CMI Working Paper 78 contains a consultation on the proposed '08' Series tables based on the 2007-2010 datasets for Pension annuities in payment, Pension annuities in deferment and Life annuities. The paper provides an overview of the datasets, describes the methodology used to produce the tables, sets out the key statistics for each of the graduations and describes the extensions of the tables to younger and older ages.
Responses are requested by Friday 10 April 2015.
There are a number of Excel spreadsheets issued alongside this paper:
- The proposed '08' Series annuities tables. We stress that the mortality tables in this spreadsheet are issued as part of a consultation process, and may change before final publication.
- The indicative graduations of Pension annuities in payment data by duration and amount band; for the age range that was graduated only.
- All Offices annuities results for 2007-2010, comparing the experiences of the graduations dataset with the proposed '08' Series tables. These are available as:
- The datasets that underlie the graduations; reformatted to enable easier use in the graduation software, described below.
Three further outputs issued by the CMI simultaneously with this paper are highly relevant to the proposed graduations:
- CMI Working Paper 77: Report of the Graduation and Modelling Working Party, which heavily influenced the Committee’s thinking in producing the tables;
- CMI graduation beta software. In conjunction with the dataset, noted above, this allows users to investigate some alternative approaches to the graduation of the annuities datasets, including their extension to younger and older ages; and
- A user guide to the software.
These outputs are all available alongside CMI Working paper 77.
If you have any questions about the CMI please email
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The International Accounting Standards Board (IASB) recently published an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022.
The IFoA hosts regular roundtable meetings with the PRA on best practice in insurance investment and the application of the Prudent Person Principle, which governs insurance investment under Solvency II.
Presenter: Rahul Verma
Presenter Matt Modisett
An introductory session to help you get ahead with climate change.
- Science, terminology and initiatives: handy facts to keep in your back pocket
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This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
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- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
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Presenter Jon Spain
Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.
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It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.
The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October. The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters.
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.
Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP.