Working Paper 161 was published in March 2022. The paper describes the experience of pension annuities in payment in 2020 and the first half of 2021, with the paper also including comparisons to experience in 2016-2019. Results and values underlying charts are available in accompanying spreadsheets.
The analyses show that:
- For males, 2020 experience is between 10% and 15% higher than the projected "16" Series pension annuities in payment "all products" tables in the age range 60 to 90, but with a slight downward shape as age increases.
- For females, the shape is similar to that for males but the experience is between 5% and 10% higher than the projected "16" Series pension annuities in payment "all products" tables.
- Mortality experience, when expressed as Standardised Mortality Rates (SMRs) and compared to 2019 levels is substantially higher in April 2020, slightly higher than 2019 in May and returns to pre-pandemic levels from June to October 2020. It then starts to increase again leading into a second peak in January 2021. After the second peak, SMRs again fall quickly and by June 2021 they are a little lower than 2019 levels.
The accompanying results are available in two forms:
- Summary spreadsheets, with results for 2020, both without improvements and with improvements from CMI_2020.
- Summary spreadsheets, with results for 2016-2019 combined, (for comparison) both without improvements and with improvements from CMI_2020.
- Datasheets containing the detailed data, for example by individual age and individual calendar year.
The summary results spreadsheets provide a high-level overview of the results but do not allow users to choose an alternative base table. Users wishing to see more granular data, and to alter the comparison basis, should refer to the datasheets.
We have also published a spreadsheet that includes the values used in the charts in the working paper.
Note: this paper and the accompanying spreadsheets are available to Authorised Users only.
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CILA 2022
23 May 2022 - 24 May 2022We 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.
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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
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Annual General Meeting 2022
15 June 2022In 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
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IFoA Presidential Address 2022
16 June 2022Join newly inaugurated IFoA President, Matt Saker, for his Presidential Address.
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The IFoA Conference 2022
133 Houndsditch, London EC3A 7BX and Online22 June 2022 - 23 June 2022
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.
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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
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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.
