Until November 2013, annuitant mortality was covered by the life office mortality investigation. Since that date, it has been covered by the annuities investigation which seeks data on all types of annuities issued by life insurance companies.
The CMI currently adopts a flexible approach to the data it collects – the data requirements for “standard” (i.e. non-underwritten) annuities are described in Data submissions to the CMI Annuities investigation (March 2019). As the annuities market is evolving, as a result of legislative changes, the Committee expects to regularly review these data requirements.
Methodology and Results
Contributing offices receive results in respect of the business for which they have submitted data. Aggregate ‘All offices’ results are also produced.
The latest all-offices results that have been issued are:
- Pension annuities in payment for 2015-2018 are described in Working Paper 128.
- Life annuities for 2013-2018 are described in Working Paper 133.
- Deferred pension annuities for 2007-2010 are described in Working Paper 70; and
- Enhanced annuities for 2007-2010 are described in Working Paper 87.
These results are each available in spreadsheets alongside the relevant paper. Each working paper contains commentary on the data, the methodology used in the results and commentary on the results.
Additionally, indicative analysis of pension annuities in payment to 30 June 2020 for a subset of offices is described in Working Paper 140.
Earlier tables are available under the life office mortality investigation.
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This webinar will provide an update on the emerging thinking around future regulation of DB schemes:
The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.
Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.
IFoA President Tan Suee Chieh would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual UK Town Hall 2020, hosted by Tan Suee Chieh with IFoA’s Immediate Past President, John Taylor, President Elect, Louise Pryor and IFoA Chief Executive, Stephen Mann.
Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.
Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year
The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.
Running off the £2 trillion of UK corporate sector defined benefit liabilities in an efficient and effective fashion is the biggest challenge facing the UK pensions industry. Trustees and sponsors overseeing those schemes need to be clear on their target end-state and the associated journey plan – but too few have well articulated and robust plans.
The actuarial skill set has much to offer the banking industry. So many of the skills that actuaries acquire during their working life translate across to the world of banking and yet banking is perceived as an alien environment to many actuaries. But is it?
Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.
We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.