News

Britain is ‘woefully underprepared’ for the consequences of an ageing society and could face a series of age-related crises, a House of Lords committee has warned.

The committee’s report, “Ready for ageing”, suggests that private sector employers, government and the financial services industry must work together to tackle the ‘serious deficit’ in defined contribution pensions.
It called on the government to work with the financial sector to support the growth of a ‘safe, easy-to-understand equity release market’.

The CMI, supported by the Institute and Faculty of Actuaries, has a long history of providing authoritative and independent mortality and sickness rate tables for UK life insurers and pension funds. The CMI tables have underpinned the prudential and financial reporting of almost all these institutions.

A paper entitled a “Second International Comparative Study of Mortality Tables for Pension Fund Retirees” has been published by T.Z.Sithole (Kingston University), S.Haberman and R.J.Verrall (both Cass Business School, City University London). 
 

The European Court of Justice (ECJ) has today ruled that Article 5(2) of the Gender Directive 2004/113/EC breaches European Union gender discrimination laws.  Article 5(2) currently permits individual member states to differentiate between men and women when pricing insurance where statistical evidence shows gender is a determining risk factor.  The ECJ has ruled that this derogation is invalid from 21st December 2012.  

STUDIES IN IRISH DEMOGRAPHY EXPERIENCE

The UK Actuarial Profession wishes to commission research in the area of modelling and understanding heterogeneity in mortality and morbidity risk which has an impact in areas of actuarial interest.

Actuaries broadly welcome the National Pensions Framework.  See announcement from Department of Social and Family Affairs here.

See below for the Press Release from SAI.

Click here to listen to Aisling Kennedy's interview on Morning Ireland - 4th March 2010