- CMI_2016 was published in March 2017, accompanied by CMI Working Papers 97, 98 and 99. The Model is calibrated to England & Wales population mortality data up to 31 December 2016, and its method differs in a number of respects from earlier versions, following the consultation described in Working Papers 90, 91 and 93. You must be an Authorised User to access the Model.
The Committee will hold a meeting at Staple Inn on 11 April 2017, in conjunction with the Staple Inn Actuarial Society (SIAS), to discuss recent mortality experience and the prospects for future mortality improvements. Further details are available from the SIAS website.
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 Working Paper 94 which finalises the “08” Series assurances tables. This follows the consultation on the proposed tables, described in Working Paper 89 for accelerated critical illness and in Working Paper 92 for term mortality. The latest paper summarises the responses to the consultation, sets out the Committee’s rationale for retaining the proposed rates and outlines our plans for future work. The paper and the accompanying spreadsheets are available to Authorised Users only
The Committee is keen to receive outstanding assurances data for 2011-2015 and has set a target date of 31 March 2017 for submissions to allow "All Offices" results for all years to be produced. 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 the 2007-2010 quadrennium were released in March 2017 alongside Working Paper 96. The working paper describes the experience and updates some of the analysis by cause of sickness contained in Working Paper 72. A database of individual IP experience by cause of sickness, spanning 1991-2010, was also released. The paper and accompanying spreadsheets are available to Authorised Users only. An executive summary of the paper is available to all.
Self-administered pension schemes (SAPS) mortality
CMI Working Paper 95 was published in February 2017. The working paper presents an analysis of the mortality experience of data received by 30 June 2016, covering the period 2008 to 2015. You must be an Authorised User to access this 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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