UK Money News
15th February 2008
Final pension life expectancy standard to be raised?
Proposed reforms to final pension rules could see providers being forced to use a more to up to date measurement for life expectancy.
The current standard used by pension providers assumes that a man who retires at 65 will live to 89.
However, under the proposals set to be unveiled by the Pensions Regulator this Monday, this will be extended by two years.
The move has been suggested after studies from the regulator found that the standard which is in place at the moment frequently underestimates holders' lifespans and that this is set to become even more the case in years to come.
Charlie Massey, executive director of the Pensions Regulator, told the Financial Times: "What we are saying is that while longevity is impossible to predict, we do believe that schemes are underestimating how longevity will continue to improve in the future."
Life pension providers will face increased costs should the proposal become law, with each extra year set to increase liabilities by up to four per cent.
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