- The Mortality Projections Committee has published the results of the CMI Model benchmarking survey survey in CMI Working Paper 153.
- CMI_2020 was published in March 2021, accompanied by CMI Working Paper 147. The Model is calibrated to England & Wales population mortality data up to 31 December 2020. You must be an Authorised User to access the Model and the accompanying documents.
- A separate frequently asked questions (FAQ) page on CMI_2020 has also been issued.
- The Committee hosted a meeting at Staple Inn on 13 April 2021, in conjunction with the Staple Inn Actuarial Society (SIAS), to discuss mortality improvements in light of the coronavirus pandemic. The Slides are available from the SIAS website.
- We are publishing frequent updates to our mortality monitor during the coronavirus pandemic.
- Working Paper 144 was published in December 2020. It contains a number of analyses that are intended to be helpful to users of the CMI Model. This paper is available to Authorised Users only. An updated version was issued in February 2021 to correct several figures for mortality improvements and confidence intervals that were mis-stated in Tables 6.5, A1.2, A1.3 and A1.4. The corresponding charts were not affected, so are unchanged.
- Working Paper 127 was reissued in December 2020 with a prominent “health warning” due to the discovery that a number of submissions were inadvertently omitted from the analysis of improvements in the SAPS dataset. The analysis in this section is superseded by the analysis in Working Paper 144.
- Working Paper 148 was published in April 2021. This paper describes the seasonality of experience of pension annuities in payment in 2015 to 2019 and the experience by socio-economic status based on the Index of Multiple Deprivation (IMD) in 2019/20. This paper is available to Authorised Users only
Working Paper 145 was published in December 2020. This paper describes the experience of pension annuities in payment over the period 2016 to 2019. Accompanying spreadsheets show summary and detailed results. The paper and accompanying spreadsheets are available to Authorised Users only.
Working Paper 140 was published in October 2020. The coronavirus pandemic caused abnormally high mortality for the general population of the UK during the second quarter of 2020. This paper describes indicative analysis of pensioner annuitant mortality to 30 June 2020 and compares the experience of annuitants with that of the England & Wales population. The paper is available to Authorised Users only.
Working Paper 138 was published in September 2020. This paper describes analysis of data by socio-economic status in the subset of the 2015-2018 pension annuities in payment dataset that included indicators based on the Index of Multiple Deprivation (IMD), and region. A Tableau Workbook and accompanying dataset are released alongside the paper. The paper and accompanying files are available to Authorised Users only.
- Working Paper 134 was published in July 2020. This paper was issued alongside the final '16' Series pension annuities in payment mortality tables. The paper and spreadsheets are available to Authorised Users only. A briefing note on the tables is publicly-available.
Working Paper 133 was published in June 2020. This paper describes the experience of life annuities over the period 2013 to 2018. Accompanying spreadsheets show summary and detailed results. The paper and spreadsheets are available to Authorised Users only.
Assurances (critical illness and mortality)
- Working Paper 152 was published in June 2021. This paper describes the experience of term assurances in the years 2015 to 2018 and 2019 plus it includes indicative analysis of experience to mid-2020. Accompanying spreadsheets show summary results. The paper and accompanying spreadsheets are available to Authorised Users only.
- The Committee has also re-issued Working Paper 132 in June 2021. The paper was originally published in May 2020 and describes the experience of term assurances in the years 2015-2018. In this version of the paper, we have corrected inaccuracies in Tables 4.1 and 6.1 and minor typographical errors.
- The Assurances Committee has issued accelerated critical illness experience analysis by cause of claim, based on 2015 to 2018 data. This is described in CMI Working Paper 151 which was published in June 2021. The paper provides cause-specific context to the proposed “16” Series accelerated critical illness tables, as well as comparisons of the recent experience with the last CMI cause-specific analysis (2003-2006). The paper and the accompanying spreadsheets are available to Authorised Users only.
- The Committee hosted a webinar in June 2021, which gave an overview of the proposed “16” Series tables and briefly covered the cause of claim analysis and analysis of term assurances experience to mid-2020. A recording of the webinar is now available to Authorised Users only.
The Assurances Committee has issued proposed tables for mortality (including terminal illness) and for accelerated critical illness under non-rated term assurance policies, based on 2015 to 2018 data. These are described in Working Paper 150 which was published in April 2021. The paper and the accompanying spreadsheets are available to Authorised Users only. The proposed tables were issued for consultation. The consultation period for the proposed tables has now ended and the Committee is now assessing the feedback before finalising the tables.
