ARTICLE · 11 JUNE 2015

The Harris Pension Chronicles Longevity Risk (Part 1 Of 2)

Harris & Company LLP

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I recall as a teenager watching Mr. Spock, of Star Trek fame, raising his hand in the Vulcan salute and uttering the immortal words 'live long and prosper.'

CanadaEmployment and HR

Claude Marchessault

Welcome to The Harris Pension Chronicles.

I recall as a teenager watching Mr. Spock, of Star Trek fame, raising his hand in the Vulcan salute and uttering the immortal words 'live long and prosper.' I wonder now whether prosperity necessarily follows from a longer life? Many in the pension industry would argue "no" and one of the main reasons is 'longevity risk' and the accompanying fear of many pensioners that they will outlive their money.

What the numbers tell us

According to the Canadian Association of Retired Persons (CARP), the biggest fear of Canadians over 50 today is outliving their retirement savings. The graph below illustrates the problem.

Canadian Demographics: Life Expectancy at Birth Canada/US

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