On February 9, 2021, Bolton and Club Vita announced our new collaboration agreement to expand the reach of Club Vita’s longevity analytics to the defined benefit pension community. Our arrangement with Club Vita enables Bolton’s actuaries and consultants to offer our clients an alternative to traditional mortality tables that considers lifestyle differences (as measured by geographic location) instead of demographic differences associated with job classification or income levels.
Longevity is one of the most significant drivers of pension liabilities, and appropriately measuring longevity risk is a critical aspect of ensuring plan sponsors are empowered to make informed decisions. For plans that are not large enough to develop their own fully credible mortality tables, having access to the type of longevity analytics that Club Vita provides enables plan sponsors to measure plan liabilities and future benefit payment cash flows using assumptions that directly take into account their unique demographics. These liabilities measures and cash flow projections inform decisions about investment and contribution policy, plan administration, and pension risk transfer.
“Our partnership with Club Vita shows Bolton’s commitment to providing our clients with innovative solutions and access to the latest trends to assist them in effectively managing their defined benefit programs,” says Jim Ritchie, President of Bolton Retirement.
Club Vita is also deeply engaged in researching and analyzing the impact of COVID-19 on longevity, which will provide Bolton’s consultants with valuable insights as we work with our clients to determine how the pandemic and its lingering effects will impact life expectancies and their plans’ benefit obligations. Ellen Kleinstuber, Bolton’s Chief Actuary, will support Club Vita’s COVID research efforts as a member of the Club Vita Research Advisory Panel.
Ms. Kleinstuber notes “We look forward to working alongside Club Vita to bring these new perspectives regarding longevity to the pension plan market. Our relationship with Club Vita illustrates Bolton’s core values of innovation, teamwork, and a commitment to technical excellence.”