So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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PICA reinsures £6bn of longevity risk for unnamed scheme
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It is the fourth largest ever UK longevity swap
The Prudential Insurance Company of America (PICA) has concluded a £6bn longevity reinsurance deal, with Zurich Assurance acting as an intermediary on a pass-through basis.
Long-term Covid uncertainty makes longevity hedging more valuable
The uncertainty surrounding the potential impact of so-called long Covid and behavioural changes heightens the need for schemes to increase their longevity hedging, says Prudential Financial.
While most schemes will have seen a limited change in liabilities directly due to the mortality effects of the pandemic, the longer-term consequences of the pandemic on younger generations is unclear.
Fatalities due to the disease have largely affected the most elderly parts of the population or those with existing co-morbidities, with the illness mostly sparking a reduction in liabilities if any.
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Prudential Financial head of international transactions for international reinsurance Rohit Mathur explained: Pension liabilities were not significantly impacted by the pandemic. The most impacted populations already had high mortality rates or were people with significant underlying health conditions. These groups
Presentation of the SCOR 2020 Actuarial Awards
On October 9 in Sweden, Svein Børre Solvang, CEO of SCOR Sweden Re, and Erik Havreng, representing the Swedish Actuarial Association, presented the Actuarial prize for Sweden during the SCOR Sweden Re Life Insurance Webinar 2020. The prize was awarded to
Sandra Brännstam, a consultant at EY, for her dissertation “Calibration of SCR according to the standard formula applied on Swedish population data - based on Lee Carter modeling”.
On November 11 in Germany, Frieder Knüpling, Chief Risk Officer of SCOR, presented the Actuarial Awards for Germany during a virtual ceremony. The 2020 winners were
SCOR supports actuarial science by presenting Actuarial Awards in five countries in 2020
SCOR supports actuarial science by presenting Actuarial Awards in five countries in 2020
Every year since 1996, SCOR has rewarded the best academic work in the field of actuarial science with annual prizes in several countries throughout the world. These prizes are designed to promote the development of actuarial science, to encourage research in this field, and to contribute to the improvement of risk knowledge and management. The SCOR Actuarial Awards are recognized in the insurance and reinsurance industries as a mark of excellence. The Actuarial Awards in France are supported by the SCOR Corporate Foundation for Science.