APPENDIX D Glossary State Pension retirement age Age at which a person becomes eligible to receive State Pension retirement benefit (AOW). This age is raised step by step from 65 to 67 in the period 2014 to 2021. Further increases will depend on the future development of (estimated) life expectancy. Best estimate In this publication: the most likely value for a quantity subject to chance, such as a mortality probability, the value of a product or portfolio etc. Cohort life expectancy Life expectancy based on a projections life table. This means that the life expectancy of an individual is based on mortality probabilities from a mortality table corresponding to the observation year in which that individual has a certain age. Deterministic projections life table Projections life table in which mortality rates for future years are determined on the basis of a model that does allow for uncertainties. Hence there is 1 (deterministic) result. Eurostat database The database of Eurostat (the European Union’s bureau of statistics) offers a wide range of data, for use by governments, companies, the education sector, journalists and the broader public. Human Mortality Database (HMD) International database containing population and mortality data from over 35 countries worldwide. Survivor’s pension in payment (SP in payment) An insurance where the surviving spouse (the co-insured) of the main insured person gets periodic payments after the main insured person is deceased. Kannisto closure of the table A method to obtain mortality probabilities for high ages from mortality probabilities of lower ages through extrapolation. Deferred survivor’s pension (deferred SP) An insurance – linked to old age pension – in which a provision is formed to pay out periodic benefits to the survivor after the main insured person is deceased, as long as the survivor lives. Life expectancy In most publications the term life expectancy denotes the expected (remaining) lifespan of a new-born. The publication Projections Life Table AG2014 refers to remaining life expectancy, because this term applies to any age. The term may denote to period life expectancy or cohort life expectancy. Projection Table AG2018 Appendix D 51
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