CMF issues regulation extending validity of mortality tables

  • The decision, taken alongside the Superintendence of Pensions after a public consultation, is due to the need to assess the eventual impact of the Covid-19 pandemic on medium- and long-term mortality.
  • Technical teams from both institutions will continue working this year on analyzing the mortality tables used by the pension system.

February 25, 2022 - After a public consultation process, the Financial Market Commission (CMF) and the Superintendence of Pensions (SP) issued a joint regulation that amends General Rule No. 398 of 2015 and extends the validity of current mortality tables. These tables are used as follows:

  • AFPs calculate programmed withdrawals and additional contributions charged to the disability and survivors' insurance.
  • Insurance companies calculate technical reserves for both life annuity payments and the disability and survivors' insurance.

Mortality tables are valid for six-year timeframes, and the current ones were due to expire on June 30, 2022.

The decision to extend usage of the current tables is due to a need to assess the impact of the pandemic on medium- and long-term mortality. This postponement will provide more and better information on the permanent or non-permanent impact of Covid-19 on people's life expectancy. Therefore, technical teams from both the CMF and the SP will continue working this year in their process of study and analysis.

Interested parties can access the Rules and Norms section of the CMF website to check the details of the new regulation.

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