This report provides an analysis of the development of mortality assumptions and the building of mortality tables to ensure the sustainability of lifetime retirement incomes. It examines traditional approaches for developing mortality tables and provides an international overview of longevity trends and drivers, including the impact of the COVID-19 pandemic. The report also details standard mortality tables developed across OECD member countries and offers guidelines to assist regulators and supervisors in assessing the appropriateness of mortality assumptions and tables used in the context of retirement income provision.
Introduction: Retirement income provision is a critical component of economic security for individuals and societies as a whole. Ensuring the sustainability of lifetime retirement incomes is essential to protect individuals from poverty in old age. Mortality assumptions play a crucial role in developing mortality tables to underpin the provision of retirement income. However, in the face of increasing longevity, it is crucial to update and refine mortality assumptions to ensure their continued appropriateness.
Body: This report provides an analysis of the development of mortality assumptions and mortality tables. It explores the traditional approaches for developing mortality tables and highlights the importance of considering a wide range of factors, including demographic, social, economic and health-related factors. The report provides an international overview of longevity trends and drivers, including the impact of the COVID-19 pandemic on mortality rates. It also analyses the standard mortality tables developed across OECD member countries and offers guidelines for regulators and supervisors to assess the appropriateness of mortality assumptions and tables used in the context of retirement income provision.
Mortality assumptions and mortality tables play a crucial role in the provision of sustainable lifetime retirement incomes. This report highlights the importance of updating and refining mortality assumptions to ensure their continued appropriateness in the face of increasing longevity. It provides insights into traditional approaches for developing mortality tables, an international overview of longevity trends and drivers, and guidelines for assessing the appropriateness of mortality assumptions and tables used in the context of retirement income provision. These findings can assist regulators and supervisors in developing policies and frameworks to better protect retirement income provision.