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The data reveals: Longevity 1948 2012 Life Expectancy Men – 66 Women - 71 Men – 78 Women – 82 100m record Men 10.2 secs – Lloyd LaBeach (Panama) 9.58 secs – Usain Bolt (Jamaica) Women 11.5 secs – Fanny Blankers-Koen (Neths) 10.49 secs – Florence Griffith-Joyner (USA) Martin Bird, managing principal at Aon Hewitt, said: “Usain Bolt has ambitions to take his world record even lower and he should have longer to achieve it, as his life is likely to last longer than most of his record-holding predecessors. In the UK, for example, standards of living and medical advances over the past 64 years mean that over 11 million people alive today can expect to live to over 100 years old - a number that is growing constantly. By 2076 – another 64 years’ time – men are predicted to live to an average age of 89 and women to 92. However, calculations show that the change in life expectancy over the past 15 years has added around 30% to UK defined benefit (DB) pensionscheme liabilities. “While many schemes have already taken steps to reduce their longevity risk, life expectancy can only become an increasing concern for them, as it continues to rise. In the first instance, trustees and sponsors must ensure that projections for their scheme members' life expectancy are as up to date as possible and that they explore the range of risk settlement options available to them. This market has grown significantly in the past decade and pension schemes now have genuine choices. It is essential that trustees and sponsors act to ascertain the most appropriate strategy for their scheme.”
The data reveals:
Longevity
1948
2012
Life Expectancy
Men – 66 Women - 71
Men – 78 Women – 82
100m record
Men 10.2 secs – Lloyd LaBeach (Panama)
9.58 secs – Usain Bolt (Jamaica)
Women 11.5 secs – Fanny Blankers-Koen (Neths)
10.49 secs – Florence Griffith-Joyner (USA)
Martin Bird, managing principal at Aon Hewitt, said: “Usain Bolt has ambitions to take his world record even lower and he should have longer to achieve it, as his life is likely to last longer than most of his record-holding predecessors. In the UK, for example, standards of living and medical advances over the past 64 years mean that over 11 million people alive today can expect to live to over 100 years old - a number that is growing constantly. By 2076 – another 64 years’ time – men are predicted to live to an average age of 89 and women to 92. However, calculations show that the change in life expectancy over the past 15 years has added around 30% to UK defined benefit (DB) pensionscheme liabilities.
“While many schemes have already taken steps to reduce their longevity risk, life expectancy can only become an increasing concern for them, as it continues to rise. In the first instance, trustees and sponsors must ensure that projections for their scheme members' life expectancy are as up to date as possible and that they explore the range of risk settlement options available to them. This market has grown significantly in the past decade and pension schemes now have genuine choices. It is essential that trustees and sponsors act to ascertain the most appropriate strategy for their scheme.”
PLANSPONSOREurope Staff editors@plansponsoreurope.com