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.