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Self-administered pension schemes (SAPS) FAQs

A brief history of the self-administered pension scheme (SAPS) mortality investigation?

Historically pension schemes in the UK have used mortality tables based on population data or data collected from insurance companies. In 1997 the Pensions Board of the Institute and Faculty of Actuaries and the CMI began considering the feasibility of research into the mortality experience of UK self-administered pension schemes. It was decided that a pilot investigation would be run on a small subset of self-administered schemes to see how the mortality compared to that of insured pensioners.

The results of this investigation were published in CMI Report 20 in 2001 and concluded amongst other things that the experience investigated was different from that underlying the insured pensioner investigation.

In 2002 further discussions were held and a decision to begin a more wide-ranging and substantial investigation into the mortality of self-administered schemes was taken. Initially a Working Party was formed and this subsequently became an official committee of the CMI in July 2006.

What data should be submitted?

Data should only be submitted for current pensioners, that is data in respect of retired members or pensions paid to dependants. Data should not be submitted in respect of deferred and active members of the pension scheme. Normally, data will be submitted by the Scheme Actuary responsible for the scheme.

At this stage only large schemes, those with more than 500 pensioners, are requested. This number was based on an analysis of the expected number of schemes and the cost of the whole investigation. Including smaller schemes would add to the cost without adding significantly to the validity of the data collected.

When should data be submitted?

Data can be submitted at any time but we expect that in most cases data submissions are made soon after the scheme valuation, with data from the valuation. This will usually be every three years, although schemes having annual valuations can submit each years data separately.

In what format should data be submitted?

The coding guide contains all the information required. Find out more about data submissions and for access to the latest coding guide. If you have any queries about data submission, please contact us on 020 7776 3820 or email self-admin@cmilimited.co.uk.

How are data problems handled by the CMI?

To keep the costs of the investigation down, the data must be provided in the standard form shown in the data specification. The CMI makes a limited number of checks on the data. If an error condition on a record can be corrected in some predetermined way (e.g. a missing amount of pension at the date of death) the system automatically updates the record (although in these cases it is preferable for the submitting firm to estimate these). If this cannot be done then the record is rejected.

The analysis is then performed on those records not rejected. In addition to the individual results report that is sent to the consultancy that supplied the data, a report that includes a brief summary of data that has been analysed, e.g. the number of records and the number of deaths, and details of records that have been rejected or amended is also provided.

The CMI performs limited checks on the results in respect of each scheme but asks that those submitting the data confirm that the results and supplementary report are consistent with what they expect, or otherwise to advise the CMI that this is not the case. Data should be resubmitted if the latter is true.

For the aggregate analyses, a scheme is removed if the number of the records that are rejected exceeds a predetermined threshold or if the data supplier advises the CMI that the data is inaccurate.

What results are produced from the investigation?

Two types of results are produced.

  • Individual scheme results comparing actual deaths with the deaths expected according to certain base tables are reported to the consultancy who supplied the data. Comparisons for males and females, by lives and amounts, and for different pensioner types are produced.
     
  • Aggregate results, analysing data for multiple schemes, are also produced based on scheme data submitted by 30 June each year. Additional analyses such as mortality trends and mortality by industry class are also planned. Aggregate results are normally published initially in draft form to members of the SAPS mortality investigation and in final form within working papers six months later.

Results show Actual experience versus Expected. How is Expected calculated?

The expected experience is calculated by applying the central exposure at each age with a base table of mortality. There are two bases currently used for these comparisons. The first basis is a table from the S1 series of mortality tables where the actual table depends on the pensioner type. The second basis is the 00 series normal retirement, based on the 1999-2002 investigation of insured lives.

Where can I find results?

Aggregate scheme results have been published in a series of working papers to date, with the most recent being Working paper 31. Please click here to access these papers. Additionally, documentation of the investigation's methodology and assumptions can be found in Working paper 34.

Has the SAPS investigation produced any mortality tables?

The SAPS experience for the period 2000-2006 has been graduated to produce the S1 series of mortality tables, the first mortality tables to be based on UK pension scheme data. These were published in October 2008 and have been formally adopted by the Institute and Faculty of Actuaries. The S1 tables along with all graduations methodology can be found in Working paper 35.

