- CMI is currently advertising a number of vacancies on its committees – seeking a Deputy Chair for the Executive Committee, a Chair and additional members of the Assurances Committee and additional members for the Annuities Committee. Details can be found on the Volunteer vacancies page; all the vacancies have a closing date of 31 January 2017.
- Revised Terms and Conditions for Data Contributors will take effect for data submissions after 1 January 2017. Minor changes have also been made to the data requirements for each of CMI’s investigations. Please email firstname.lastname@example.org if you have any queries regarding these revisions.
The Committee has released Working Paper 93 which sets out the responses to our consultation on changes to the Mortality Projections Model, described in Working Paper 90, and the Committee’s revised proposals. These proposals will be implemented in the next version of the Model, CMI_2016, which is scheduled for release in March 2017.
- CMI Working Paper 84 was published in September 2015. This paper accompanies the issue of the updated version of the CMI Mortality Projections Model, CMI_2015 and illustrates the impact of incorporating data to 31 July 2015. Issued alongside the paper are the revised and updated versions of the Model and the User Guide. You must be an Authorised User to access this.
- The Committee does not intend updating the CMI library of mortality projections in future. However, given the interest in the National Population Projections, we have requested details of the 2014-based projections from the ONS in the form contained in the library. Corresponding life expectancies are here.
- CMI Working Paper 87 was published in December 2015. This paper provides a brief commentary on the data and experience of Enhanced Annuities in the years 2007-2010. The dataset is thought to cover a substantial proportion of the market. An accompanying spreadsheet contains the results. You must be an Authorised User to access this.
- The Committee has reviewed the responses to the consultation on the proposed “08” Series mortality tables for Pension annuities in payment, Pension annuities in deferment and Life annuities, issued in Working Paper 78 and decided that no changes to the tables are warranted. Working Paper 81 has been issued to summarise the feedback received on the proposed tables, and the Committee’s responses, and to discuss potential future work. A spreadsheet containing the final rates has been issued alongside the paper. You must be an Authorised User to access this paper.
- The Committee is keen to receive outstanding annuities data for 2011-2015 and has set a target date of 30 November 2016 for submissions to allow results for all years to be produced early in 2017. A brief summary of data requirements is available here.
Assurances (critical illness and mortality)
- The Assurances Committee has issued proposed graduations of the 2007-2010 term mortality data. These are described in CMI Working Paper 92 which was published in October 2016. The paper and the accompanying spreadsheets are available to Authorised Users only but an Executive Summary of the paper is publically-available.
- The Committee has also re-issued CMI Working Paper 89 which was originally published in May 2016 and describes proposed graduations of the 2007-2010 accelerated critical illness data. The revised paper uses revised terminology in one section and contains other minor revisions. The proposed rates themselves are unchanged.
- The Committee hosted a discussion forum in London on Friday 28 October 2016 at which we provided an overview of the key points of both sets of proposed tables with time for questions and discussion. The presentation slides from this meeting are now available.
- The deadline for responses to the consultation for both sets of tables is 30 November 2016.
- The Committee is keen to receive outstanding assurances data for 2011-2015 and has set a target date of 31 December 2016 for submissions to allow results for all years to be produced early in 2017. A brief summary of data requirements is available here.
- The Committee is intending to investigate offices’ appetite to participate in a specific exercise focusing on guaranteed acceptance whole of life mortality experience.
- Individual IP All Offices experience results for 2010 were released to existing contacts in June 2016 and are available here. Work is now well progressed on the corresponding results for the 2007-10 quadrennium. Outstanding Individual Income Protection data for the 2011 and 2012 investigation years are currently being collected alongside requests for 2013-15 data.
- The Committee is conducting an engagement exercise with offices, with the twin aims of improving the richness and volume of IP data collected by the CMI, as well as seeking to maximise the value of its outputs.
Self-administered pension schemes (SAPS) mortality
- Working Paper 88 was published in February 2016. The working paper presents an analysis of the mortality experience of data received by 30 June 2015, covering the period 2007 to 2014. You must be an Authorised User to access the full paper, although an executive summary is available to all.
- Working Paper 86 was published in November 2015. This paper presents an investigation into the mortality experience by industry classification of pensioners of self-administered pension schemes covering the period 2006 to 2013.You must be an Authorised User to access this paper.
High Age Mortality
- CMI Working Paper 85 was published in October 2015. The Working Paper presents the initial findings of the High Age Mortality Working Party. The Working Party was established to investigate issues relating to the estimation of mortality at very high ages. Alongside the report, the CMI is also releasing a reading list for users who would like to read more around this issue. The paper and reading list are publically available.
- The CMI has produced a set of unisex rates that are intended for:
- actuaries undertaking Transfer Value Analysis in accordance with COBS 19.1 of the FSA Sourcebook
- actuaries preparing projections for Key Features Illustrations in accordance with COBS 13 Annex 2 of the FSA Sourcebook, and
- actuaries producing Statutory Money Purchase Illustrations in accordance with the FRC's Actuarial Standards Technical Memorandum TM1.
Note that an updated set of rates was issued in November 2016 including values applicable for the year commencing 5 April 2017.
- 28 November 2016
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