
Longevity could increase 20%

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.
Dr David Gems, reader in the biology of ageing at University College London, said current research could improve longevity by 20% beyond current forecasts.
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."
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."
Latest stories
Latest issue - 21 February 2019
This week's edition of Professional Pensions is out now.
Fiduciary Management Trends in 2019 - Q&A with Ben Gunnee
Ben Gunnee reflects on 2018 and talks about the Fiduciary Management trends to keep an eye on in 2019
Lloyds secures 630,000 pension customers with 'strong progress' towards one million by 2020
Lloyds Banking Group secured 630,000 new pension customers last year, according to its 2018 annual results.
Government will not 'force pace of change' in AE
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.
Back to Top