You are here

CMI Working Papers 21 and 22

The Graduation of the CMI 1999-2002 Mortality Experience: Final 00 Series Mortality Tables

The 00 series tables have been published in two CMI working papers. The mortality rates themselves are also available in spreadsheets. These final tables, together with full documentation of their derivation, will be published formally in a CMI Report in due course.

Please note that it is the responsibility of any actuary or other person using a published mortality table to ensure that it is appropriate for the particular purpose to which it is put.

The CMI will not be seeking approval for any specific projections of future mortality associated with the new tables. The CMI is evaluating two methodologies for mortality projections - P-spline and Lee-Carter - and is trying to explain the benefits and shortcomings of each. However it is not seeking approval for either methodology, nor does it rule out alternative approaches.

The development of these tables has been published in three working papers:

  • CMI Working Paper 8 (Aug 2004), contained initial findings and proposals on which tables to graduate.
  • CMI Working Paper 12 (Apr 2005), contained proposed graduations for the assured lives tables.
  • CMI Working Paper 16 (Sept 2005), contained proposed graduations for the annuitant and pensioner tables.

The CMI has considered the feedback received on the draft tables and published two further working papers, containing the final 00 series base tables of mortality:

Formula (1) on page 9 of Working paper 21 is incorrect. This Erratum (added 5 May 2011) gives the corrected formula.

The changes incorporated as a result of feedback to the draft tables are relatively minor:

  • The final life office pensioner tables for normal retirements now start at age 20. As a result the rates between ages 50 and 65 have changed from the draft rates to reflect assumptions regarding the experience of ‘healthy’ lives rather than the actual experience.
  • A more accurate method of deriving qx from the graduated formulae for µx has been used.
  • The naming of some tables has been altered from the draft tables.

More detail on these changes is included in the working papers. In addition, feedback received that has not been incorporated in the final tables is documented in the two working papers, so that actuaries are aware of the concerns expressed that have not been reflected in the final tables, and can make suitable adjustment to the published base tables if they feel it appropriate to do so.

Note that the life office pensioner tables for those retiring early and the combined tables have not been extended below age 50, in the absence of any clear data. Extended rates for these tables were subsequently developed in Working Paper 26. However, the CMI is not seeking approval for these rates from the profession.

Related documents

You might also like

Contact Details

If you have any questions about the CMI please email

info@cmilimited.co.uk

Filter or search events

Start date
E.g., 28/07/2021
End date
E.g., 28/07/2021

Events calendar

  • Asia Conference 2021 webinar series

    Online webinar series
    26 July 2021 - 30 July 2021
    Spaces available

    We have made it through 2020 but the COVID-19 crisis continues to have a significant impact on individuals, societies, businesses and the wider economy across the globe. Navigating the world post COVID-19 in an uncertain and highly unstable time brings along many uncertainties, challenges and exciting opportunities. Hence the theme of this year’s IFoA Asia Conference Webinar Series is “Risk. Adapt. Thrive.”

  • CMI Income Protection

    30 July 2021

    Spaces available

    In April 2021, the CMI Income Protection Committee published Working Paper 149, which detailed the changes to analysis methodology for the Income Protection Investigation and the impact of past data issues. This webinar will provide an overview of the changes in the analysis approach and discuss the adjustments to the IP11 claim inceptions graduations.

  • Spaces available

    Louise Pryor, IFoA President, will chair this free-to-view session, in which Alex Darsley, TPR, Actuarial Regulatory Policy, will be discussing the regulator’s Climate Change Guidance Consultation, which is seeking views on new guidance designed to help trustees meet tougher standards of governance in relation to climate change ri

  • Spaces available

    Risk Management Webinar ProgrammeInternal audit is often the Cinderella of the audit world. It’s a regulatory requirement for insurance companies to have an internal audit function, so why not make it as useful as possible?  This session will look at how to link an internal audit plan to the risk register, and how that helps audit committees and boards to spot problems and fix them.

  • Spaces available

    Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.