Hymans Robertson service to help schemes better calculate liabilities

The consultant said its subsidiary firm, Club Vita, had been developing a database of records for the past 18 months in order to provide schemes better calculate longevity.

It said it already had two million members of local authority pension schemes involved in a pilot scheme – covering around 250,000 death records over a 15 year period.

And it asked trustees to send the company its records, to help further develop and distinguish mortality trends within socio-economic areas.

Hymans Robertson partner Douglas Anderson said Club Vita members would be provided with longevity analysis within weeks of joining.

He said: "Its metrics will reflect schemes’ diversity and will enable informed analysis that will help to improve risk management in the running and funding of schemes.

"Club Vita’s quick research and practical tools will make pension promises more durable, delivering confidence to trustees and their scheme members."

As an example, Anderson said a male living in Fulham and earning more than £35,000 per annum would on average live four years longer than a male living in Glasgow on £15,000.

The pilot programme is free for UK pension schemes.

Hymans Robertson aims to launch the full service in November