Working Paper 165: “All offices” combined experience of enhanced and standard individual pension annuities in payment in 2015-2019.

Working Paper 165 was published in December 2022. The paper describes the mortality experience of combined standard and enhanced individual pension annuities in payment in 2015-2019. Results and values underlying charts are available in accompanying spreadsheets.

The analyses show that:

  • Following the announcement of Pensions freedoms in 2014, data volumes significantly dropped for both enhanced and standard individual annuities, and remained low in 2015 and beyond.
  • When analysing the dataset with a simple generalised linear model (GLM), differentials between experience for standard and enhanced annuities appear to be higher than is indicated by the one-way analysis using 100A/Es alone and durational effects appear to be stronger.
  • 100A/E analysis suggests that mortality experience post-freedoms has been lighter than pre-freedoms, however, results from the GLM analysis suggest the opposite. This may be due to the post-freedoms experience data being only at short durations

The accompanying results are available in two forms:

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.

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Note: this paper and the accompanying spreadsheets are available to Authorised Users only.

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