Life expectancy assumptions used by UK pension schemes have increased slightly in the latest mortality model, according to the Continuous Mortality Investigation (CMI).
According to the latest update to its mortality projections model, CMI_2025, life expectancy at age 65 is around eight weeks higher for men and six weeks higher for women compared with the previous 2024 version.
The methodology introduced in last year’s model has been retained, with the latest version mainly reflecting more recent mortality data.
The increase reflects low mortality, with death rates in England and Wales falling each year since 2020 and 2025 reaching a record low, about 2 per cent below 2024.
However, patterns differ by age and sex, with pensioner mortality hitting record lows while men aged 45 to 64 remained above the 2015–2019 average.
CMI Mortality Projections Committee chair Cobus Daneel says: “After a turbulent period for mortality during the pandemic, we have seen a return to more normal conditions. A fall in mortality in 2025 has led to a further increase in projected life expectancy.
“But while recent mortality has set new record lows, the outlook for mortality remains uncertain. We encourage users of our model to consider adjusting the model’s parameters to reflect their own portfolios and views on future mortality.”
