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Pensions: Civil Service

Volume 689: debated on Thursday 22 February 2007

asked Her Majesty's Government:

What is their estimate of the average longevity of members of the Principal Civil Service pension scheme; and how this compares with the average longevity of (a) members of other defined benefit pension schemes, and (b) the United Kingdom population as a whole. [HL1899]

The last full actuarial valuation of the Principal Civil Service pension scheme took place in 2003. At that time, a male scheme member retiring at age 60, in normal health, was expected to live for another 24.4 years on average. The corresponding average future life expectancy for a female scheme member was 27.4 years. The demographic assumptions underlying these figures are set out in Principal Civil Service Pension Scheme: Review of Accruing Superannuation Liability Charges (ASI-Cs) as at 31 March 2003, a copy of which is available in the Library for the reference of noble Lords.

Comparable information on the longevity of members of defined benefit pension schemes outside the public service is not held centrally.

For the United Kingdom population as a whole, based on assumptions current in 2003, the Government Actuary's Department estimated that a man retiring at 60 could on average expect to live for another 23.5 years, while a woman retiring at 60 could on average expect to live for a further 26.5 years.