Lithgows

75% of liabilities being assessed led to changes to the assumptions on mortality.

A small sample size of 28% of members was selected and from these, 61% of members participated. This resulted in 75% of the liabilities being assessed.

The results led to changes to the assumptions on mortality. The information on marital status alone led to a material difference in mortality assumptions. Life expectancy was shown to be 1.6 years less than SAPS S1PA tables, which resulted in a reduction to the pension deficit of pensioners alone of £1.2m. When this was adjusted for the whole scheme, the reduction in pension deficit was £2.4m. As a result of the PLUS project the scheme actuary changed the mortality assumption.

Our clients say:

“To ensure that we are delivering the best possible outcomes for all customers, we need to move beyond simply identifying vulnerability and look at the more holistic concept of resilience and how support needs to be tailored according to individual circumstances. We are therefore delighted to see the launch of the new MorganAsh service which provides a simple, objective and consistent way of better understanding an individual’s vulnerability via a ‘resilience rating’.”

Will Hale, CEO, Key