![]() |
The CMI has issued its consultation to help shape the next version of its mortality projection model, which is used by the majority of pension scheme trustees and sponsors in setting their funding and accounting assumptions. |
The consultation focuses on how to respond to the very high mortality rates seen in England & Wales over 2022, to which the model is calibrated. The CMI believe mortality in 2022 may be indicative of future mortality to some extent, unlike the exceptional mortality seen in 2020 and 2021 during the peak of the pandemic. The key proposal is to give 25% weight to the 2022 mortality data. In the coming years, the CMI plan to steadily increase the weight on mortality data until around 2025, by which time it expects a clearer indication of mortality trends of the future. The CMI also intend to update the model to use the latest population estimates based on the 2021 Census. Both of these changes reduce projected life expectancy relative to previous versions of the model. Chris Tavener, Partner and Head of Life Analytics at LCP commented: “If these proposals go ahead then life expectancy assumptions at age 65 are likely to fall by around 6 months, equivalent to 2%, when adopting the new core model, all else being equal. This is a larger fall in life expectancies compared to recent model updates, but we share the concern expressed by the CMI that higher death rates seen in the latter part of 2022, and continuing into January, may be indicative of future mortality. “We are seeing an increasing number of pension scheme trustees and sponsors look to us to understand how their own members are likely to be affected by the various factors driving recent higher death rates, such as the ramifications of the pandemic and pressures on the healthcare system, which in our view will affect some groups more than others.” |
|
|
|
BPA Implementation Manager | ||
North / hybrid working 50/50 - Negotiable |
Head of Reserving | ||
City of London - £150,000 Per Annum |
PRT or BPA Specialist | ||
Nationwide offices / hybrid working - Negotiable |
Retirement Consultant | ||
UK-wide / hybrid 2 dpw office-based - Negotiable |
GI Associate Actuarial Director | ||
London / hybrid 2-3 dpw office-based - Negotiable |
GI Actuarial Senior Manager | ||
London / hybrid 2-3 dpw office-based - Negotiable |
Actuarial Manager - GI/Risk | ||
London / hybrid 2-3 dpw office-based - Negotiable |
Insurance Risk Manager | ||
London / hybrid 2-3 dpw office-based - Negotiable |
Financial Risk Leader - ALM Oversight | ||
Flex / hybrid - Negotiable |
Financial Risk Leader | ||
Flex / hybrid - Negotiable |
Take the lead on actuarial financial ... | ||
Flex / hybrid - Negotiable |
With-Profits and Investment Risk Expert | ||
Flex / hybrid - Negotiable |
Reinsurance Actuary | ||
London/Hybrid - Negotiable |
CONTRACT (12 months): Underwriter | ||
Fully remote - Negotiable |
CONTRACT (12 months): Senior Underwriter | ||
Fully remote - Negotiable |
MI Manager | ||
UK South West / hybrid 2 days in the office - Negotiable |
Senior MI Analyst | ||
UK South West / hybrid 2 days in the office - Negotiable |
LONDON MARKET CONTRACT: Capital Model... | ||
London/hybrid 2-3dpw office-based - Negotiable |
Senior M&A Actuary | ||
London / hybrid 3 dpw office-based - Negotiable |
Market-leading Pricing | ||
South East or Scotland / hybrid 2 dpw in the office - Negotiable |
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.