UK - Improvements to the biology of aging could affect the longevity funding issue for defined benefit (DB) schemes a panel discussion organised by Punter Southall found last week.
The panel included James Purnell, secretary of state for work and pensions, Lawrence Churchill, chairman of the Pension Protection Fund, Andrew Stoker, chief actuary at Lucida, and Joanne Livingstone, technical director at Punter Southall.
He advised the panel and pension industry to realise the potential of research in decelerating ageing.
The panel discussed the Pensions Regulator's proposal of trustees making prudent assumptions regarding future mortality improvements.
The need to appreciate the level of uncertainty was also discussed.
The panel highlighted the little guidance given about how trustees should tackle forecasting, as there remained no single reliable method available
Punter Southall launched the ProLong model, designed to determine forecasts.
Joanne Livingstone, principal, Punter Southall said: "ProLonG will help trustees choose a prudent yet plausible assumption for future improvements by giving them evidence for the different types of projections, knowledge as to the potential liability impact of each projection, and benchmarking against other schemes."
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