APPENDIX D Glossary State Pension age (AOW) The age at which a person is eligible for a state old-age pension (AOW). In years 2014 up to the including 2021, this age will be increased gradually from 65 years to 67 years. Further increases after this date depend on the future development of (estimated) life expectancy. Best estimate In this publication: the most probable value of a quantity subject to coincidence, such as a mortality probability, the value of a product or portfolio et cetera. CMI model. RMS model. Life Metrics projection models Classes of stochastic models Cohort life expectancy Life expectancy based on a projection life table. This means that the life expectancy of an individual is based on mortality probabilities from the mortality table corresponding to the observation year in which the respective individual has a certain age. Deterministic projection life table A projection table in which the mortality figures for future years are determined on the basis of a model in which uncertainties are not taken into account. As a result, there is 1 (deterministic) outcome. Eurostat database The Eurostat database (Eurostat is the statistics office of the European Union) offers a wide range of data which can be used by governments, companies, the education sector, journalists and the general public. Human Mortality Database (HMD) An international database with population and mortality data from more than 35 countries worldwide. Survivor’s pension in payment A form of insurance in which the surviving dependent (the co-insured) of the principal insured receives a periodic benefit after the principal insured has died. Kannistö closure of the table A method of determining mortality probabilities at high ages through extrapolation from mortality probabilities at lower ages. Latent survivor’s pension Type of insurance—linked to the retirement pension—whereby a provision is accumulated from which a benefit can be paid periodically to the surviving dependant for the remainder of his or her life after the death of the principal insured. Projection Table AG2016 Appendix D 43
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