and enhanced individual pension annuities in payment in 2015-2019. Results and values underlying charts are available in accompanying spreadsheets.

The analyses show that:

• Following the announcement of Pensions freedoms in 2014, data volumes significantly dropped for both enhanced and standard individual annuities, and remained low in 2015 and beyond.
• When analysing the dataset with a simple generalised linear model (GLM), differentials between experience for standard and enhanced annuities appear to be higher than is indicated by the one-way analysis using 100A/Es alone and durational effects appear to be stronger.
• 100A/E analysis suggests that mortality experience post-freedoms has been lighter than pre-freedoms, however, results from the GLM analysis suggest the opposite. This may be due to the post-freedoms experience data being only at short durations

The accompanying results are available in two forms:

• Summary spreadsheets, with results for 2015-2019 combined, both without improvements and with improvements from CMI_2021.
• Datasheets containing the detailed data by calendar year for 2015-2019, for example by individual age. . 

The summary results spreadsheets provide a high-level overview of the results but do not allow users to choose an alternative base table. Users wishing to see more granular data, and to alter the comparison basis, should refer to the datasheets.

We have also published:

• A spreadsheet that includes the values used in the charts in the working paper.
• A Tableau Workbook, allowing interactive exploration of selected charts in the working paper. Note that this requires access to Tableau Reader; this is free to download at: https://www.tableau.com/products/reader.

Note: this paper and the accompanying spreadsheets are available to Authorised Users only.