Response to TPR's Annual Funding Statement

Erik Pickett, Longevity Consultant comments on the Annual Funding Statement from a longevity perspective.

5 April 2018

“TPR provides a timely reminder of pension schemes’ need to focus on longevity assumptions. It is essential that schemes consider their specific membership characteristics and obtain a good understanding of relevant emerging trends since the last valuation.
Over the past few years we have heard a lot about a slowdown in longevity improvements. However, this slowdown does not appear to be uniform across society. Club Vita’s research, with the PLSA, has shown that the less well-off have taken the brunt of this poor experience, with the more comfortable groups seeing higher levels of improvements. This is especially relevant as most pension schemes will have a concentration of risk in these better off groups of members.
With the increased focus on risk management, using all available information to understand schemes’ longevity profiles is more important now than ever.”
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