Eckler Ltd. has launched Club Vita Canada Inc. to build on the work already being done by the Canadian Institute of Actuaries to advance the current state of Canadian pensioner longevity measurement and modelling.
“Current models of measuring longevity risk for Canadian DB pension plans do not incorporate leading approaches being used in other countries,” says Ian Edelist, CEO at Club Vita Canada and a principal at Eckler. “We’re reframing pensioner longevity analysis by focusing on individual drivers, rather than easily observable groupings. The longevity analytics we will provide to our club members will allow them to understand and manage their longevity risk to a level not previously possible.”
Read: What can employers do to mitigate longevity risk?
Club Vita Canada is building a club of public- and private-sector pension plans from across Canada, with the goal of creating the most robust pool of longevity data in the country.
Its team of consultants, statisticians and academics will apply data analytics and statistical modelling techniques to determine the strongest predictors of Canadian pensioner longevity out of a broad range of possible factors, including lifestyle, geography and affluence.
Read: Longevity risk for employers
Annual updates provided to club members will equip plan sponsors and their advisers with information they need to understand their future costs.
Club Vita Canada is an extension of the U.K.-based Club Vita LLP, launched in 2008 by Hymans Robertson LLP.
Club Vita LLP’s approach has helped to build better understanding and management of longevity risk by analyzing a data set of 2.2 million pensioners, representing about 15% of the U.K.’s retired population.
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