This presentation draws from the Institute of Actuaries’ White Paper titled the “Longevity tsunami” which addressed problems arising from the fact that people will be living a lot longer than they expect. The paper has contributed to a wide ranging community discussion on the implications of the so called “longevity problem” which has resulted in, among other things, Treasury adopting a more aggressive view on longevity, and changes in the tax status of various deferred annuity products.The presentation addresses various social and financial issues including:??
- living to 120 will become the norm??
- current issues for dealing with defined benefit pensions??
- products that can protect against financial strains caused by longevity??
- funding issues for a pension-only fund
- ??debate on who should carry the financial burdens of longevity.