Given the present low interest rate, we have also provided an indication of the effects on the basis of a fixed interest rate of 1% in table 8. The interest rate has an impact on the ultimate effect due to the long-term liabilities. In the case of an actuarial discount rate of 1%, the low interest rate results in an additional increase in the impact. Cover RP (65) SP RP+SP Men Young -0.1% 1.8% 0.4% Average -0.1% 1.5% 0.3% Old -0.2% 1.1% 0.3% Women Young 1.3% -2.1% 0.9% Average 1.1% -1.4% 0.7% Old 0.9% -1.1% 0.6% Table 8 Impact on the provisions (actuarial discount rate 1%) for the model portfolios for the transition from AG2014 to AG2016 (difference AG2016 minus AG2014, expressed in AG2014). The separate percentages, as stated in relation to the types of pension, retirement pension and survivor’s pension, do not add up to the percentages, as stated in the combination of a retirement pension and survivor’s pension. This is because the provisions of the various types of pension are different. ■ RP = retirement pension SP = survivor’s pension These sample funds contain a combination of rights to a retirement pension and a partner’s pension. Tables 9, 10 and 11 show the effect on the provision for these various types of pension. Retirement pension (65 years) Men -0.2% -0.1% -0.1% -1.0% Age 25 45 65 85 Actuarial discount rate 3% Actuarial discount rate 1% Men Women 1.5% 1.1% 0.2% -0.8% Retirement pension (65 years) Actuarial discount rate 3% Actuarial discount rate 1% Age 25 45 65 85 Men 3.2% 2.5% 1.2% 0.1% Women -6.0% -2.4% -0.1% -0.8% Survivor’s pension in payment Actuarial discount rate 3% Actuarial discount rate 1% Age 25 45 65 85 Men 0.3% 0.4% 0.2% -0.8% Women 0.0% -0.1% -0.1% -1.0% Men 0.6% 0.6% 0.3% -0.9% Women -0.1% -0.1% -0.1% -1.0% Tables 9, 10 and 11 Impact on the provisions (actuarial discount rate of 3% and 1%) for the various types of pension and ages in the transition from AG2014 to AG2016 (difference AG2016 minus AG2014, expressed as a percentage of AG2014) In the case of higher pension ages (for instance, 67 years), the effects are almost the same as those based on a retirement age of 65 years. Projection Table AG2016 Outcomes 25 Men 3.6% 2.8% 1.4% 0.0% Women -6.0% -2.6% -0.3% -0.9% -0.2% -0.1% -0.1% -1.0% Women 1.8% 1.3% 0.3% -0.9%
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