Life expectancy at retirement fell over 2012 according to the latest update of the Institute and Faculty of Actuaries' Continuous Mortality Investigation (CMI).
The cut in some of the CMI's core projections comes after the worse-than-expected mortality data from 2012 was incorporated into the model.
The life expectancy of a man aged 65 has been cut by approximately three months to 22.5 years while life expectancy for a 90-year old male fell by about 1.5 months to 4.46 years.
Commenting on the latest instalment of the CMI, Towers Watson said the reduction in life expectancy could reduce liabilities by up to 1% for some schemes.
Towers Watson senior consultant Matthew Fletcher said: "After years in which it seemed that life expectancy assumptions only ever got ratcheted up, the latest data points to slower improvements than actuaries had been assuming.
"For a typical pension scheme, the fact that the same method now produces lower life expectancies might shave 1% or more off liabilities."
The changes in life expectancy were smaller for younger people, and the CMI's authors warned against drawing conclusions as to the current trajectory rates of mortality improvement.
But these latest figures follow the publication by the Office for National Statistics of figures that suggested mortality rates were improving more slowly than expected (PP Online, 17 September).
Fletcher said that the early indications from 2013 suggested the trend could continue next year.
He said: "Long-term rates of improvement remain highly uncertain but the large number of deaths seen in early 2013 makes it less likely that this change will be reversed straight away."
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