Life insurance news and articles written by acturies for actuaries - read the latest research pieces, today's news and latest articles in the Life insurance market.

Ill-Health Early Retirement VS Group Income Protection

By Paul Avis, Mrketing Director at Canada Life Group Insurance

The long-term absence of an employee may do more than cause disruption in the workplace. Employers who dismiss staff on capability grounds may find that they have not met the requirements of the Equality Act 2010 and are liable to pay an Employment Tribunal award. However, Ill-Health Early Retirement provisions - made under pension schemes - may also have unexpected consequences. 

The possibility of a return to work may not be considered if the employer does not know how to get the specialist support that this may require. Medium or long-term absence has a financial impact for firms of all sizes - the direct costs of remuneration, lost productivity, and Human Resource (HR) time, together with indirect costs such as the effect on colleagues must all be considered.

The company must provide Statutory Sick Pay (SSP), and many companies will provide more than the minimum amount. However, a significant point arises after 28 weeks of absence, as this is when SSP ceases. Decisions may need to be made and the management of the absence becomes more difficult.

If the employer considers dismissal on grounds of capability, it may not be appropriate to simply “remove” an employee once they hav...Read More

UK longevity in an international context

By Richard Willets, Director of Longevity at PartnershipUK longevity in an international context

The Pensions Bill published in May confirmed that the UK state pension age,which was already set to increase to 66 by 2020, will step-up further to 67 by 2028. The UK is not the only country moving in this direction. A report produced in 2012 by the Organisation for Economic Co-operation and Development (OECD) included the assertion that “67 is becoming the new 65.” Of the 34 member countries of the OECD, 13 have already moved to a state pension system where the retirement age was set...Read More

A General Procedure for Constructing Mortality Models

The general procedure for constructing mortality models is a new approach based on analysing mortality rates across the dimensions of age, period and year of birth. It uses a combination of statistical methods and expert judgement to identify sequentially every significant demographic feature in the data and give it a specific functional form. This means that it can be used to give a better understanding of the historic changes in mortality and therefore more reliable forecasts of future mortality rates.
 
Longevity risk is one of the key demographic risks faced by pension plans and life assurers. In recent years, ...Read More

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Lifestyle Actuary

The trappings of fast paced city lifestyles rarely take into account the charm and elegance that a room, a dinner or a cup of tea can afford; characteristics lost to a by-gone era of debutante balls and black tie for dinner.

The Luddite

Sam Richardson looks into the up and coming and the outgoing of the technology and gadgetry world in 2014.

Travelling Actuary

This month Travelling Actuary Eve Hartridge takes us to Greece's very own Emerald Isle located in the heart of the Ionian Sea, Corfu.

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