UK - Legal & General estimates the effect of revised mortality figures will reduce its gross pretax operating profit by £140m.
L&G revealed the figure after a working paper by the Continuous Mortality Investigation Bureau included substantially revised predictions of mortality.
Last year it was revealed that scheme costs were set to soar by up to 30% after the Association of Consulting Actuaries announced that outdated mortality tables had massively underestimated liabilities .
The People's Pension, Atlas Master Trust and The Cheviot Trust have been granted authorisation from The Pensions Regulator (TPR), taking the total number of authorised master trusts to 18.
Pension schemes have been warned they may now face a more challenging legal test if they wish to fix drafting errors.
The Greene King Pension Scheme has appointed XPS Pensions as its actuarial and investment adviser following a competitive tender process.
Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...