Contact Details

If you have any questions about the CMI please email

info@cmilimited.co.uk

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Events calendar

  • KSS event in Glasgow: Public Sector Pensions

    Hymans Robertson, Glasgow 20 Waterloo St, Glasgow
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • KSS event in Stirling: Public Sector Pensions

    M&G Prudential, Stirling Craigforth Campus, Stirling
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • KSS event in Edinburgh: Public Sector Pensions

    Hymans Robertson 1, Exchange Place, Semple St, Edinburgh
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • The Great Risk Transfer – Breakfast briefing and launch event

    Staple Inn Hall, High Holborn London WC1V 7QJ
    31 January 2020

    Fully booked.

     

    Launch of the IFoA’s 2020 thought leadership campaign The Great Risk Transfer. The campaign will examine the trend of the transfer of risk from institutions to individuals, and how people can be better equipped to manage the financial risks they now face. At this breakfast event the IFoA will launch a call for evidence on this topic.

  • Joint IFoA and SOAT Professional Skills Training event - Bangkok

    Thai Life Insurance PCL, 13th Floor, Meeting Room 13/2, 123 Ratchadaphisek Road, Din Daeng, Bangkok 10400, Thailand  
    7 February 2020

    Spaces available

    This session is jointly organised by the Institute and Faculty of Actuaries (IFoA) and the Society of Actuaries of Thailand (SOAT).

    Video case studies will be selected from the IFoA’s 2019/2020 online content which covers a range of topics under an overarching theme of “A Trusted Profession”. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

     

  • Cyber Risk Event

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    10 February 2020

    Spaces available

    What do good cyber practices look like and, to what extent, can we as an industry implement these operationally and recognise these for underwriting?

  • KSS event: Where now for pensions?

    Royal London Group, 1 Thistle Street, Edinburgh, EH2 1DG
    18 February 2020

    Spaces available

    With a single party government at Westminster holding a comfortable majority, and with the first phase of Brexit complete, the potential for radical reforms of the pensions landscape is increased. 

    Former Pensions Minister Steve Webb discusses what changes we can expect to see in pensions including in state pensions, pension tax relief, automatic enrolment and the workplace pension landscape.

  • Sessional: Impact of E-cigarettes Working Party

    Royal College of Physicians, 9 Queen St, Edinburgh EH2 1JQ
    24 February 2020

    Spaces available

    This sessional meeting will be of direct interest to actuaries and others working in the in the Health and Care, Life or Pensions sectors or indeed actuaries with an interest in morbidity or mortality. Note: Registration is from 17.30 in time for the sessional to begin at 18.00.

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    Investors globally are embracing ESG but what does this involve and can ESG be measured? Louise Dudley, Global Equity Portfolio Manager at Hermes Investment Management will outline the taxonomy often used when talking about ESG (exclusion, screening, engagement, sustainable, impact, responsible investing), talk about the importance of stewardship and engagement, and showcase evidence to the question as to whether ESG adds va

  • KSS event: How is Scotland’s population changing and what are the implications?

    New Register House, 3 West Register Street, Edinburgh
    5 March 2020

    Spaces available

    The National Records of Scotland (NRS) collects, preserves and produces information about Scotland's people and history to inform current and future generations - work that underpins the fabric of Scottish society and tells the story of our nation. This KSS talk will explore the following and other areas impacting Scotland’s changing population, and assess the potential implications of the changes:

  • Highlights of the Life Conference 2019 - London

    America Square Conference Centre, 17, One Crosswall, America Square, London EC3N 2LB  
    11 March 2020

    Spaces available

    This event will cover the highlights from last year's Life Conference 2019 held in Dublin. The Conference Committee has reviewed session feedback and has put together a high-quality technical programme featuring the best-reviewed sessions from the conference. Book now to ensure your place.

  • Board agenda: Why Responsible Investing, ESG, and Climate Change matters to Pension Funds, Companies

    Staple Inn, 4 High Holborn, Holborn, London. WC1V 6DR, UK
    19 March 2020

    Spaces available

    Recent years have seen ESG, Climate Change, and Responsible Investing thrust onto the corporate agenda in every boardroom. The same also be said for pension funds. Expectations of how companies should respond are high and NEDs on Boards are expected to adapt and adjust their guidance to companies accordingly. What does this mean for Actuaries serving as NEDs and Trustees?

