APPENDIX D Glossary State Pension retirement age Age at which a person becomes eligible to receive State Pension retirement benefit (AOW). 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 allowing for expected future mortality developments in the following calander years. To calculate cohort life expectancy at birth, mortality probabilities are needed for a newborn today, a 1-year-old in one-year’s time, a 2-year-old in two years’ time and so on. 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 40 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. Old age pension (OAP) An insurance where the insured participant (main insured person) receives periodic benefit payments after reaching the retirement age for as long as that person lives. Projections Life Table AG2020 Appendix D 53
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