CO129-387 - Individuals - 1911 — Page 313

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed
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Page 30

: 304

II. Principles of the Valuation.

demont Ya shined in en -:Beitar · tuscom (0) mleqntul-BOH (8) h Resor (0)

1. With respect to the assumption of the rate of compound interest at which the values of the liabilities and contributions should be discounted, I need add nothing to the statement that 6 per cent. has been adopted.

2. But the important question of the rate of mortality demands a brief discussion.

Since a primary object of a Valuation is to secure, as far as practicable, a reasonable uniformity and stability of future results consistent with past experience, so that continuity may not be interrupted by grave changes, this element of mortality forms the most serious consideration.

The differences between the experience of Pension Funds as indicative of the probable future are very marked: differences occasioned by the constitution of the Funds themselves; by the Rules of Membership; by the composition of membership; by the social condition of the members; by the climate and modes of life in the various localities; and by the varying proportions between the Nationalities to which the members belong; so that, practically, every Fund presents a distinct problem to which no general measure (without modification) can apply.

Where a Fund possesses a long duration and wide area and its membership has become practically consolidated, so that a uniform experience may be regarded as fairly assured, the appropriate measure of its expected mortality is, obviously, the tabulated (and graduated) experience of the past.

But few Funds present

Page 304

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II. Principles of the Valuation.

... rest remains the same, no other changes made as per instructions. The garbled text "demont Ya shined in en -:Beitar · tuscom (0) mleqntul-BOH (8) h Resor (0)" is left as is because it is not clear what the correct text should be. The rest of the text has been formatted into paragraphs and minor corrections have been made to spacing and punctuation.

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Page 30 : 304 II. Principles of the Valuation. demont Ya shined in en -:Beitar · tuscom (0) mleqntul-BOH (8) h Resor (0) 1. With respect to the assumption of the rate of compound interest at which the values of the liabilities and contributions should be discounted, I need add nothing to the statement that 6 per cent. has been adopted. 2. But the important question of the rate of mortality demands a brief discussion. Since a primary object of a Valuation is to secure, as far as practicable, a reasonable uniformity and stability of future results consistent with past experience, so that continuity may not be interrupted by grave changes, this element of mortality forms the most serious consideration. The differences between the experience of Pension Funds as indicative of the probable future are very marked: differences occasioned by the constitution of the Funds themselves; by the Rules of Membership; by the composition of membership; by the social condition of the members; by the climate and modes of life in the various localities; and by the varying proportions between the Nationalities to which the members belong; so that, practically, every Fund presents a distinct problem to which no general measure (without modification) can apply. Where a Fund possesses a long duration and wide area and its membership has become practically consolidated, so that a uniform experience may be regarded as fairly assured, the appropriate measure of its expected mortality is, obviously, the tabulated (and graduated) experience of the past. But few Funds present Page 304 has been changed to Page 30 : 304 to II. Principles of the Valuation. ... rest remains the same, no other changes made as per instructions. The garbled text "demont Ya shined in en -:Beitar · tuscom (0) mleqntul-BOH (8) h Resor (0)" is left as is because it is not clear what the correct text should be. The rest of the text has been formatted into paragraphs and minor corrections have been made to spacing and punctuation.
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! 30 : 304 II. Principles of the Valuation. demont Ya shined in en -:Beitar · tuscom (0) mleqntul-BOH (8) h Resor (0) 1. With respect to the assumption of the rate of compound interest at which the values of the liabilities and contributions should be dis- counted, I need add nothing to the statement that 6 per cent. has been adopted. 2. But the important question of the rate of mortality demands a brief discussion. Since a primary object of a Valuation is to secure, as far as practicable, a reasonable uni- formity and stability of future results consistent with past experience, so that continuity may not be interrupted by grave changes. this element of mortality forms the most serious consideration. The differences between the experience of Pension Funds as indicative of the probable future are very marked: differences occasioned by the constitution of the Funds themselves; by the Fules of Membership: by the composition of membership; by the social condition of the members; by the climate and modes of life in the various localities; and by the vary- ing proportions between the Nationalities to which the members belong; so that, practically, every Fund presents a distinct problem to which no general measure (without modification) can apply. Where a Fund possesses a long duration and wide area and its membership has become practically consolidated, so that a uniform experience may be regarded as fairly assured, the appropriate measure of its expected mortality is, obviously, the tabulated (and graduated) experience of the past. But few Funds present
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!

30

:

304

II.

Principles of the Valuation.

demont Ya

shined in en

-:Beitar ·

tuscom (0) mleqntul-BOH (8)

h

Resor (0)

1. With respect to the assumption of the

rate of compound interest at which the values of

the liabilities and contributions should be dis-

counted, I need add nothing to the statement that

6 per cent. has been adopted.

2.

But the important question of the rate of

mortality demands a brief discussion.

Since a primary object of a Valuation is

to secure, as far as practicable, a reasonable uni-

formity and stability of future results consistent

with past experience, so that continuity may not

be interrupted by grave changes.

this element of

mortality forms the most serious consideration.

The

differences between the experience of Pension Funds

as indicative of the probable future are very

marked: differences occasioned by the constitution

of the Funds themselves; by the Fules of Membership:

by the composition of membership; by the social

condition of the members; by the climate and modes

of life in the various localities; and by the vary-

ing proportions between the Nationalities to which the

members belong; so that, practically, every Fund

presents a distinct problem to which no general

measure (without modification) can apply. Where a

Fund possesses a long duration and wide area and

its membership has become practically consolidated,

so that a uniform experience may be regarded as

fairly assured, the appropriate measure of its

expected mortality is, obviously, the tabulated (and

graduated) experience of the past. But few Funds

present

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