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Longevity improvements add to pension problems

Improved life expectancy has added £10bn to the pension deficits of FTSE 100 companies, says Aon Consulting.

Figures from the Government Actuary&#39s Department show the life expectancy of a 65-year-old man has increased by 10 per cent since its 2001 forecast, adding two years to average male life expectancy.

Aon says the new mortality calculations are also likely to affect the strength of life companies that offer annuities.

It predicts that pension costs will rise by 3.5 per cent, using the GAD&#39s latest figures and the FRS17 accounting rules, for every year of increased life expectancy.

Further longevity increases could see life offices coming under increased scrutiny from ratings agencies, says Aon.

Principal Paul McGlone says: “Advances in science and medicine have had a very positive effect on the number of people surviving into old age and companies now need to ensure they factor in ongoing longevity changes into their pension provision.”


Equitable should back campaign for Gvt compensation – action groups

Equitable Life Action groups have joined forces to strengthen calls for Equitable to back a campaign for Government compensation. Seven action groups have come together in a single movement called E7 which wants the society to put its weight behind calls for £3 billion of compensation from the Government. E7 spokeswoman Liz Kwantes says the […]

Julian Gibbs has launched an enhanced range of research services which will give more added value to IFAs and protect them against recommending higherrisk products to clients without making it clear that they are higher risk. The risk map tool, which enables IFAs to search for and select products, has an improved scoring system which is […]

FSA wants digital agency to boost its image

The FSA is hiring a high-tech digital marketing agency in a bid to update its image and help boost its profile among consumers. The move is believed to be part of an initiative by the regulator to make itself more consumer-friendly through better marketing and communications. Digital agencies supply clients with various ways of promoting […]

62 per cent of HNW have PMI – survey

Sixty-two per cent of high earners in the UK have private health insurance, with 36 per cent saying avoidance of waiting lists as the reason for taking the product, according to research from Lloyds TSB Premier Banking. Only one per cent said private health insurance does not offer good value for money, and eight per […]


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