David Hare, President of the Institute and Faculty of Actuaries (IFoA) comments on Steve Webb’s commitment to providing new pensioners with estimates of life expectancy
 
　　“The Pensions Minister’s comments in Wednesday’s Telegraph illustrate the importance of helping people understand how life expectancy should inform financial decisions in the run up to their retirement. As experts in analysing longevity, actuaries are aware there is a tendency for individuals to underestimate life expectancy, and it is right that this is addressed in the new guidance guarantee.  Providing people with information that helps them to have reasonable and informed expectations will be important, particularly for those who choose to withdraw their pension as a lump sum.
　　“Steve Webb has highlighted the need to provide people reaching retirement with information that helps them make sense of complex financial choices.  Whether the proposed guidance model is able to provide the appropriate level of detail is not yet clear.  As automatic-enrolment increases the number and size of Defined Contribution (DC) funds, and more pensioners retire with a combination of accumulated Defined Benefit and DC pensions, decisions about retirement income could become more challenging and some individuals may require more personalised advice than the guidance can provide.
 
　　~Ends~
　　For further information please contact Karen Wagg – Karen.wagg@actuaries.org.uk / 077 255 58 551 / 020 7632 1452
　　The IFoA is an independent chartered professional body, with over 25,000 members located and working around the world. The IFoA does not have a lobbying position and seeks to provide evidence based comment that will inform the debate.
 
　　Editorial notes:
　　About the Institute and Faculty of Actuaries
　　1.    Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues
　　2.    Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.
　　3.    Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
　　4.    The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.
 
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