Flexible Retirement Scheme for the Italian Mortality Experience

SynopsisThe Paper deals with some of the problems which arise in the valuation of Widows' Funds with special reference to the Widows' Funds of certain professional bodies in Scotland.An analysis is made of data derived from the Scottish Bankers' Marriage and Mortality Experience 1923–1943 (T.F.A., 19, p. 149) with a view to determining the applicability of the Collective Method to a valuation of the “existing” at the close of that Experience.The various factors entering into a Widows' Fund valuation are examined in relation to a particular Fund and the importance of the valuation rate of interest illustrated.The Paper concludes with a discussion of the “reserve for loss on future entrants” often met with in the valuations of such Funds, and of the arguments for and against proposals which have been made for its elimination.

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On the Mortality amongst Assured Lives, and the requisite Reserves of Life Offices. Part I

Journal of the Institute of Actuaries and Assurance Magazine ◽

10.1017/s2046167400045444 ◽

1876 ◽

Vol 19 (06) ◽

pp. 381-413 ◽

Cited By ~ 1

Author(s):

George King

Keyword(s):

Mortality Experience ◽

The Subject

Several writers, notably Messrs. Higham and Sprague, have treated of the Mortality Experience of Life Offices, basing their investigations upon various data; and it may be thought that there is no necessity to pursue the subject further. The question is, however, one of great interest and importance, both in its relation to abstract science, and in its bearing on the actuarial management of companies; and as it possesses collateral branches which have hitherto received but little attention, it occurred to me that my time would not be wasted in attempting to elicit new facts, and illustrate old ones, from the abundant materials now at our disposal.

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Funding Pensions in Scotland: Would Independence Matter?

National Institute Economic Review ◽

10.1177/002795011422700104 ◽

2014 ◽

Vol 227 ◽

pp. R21-R31

Author(s):

David Bell ◽

David Comerford ◽

David Eiser

Keyword(s):

Public Debt ◽

Government Debt ◽

Bond Market ◽

Liquidity Premium ◽

Mortality Experience ◽

Mortality Risks ◽

Economic Issues ◽

Scottish Government ◽

The Uk ◽

The Cost

Economic issues will be key determinants of the outcome of the Scottish referendum on independence. Pensions are a key element of the economic case for or against independence. The costs of funding pensions in an independent Scotland would be influenced by mortality risks, the costs of borrowing and the segmentation of costs and risks (i.e. pricing to Scotland's experience rather than pooled across UK experience). We compare the overall costs of providing pensions in an independent Scotland against the resources that are available to cover these costs. Scotland has worse mortality experience than the UK as a whole, and Scottish government debt is likely to attract a liquidity premium relative to UK government debt. An independent Scottish government would have to create a bond market for public debt. The liquidity premium would make pensions cheaper to buy, but taxpayers or the consumers of public services would have to pay the cost.

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