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09

More help with longevity calculations urged

Open-access content Friday 12th September 2014

Life companies have been urged to do more to help pre-retirees calculate their longevity so they can plan adequately for their later years.

OAC actuaries and consultants said because people were now free to access their pension pot at 55 they needed to be aware of how long they were likely to live.

It warned that changes to the pensions landscape meant that people were forgoing annuities and would need to consider in more detail the length of their retirement.

The life industry is ideally placed to provide those close to retirement age with tools and assistance necessary for them to make well-informed choices about their future, OAC said. It added that life companies who are used to making predictions for insurance policy premiums, 'should view this as an opportunity'.

'Life companies have the opportunity to show consumers the benefits of their experience,' said Nigel Gardner, head of global sales at OAC.

'Individuals will need to be presented with an analysis of how long they are likely to live for so that they can plan for their retirement and life companies can help tremendously with this.

'There is a real opportunity for these companies to show the value of their work especially as competition in the "at retirement" space heats up.'

This article appeared in our September 2014 issue of The Actuary.
Click here to view this issue
Filed in:
09
Topics:
Pensions

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