- The Committee has collected sufficient volumes of data for Whole of life policies (both Underwritten and “Guaranteed acceptance”) for the years 2011-2018 to progress with analysis, to be released later in 2021.
COVID-19 Working Party
- The COVID-19 pandemic has led to significant changes in mortality (and likely morbidity) experience in the general population in 2020. In response to this, the COVID-19 Working Party was set up in July 2020 to investigate the implications of COVID-19 on the CMI and to produce a consistent methodology that could be adopted by the CMI investigation committees. It is also hoped that any methodology developed will be useful to CMI Subscribers for their own internal analyses.
- Working Paper 139 describes considerations for setting base and trend mortality and morbidity best estimate assumptions in the context of the ongoing COVID-19 pandemic.
- The paper included a consultation which has now closed. The Working Party is considering the content and timing of its next working paper, which may be published in the second half of 2021.
The Income Protection Committee is seeking to gather qualitative information on the impact of COVID-19 for Income Protection providers and views on its implications for the future. The results of this exercise are expected to be summarised and shared with CMI Subscribers. The Committee is keen to receive responses to the COVID-19 survey by 13 August 2021, accessible to Authorised Users only.
The Income Protection Committee is hosting a webinar on 30 July 2021, from 10:30-12:00. This will give an overview of the recent changes in analysis methodology, and adjustments to the IP11 claim inceptions graduations, and cover current work of the Committee, including work assessing the impact of COVID-19 and collection of data to end-2020. Registration is accessible to Authorised Users only.
Working Paper 149 was published in April 2021. This paper covers changes to the analysis methodology for the CMI Income Protection Investigation and the impact of issues discovered in the data underlying the 2011-2016 claim inceptions experience and the “IP11” claim inception rates. The paper is available to Authorised Users only.
Working Paper 136 was originally released in September 2020. This paper summarises feedback on the proposed “IP11” claim inception and termination rates, released for consultation in April 2020 and finalises these rates, including a brief recap on their derivation and resulting models. In April 2021, Working Paper 136 was reissued with a “health warning”, together with a spreadsheet of indicative adjustments to the claim inception rates, following the discovery of underlying data issues. The paper is available to Authorised Users only. A briefing note on the rates is publicly-available.
An updated version of the CMI Income Protection Rate Table Tool was originally released in October 2020. Version 1.2 updates the CMI IP Tool to incorporate the “IP11” claim inception and termination rates. The IP Tool was reissued in April 2021 with a “health warning” following the discovery of past data issues affecting the “IP11” claim inception rates. A spreadsheet of indicative adjustments to the rates is available alongside Working Paper 136. The CMI IP Tool and accompanying user guide are available to Authorised Users only.
Individual IP “All offices” experience results for the period 2011-2016 were released in September 2019 alongside Working Paper 124. The paper was reissued in April 2021 with a “health warning” following the discovery of data issues affecting the claim inceptions experience. A summary of the impact is included in Working Paper 149. The paper and accompanying spreadsheets are available to Authorised Users only.
Self-administered pension schemes (SAPS) mortality
- Working Paper 146 was published in February 2021. The working paper presents an analysis of the mortality experience by region and Index of Multiple Deprivation over the period 2012 to 2019. You must be an Authorised User to access this paper.
- Working Paper 142 was published in November 2020. The working paper presents an analysis of the mortality experience of data received by 30 June 2020, covering the period 2012 to 2019. You must be an Authorised User to access this paper.
Working Paper 121 was published in May 2019. The working paper presents an analysis of the mortality experience of data by industry classification over the period 2010 to 2017. You must be an Authorised User to access this paper.
The “S3” Series mortality tables were issued in December 2018 alongside Working Paper 113. The working paper summarises feedback on the consultation and describes the final tables. You must be an Authorised User to access the paper and associated outputs.
A webinar that explains the background to the S3 tables is now available to IFoA members. View the webinar
A separate briefing note on the “S3” Series mortality tables has also been issued. This is aimed at those receiving advice based on the tables, such as pension scheme trustees, and is publicly available.
Unisex mortality rates
The CMI has produced a set of unisex mortality rates. These rates will assist actuaries who are:
- undertaking Transfer Value Analysis in accordance with COBS 19.1 of the FCA Sourcebook;
- preparing projections for Key Features Illustrations in accordance with COBS 13 Annex 2 of the FCA Sourcebook; and
- producing Statutory Money Purchase Illustrations in accordance with the FRC’s Actuarial Standard Technical Memorandum TM1.
The set was updated in December 2020 to include values applicable for the year commencing 6 April 2021.
If you have any questions about the CMI please email
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