Contrary to the earliest industry forecasts, people are now drawing on their pensions for longer, impacting inevitably on pension scheme reserves and corporate profitability. Life expectancy alone is not enough when determining liabilities – socio-economic variances and marital status should also be examined.
The established approach to valuing pension liabilities is to appraise member age and gender in addition to the size of the pension. Today, with additional data available at our fingertips, we are able to exploit this information and strengthen actuarial projections and potentially remove adverse insurer margins.
Scheme members’ spouse usually receive benefits upon the demise of a partner, and specifically, the existence of a spouse could materially increase the cost of providing pension benefits – strong grounds to establish who within your database is single or married. Risk MSP is a data-enhancing product for companies that need to understand the potential additional risk within their scheme attributable to the marital status of their members.
Who is Risk MSP aimed at?
- Pension schemes, and in particular those with an ‘end game plan’
- Scheme disclosure under FRS17, IAS19 and IFRS accounting guidelines
- Life insurers and pension annuity providers
For DB pension schemes, MSP information will assist strategy for liability management project and any ongoing scheme funding.
Risk MSP is available either as a managed solution or available within our online bureau, Smartcleanse – our easy to use, self-administered service.
Contact us today for a no-obligation consultation
Please call 029 2067 8555 or complete the form and we will be in touch shortly to discuss your requirements…