  • KSS event: A Cashless Society- Benefits, Risks, Issues and Developments

    Deloitte, 4th Floor, Saltire Court, 20 Castle Terrace
    19 March 2020

    Spaces available

    Speaker: Iain Collier, Chair of the CSWP

    The talk will look to cover the following: Progression towards a Cashless Society • Developments home and overseas • Benefits, Risks and Issues • Crypto Currencies and Central Bank Digital Currencies.

    There will be an extended Q&A session at the end of the event.

  • Spaces available

    What are the advantages of using artificial intelligence (AI) in investing? What are the differences between traditional quant and AI? This new webinar, part of a series of four webinars leading to the annual Finance & Investment Conference 2020, discusses challenges and the future of AI in the investment sector.

    We will look at:

  • Spring Lecture 2020, Edinburgh - Vicky Pryce

    Assembly Rooms, 54 George St, Edinburgh EH2 2LR
    25 March 2020

    Spaces available

    The Brexit Budget: What next for the UK economy? Please join us for our annual Spring Lecture presented by Vicky Pryce in Edinburgh. Vicky is Chief Economic Adviser and a board member at the Centre for Economics and Business Research (CEBR).

  • Spring Lecture 2020: Live Streaming at Staple Inn - Vicky Pryce

    Staple Inn Hall, High Holborn, London, WC1 V 7QJ
    25 March 2020

    Spaces available

    This event will be live streamed from Edinburgh. 

    The Brexit Budget: What next for the UK economy? Please join us for our annual Spring Lecture presented by Vicky Pryce in Edinburgh. Vicky is Chief Economic Adviser and a board member at the Centre for Economics and Business Research (CEBR).

  • Spring Lecture 2020: Live Streaming

    Webinar
    25 March 2020

    Spaces available

    What next in Economic Policy? Please join us on 25 March 2020 for the live stream of our annual Spring Lecture presented by Vicky Pryce in Edinburgh. Vicky is Chief Economic Adviser and a board member at the Centre for Economics and Business Research (CEBR).

  • SIAS Event: CMI Update

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    1 April 2020

    Spaces available

    Following the release of the updated CMI Mortality Projection Model, CMI_2019, the CMI Mortality Projections Committee will lead a discussion on future mortality improvements.

  • Finance and Investment Conference 2020

    Royal College of Physicians, 11 St Andrews Pl, London NW1 4LE
    05-05 May 2020
    Spaces available

    Join us at this year’s Finance and Investment Conference in London that will focus on ESG. The environmental, social and governance (ESG) space is growing rapidly and increasingly moving centre stage. In many cases, it is now an essential part of policy and central to the way stakeholders make decisions for the long term to ensure retention of clients, manage risk better, and ensure more economically efficient and sustainable investment returns.

    ESG factors cover a wide range of areas reflecting how vital consideration of these factors are part of wider systemic risks.

  • Protection, Health and Care Conference 2020

    The Grand Brighton, 97-99 Kings Rd, Brighton BN1 2FW
    02-03 June 2020
    Spaces available

    The Protection, Health and Care Conference is an annual conference aimed at all insurance professionals with a passion for harnessing insurance risk in their organisations. The conference uses a combination of workshops by individuals who work at the coalface and ‘big name’ experts to explore how innovation, technological/medical advances, the political landscape and other market development will impact the Protection, Health and Care markets.

     

  • IFoA Asia Conference 2020, Kuala Lumpur

    CCEC Nexus, 7, Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
    24-25 June 2020
    Spaces available

    Join us at the IFoA Asia Conference 2020 at CCEC Nexus, Kuala Lumpur where intellectual thought leaders, senior industry players, opinion formers, academics, actuaries and non-actuaries from across Asia and beyond are expected to attend. This year's landmark conference promises to an exciting one as our first Asian President-elect, Tan Suee Chieh will, as newly appointed president of the IFoA, use his presidential address to highlight the two key pillars of the IFoA’s emerging strategy:

    • the reinvention of the profession in terms of its skillsets and mind-sets so that we can thrive in an increasing range of domains in a digital age;
    • the widening application of actuarial science in achieving social impact and sustainability goals.

    We are also delighted to announce that the Honourable Mr. Lim Guan Eng, Minister of Finance, Malaysia, will be the guest of honour at this year's conference.

    Early bird registration is now open until 1 March.  10% group discounts are offered to a minimum of six IFoA members booking in a single transaction.  Limited spaces are available, so please sign-up early to avoid disappointment.