Mercer and Club Vita Collaborate to Enhance Longevity Risk Management in US Pension Industry
10 7월 2019 - 10:30PM
Business Wire
Mercer, a global consulting leader in advancing health, wealth
and career, and Club Vita, an international leader specializing in
longevity analytics, today announced that Mercer is the first
consulting firm to offer Club Vita’s longevity risk reporting to
its clients in the United States, effective immediately. As part of
their five-year agreement, Mercer’s pension plan clients in the
United States will have access to Club Vita’s proprietary longevity
assumptions, analytics and reporting, which will help them to
better assess and manage their plans’ longevity risk. In addition,
the aggregate enhanced data set will also be used by Mercer’s
consulting teams to provide more powerful insights to help with
client decision making.
Bruce Cadenhead, Chief Actuary, Mercer, said, “Longevity has
become a crucial focus for plan sponsors as people are living
longer, particularly in the current low interest rate environment.
By working with plan sponsors to collect more insightful data, we
can tailor each plan’s assumptions to their participants,
increasing transparency and in turn, improving the value in pension
risk transfer deals. Access to this data will help to justify lower
pension liabilities in some cases.”
Dan Reddy, US CEO, Club Vita, said, “We aggregate longevity data
to aid anyone who wants to be better informed about the true cost
of their pension plan. By combining Mercer’s data with ours, and
adding in our analytical strengths, we will empower pension plan
decision makers to decide the best strategies to manage the costs
associated with their plans.” Mr. Reddy concluded: “In a recent
pilot program, we tested data aggregated from over 100 US pension
plans. We found increases and decreases in pension plan liabilities
of up to 6% relative to the standard Society of Actuaries tables,
with a reduction in liabilities on average.”
About Mercer:
Mercer delivers advice and technology-driven solutions that help
organizations meet the health, wealth and career needs of a
changing workforce. Mercer’s more than 23,000 employees are based
in 44 countries and the firm operates in over 130 countries. Mercer
is a wholly owned subsidiary of Marsh & McLennan Companies
(NYSE:MMC), the leading global professional services firm in the
areas of risk, strategy and people. With 75,000 colleagues and
annualized revenue approaching $17 billion through its
market-leading companies including Marsh, Guy Carpenter and Oliver
Wyman. Marsh & McLennan helps clients navigate an increasingly
dynamic and :complex environment. For more information, visit
www.mercer.com. Follow Mercer on Twitter @Mercer.
About Club Vita:
Club Vita is a longevity data analytics company, which
facilitates the pooling and statistical analysis of demographic
data from defined benefit (DB) pension plans to reveal insights
that would not be evident to the plans acting alone. Its two
existing clubs have served the needs of plan sponsors and their
advisors in the UK since 2008 and Canada since 2015. Club Vita’s
innovative team has designed, built and refined ZIP code based
socio-economic models for managing longevity risk. These enable
plan sponsors not only to tailor their assumptions to reflect their
people, but also to develop strategies to actively manage their
longevity risk, so longevity is no longer just an actuarial
assumption. Club Vita’s models are used globally by several firms
of actuarial advisors and insurance companies participating in the
pension risk transfer market. For more information, please visit
https://www.clubvita.us/.
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version on businesswire.com: https://www.businesswire.com/news/home/20190710005457/en/
Eleis Brennan, Intermarket +1 212-754-5610
ebrennan@Intermarket.com
Alayna Francis, Mercer +44 207 178 3378
Alayna.Francis@mercer.com
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