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Self-administered pension scheme (SAPS) mortality investigation

The CMI investigates the mortality experience of members of self-administered pension schemes

The investigation began in 2002 following completion of a pilot investigation into the mortality experience of SAPS pensioners, published in CMI Report 20. Initially the investigation was led by a Working Party, which subsequently became an official committee of the CMI in 2006.

Data

Data is submitted for schemes in a prescribed format, described in the Coding Guide, by firms that perform the Scheme Actuary role. The data covers current pensioners and dependants of schemes with more than 500 pensioners. Data for deferred and active members is not collected.

The majority of data submissions cover a period of three years, consistent with many schemes having triennial valuations.

Results

Firms receive results in respect of the individual schemes that they submit, providing figures for the exposure and actual deaths and comparing the experience against that according to specified base mortality tables. Results are presented separately for males and females, by lives and amounts and for different pensioner types.

Aggregate results are also produced annually. Working Paper 142 presents the most recent published analysis covering the period 2012 to 2019, based on data submitted to 30 June 2020.  Additional analyses are also undertaken from time to time, such as analyses of mortality improvements and mortality experience by industry classification.

In May 2019, Working Paper 121 was published, presenting an investigation into the mortality experience by industry classification for SAPS pensioners. In February 2021, Working Paper 146 was published, presenting an investigation into the mortality experience by region and Index of Multiple Deprivation.

Mortality tables

Since 2006, the Committee has produced three sets of mortality tables based on the data that it collects. The most recent set of tables is the “S3” Series, which were issued in December 2018 alongside Working Paper 113.

Previous mortality tables are listed below:

Contact Details

If you have any questions about the CMI please email

info@cmilimited.co.uk

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Events calendar

  • Finance in the Public Interest Series

    16 March 2021 - 23 March 2021

    Spaces available

    There is widening debate that many of our social, financial and regulatory institutions need to be rethought so that we can create more sustainable futures, particularly in light of the Covid-19 pandemic, the policy/macro-economic response to the pandemic and how it affects consumers, as well as the impending climate crisis. This multi-day series of three keynote webinars, individually presented by leading economist John Kay, Sir Paul Collier, Professor of Economics and Public Policy at the Blavatnik School of Government, Ashok Gupta, Chair at Mercer Ltd, and Nico Aspinall, Chief Investment Officer at B&CE, will open up discussion on these essential topics. The series will culminate in a panel session with Chief Economist of the Bank of England, Andy Haldane.

  • The price is righter

    16 March 2021

    Spaces available

    This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced.

  • Spaces available

    This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)

     

  • Spaces available

    What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code? How does effective stewardship create long term value for beneficiaries and what roles do asset owners and asset managers play in active stewardship. This webinar will offer answers to these questions in a practical approach to stewardship reporting.

  • Spaces available

    Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis.  However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year.  This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work.