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Tool enlists nurses for DB transfer advice longevity assessment

Calculating SavingsA life expectancy tool that assesses longevity based on information including a health assessment from a qualified nurse is aiming to help advisers with defined benefit pension transfer advice.

The FCA introduced a rule this year that advisers making a recommendation on a DB transfer must plan for a client living a “reasonable” period beyond average life expectancy.

The new service, run by medical underwriter Morgan Ash, involves a nurse firstly conducting phone interview with the client about their health, lifestyle, occupation and family history.

IFS: Predicting longevity key to better retirement planning

That information is evaluated by an underwriter who then assesses it for longevity.

The services uses Office for National Statistics data to model the ‘normal’ life expectancy for the client, which is then updated with the client’s health information to get their life expectancy estimate.

Morgan Ash says many advisers still use “flawed approaches” when considering life expectancy, such as relying on statistical average figures that take no account of the individual’s health or lifestyle.

It says these methods may not satisfy compliance requirements.


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. In other news, it has been reported that Financial Advisers think more people need to be proactive about seeking Financial advice.

  2. Why, this actually means as much as an illustration, its meaningless.

    No one knows the future, yet advisers are being held accountable for not knowing. It would appear I need a time machine to advise. How many creaking doors do we all know, been dying for years, then there is the supper fit that drop dead without warning.

    Maybe I should dress up as a fortune teller, purchase a crystal ball and change my name to Mystic Meg. Disclosure would be “Look into my eyes, not around my eyes, but into my eyes, three, two, one, your under”.

    The future is unknown but potential risks and dangers are already known, so stress them and highlight them to clients. Assume all will live to 87, you will be wrong in 50% of cases. In other words an adviser has 50% change of getting it right. Yet will be held to account on 100% of cases.

    Its a crazy world.

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