We've all heard that Canadians are living longer. This is true on average. But are all Canadians living to a ripe old age? More importantly, are your plan members?
Understanding how long your members will live is important, because longer lifespans drive up the cost of providing benefits. But, historically, plan sponsors have lacked the information and tools needed to stay ahead of longevity changes, and to properly assess and manage longevity risk. Fortunately, innovative new approaches are changing this!
This session will break down the components of longevity risk, identify the influencing factors and uncover what steps can be taken to mitigate them. The session will also present new research findings into the factors - such as affluence and postal code - that best explain how long Canadian pensioners are living. Finally, it will provide a comprehensive overview of strategies to mitigate longevity risk - going beyond buy-out and buy-in annuities to discuss emerging strategies like longevity insurance/swaps, top-slicing and medically underwritten annuitites.
Our speaker is Richard Brown, FCIA FSA CFA; Principal & Longevity Risk Consultant, Club Vita Canada