As part of the 31 March 2016 valuation process, 15 of the English Funds participating in the Local Government Pension Scheme (LGPS) advised by Barnett Waddingham agreed to take part in a project to comprehensively review their mortality assumptions.
With assistance from Barnett Waddingham’s specialist Longevity Consulting team, a detailed analysis of the mortality experience (i.e. the actual number of deaths, relative to expectations) for each Fund over the five year period to 31 December 2015 was undertaken. The socio-economic profile of each Fund was also considered as part of the analysis. As well as individual Fund results, the analysis considered results for groups of related LGPS Funds.
"Our analysis suggests that the provision of ill health retirements (or its recording) has fallen significantly over the past 20 years. "
To find out more, download our insights document below.