Schedule 2 Rules observed in framing the new tables set out in Schedule 1

The tables set out in Schedule 1 to this Order are based on an investigation into the mortality of life office annuitants during the period 1921-1948 by the Joint Continuous Mortality Investigation Committee of the Institute of Actuaries and the Faculty of Actuaries and published in their Journal and Transactions respectively. Subsequently the rates of mortality for ages 20 and above, allowing for improvement of mortality related to an annuity purchased in 1955, together with monetary functions at various rates of interest were published on behalf of the Institute and Faculty in a series of separate volumes entitled “The α(55) tables for annuitants”. The tables set out in Schedule 1 have been adapted from the α(55) tables to allow for the payment of quarterly instalments of annuity; no loading has been added to provide for any expenses that might have been incurred by the National Debt Commissioners in connection with the grant and payment of each annuity if the Commissioners were to resume the granting of such annuities.

The rates of mortality at ages below 20 have been calculated by reference to the relationship between the mortality of life office annuitants above that age and that of the population of England and Wales in 1950-52; the latter was investigated by the Government Actuary in a report dated 13th September 1956 and published as a Stationery Office publication.