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 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.
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 158 presents the most recent published analysis covering the period 2013 to 2020, based on data submitted to 30 June 2021. 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.
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:
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We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; transitioning to Net Zero; increased inflationary pressures and supply chain issues; to self-imposed changes in regulatory requirements. CILA 2022 focuses on these challenges to ensure we continue to be informed and remain battle ready, as well as showcasing highlights of recent CMI outputs.
Opportunity to participate in a virtual Roundtable Discussion hosted by the IFoA in conjunction with the City of London Corporation’s Socio-economic Diversity Taskforce
In the spirit of fostering the IFoA’s vibrant, global community and enabling our members to participate, we have decided to hold our AGM virtually again this year. This allows for greater accessibility to this important annual event, and for greater accountability of our organisation.
The Business of the AGM
Join newly inaugurated IFoA President, Matt Saker, for his Presidential Address.
We’re delighted to welcome you back to our first in-person conference since early 2020, also being delivered virtually in our first-ever hybrid event. The theme of our inaugural two-day conference is ‘Focusing on tomorrow’s actuary’ and will explore the contribution actuarial science is making to some of tomorrow’s biggest issues.
This webinar will cover:
• Some background on the risks of misselling in an ESG context, including the DWS case
• Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities
• This tension can be resolved with a concept called Universal Ownership
• Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities
This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on the expected future changes. Through examining the transformation, we will highlight how the sector is and can use actuarial expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.