Software solutions for actuaries

Act-fx : the Actuarial Toolkit for Excel


Life financial

Function     Description

anngtee        Annuity guarantee value
annx             Single life annuity
annxrevy       Reversionary annuity
annxn           Single life annuity with guarantee
annxt            Temporary annuity
annxynls       Joint and last survivor annuity with guarantee
annSMPI      Annuity at retirement for Statutory Money Purchase Illustrations
nEx               Endowment
xExy             Joint-life endowment
Ax                 Whole life assurance
Axt                Temporary assurance
Axn               Endowment assurance

Ax1yt            Contingent joint life temporary assurance payable on first death
IAx1yt           Increasing contingent joint life temporary assurance payable on first death
Axtanny        Contingent single life annuity payable to y on the death of x during period of t years.
IAxtanny       Increasing contingent single life annuity payable to y on the death of x during period
                     of t years.

Parameters for mortality tables in mortality and life functions include optional adjustments for age rating, factor, constant addition and improvement projections.
Improvement projections can be specified using:
• calendar year, year of birth and year of use;
• formula and short, medium and long cohort;
• proportion of improvement rate and minimum rate for cohort projections;
CMI Mortality Projections Models from 2009 to 2016 core parameters
  (CMI_2013 and later only available to CMI subscribers).

Revaluation

Function                                 Description

GMPFixedRevalnRate              GMP fixed revaluation rate applicable to specified leaving date.
GMPFixedRateRevalnFactor    Factor to revalue GMP at fixed rate from date of leaving.
GMPLtdFixedRevalnFactor      Factor to revalue GMP at limited rate of fixed 5% pa.
GMPLtdRevalnFactor               Factor to revalue GMP at limited rate in line with Revaluation of
                                                 Earnings Orders with a maximum of 5% pa.

RevalnFixedFactor                   Factor to revalue non-GMP at a specified fixed rate based on complete
                                                 years between leaving date and specified revaluation date.

RevalnOrder                             Revaluation Order for year of normal pension age and number of
                                                 complete years since leaving.

RevalnOrdFactor                      Factor to revalue non-GMP by Revaluation Orders between specified
                                                 date of leaving and the date to which revaluation is required.
RevalnRPIFactor                      Factor to revalue non-GMP in a similar way to Revaluation Orders except
                                                 that RPI increases are assumed to apply throughout.
RevalnEarnOrd                         Revaluation of Earnings Factors Order (s148 Order) for specified
                                                 termination year and year of earnings.

RevalnEarnOrdFactor               Factor to revalue GMP by Revaluation of Earnings Factors Orders.
                                                 between leaving date and revaluation date.