黑料正能量

Formulae and Tables 2025 Edition: summary of changes

The new 2025 鈥榬ed鈥� edition of 黑料正能量鈥檚 Formulae and Tables for examinations represents a considerable overhaul of its predecessor the 鈥榦range鈥� edition, first published in 2002. This page summarises the changes between the two.

The updates reflect the removal of material no longer assessed in 黑料正能量鈥檚 Fellowship examination syllabus. The new edition also updates various mortality tables.

Formulae amendments

The following details formulae changes between the new 鈥榬ed鈥� edition and previous 鈥榦range鈥� edition.

 

Mathematical methods: no amendments

Statistical distribution: 

  • Section 2.3: Recursive formula for integer value distributions removed as no longer used in CS2.
  • Relationships between statistical distributions diagram removed.

Statistical methods: no amendments

Compound interest: no amendments

Survival models:

  • Section 5.3: The Balducci assumption was removed as it is no longer in CM1.
  • Section 5.6: Multiple decrement tables removed as no longer in CM1.

Annuities and assurances:

  • Section 6.1: Commutation functions in a (due) formula replaced with formula as commutation functions have been removed from 黑料正能量 exams.

Stochastic processes: no amendments

Time series: no amendments

Economic models: no amendments

Financial derivatives: no amendments

Tables amendments 

The following details table changes between the new 鈥榬ed鈥� edition and previous 鈥榦range鈥� edition.

 

Compound interest tables: no amendments

Population mortality tables:

  • Population mortality tables updated to ELT17 tables.
  • The red edition tables provide the same factors that were provided in the orange edition tables. The only difference is that the curtate expectation of life is provided rather than the complete expectation of life.

Assured mortality tables:

Several amendments have been made to the assured mortality tables in the red edition including:

  • Assured mortality tables have been updated to CMI tables TMNL16 and TFNL17. There was just one table (AM92) used for the orange edition.
  • Tables and factors are now more detailed to reflect a 5-year select period. The select period was 2 years in the orange edition.
  • Male and female assured lives tables and factors are provided. Only male lives tables and factors were provided in the orange edition.
  • Factors have been determined at 4% pa and 6% pa interest rates.
  • Force of mortality has not been included in the assured lives tables. Previously force of mortality was included in the orange edition.
  • The same single life annuities and assurances and factors are included that were provided in the orange edition.
  • Commutation factors have been removed as they are no longer used in 黑料正能量 exams. Commutation factors were provided in the orange edition.

Pensioner mortality tables:

Several amendments have been made to the pensioner mortality tables in the red edition including:

  • Pensioner mortality tables have been updated to CMI tables PMA16 and PFA16. In the orange edition PMA92 and PFA92 were used.
  • The interest rate used to calculate annuity rates and assurance is 4% pa and 6% p.a.
  • The mortality rates for pensioner mortality tables have not been projected for the red edition tables. Note in the orange edition tables 鈥榖ase鈥� rates were projected to 2020 using a straightforward formula, and these projected rates were used to derive the tables and annuity/assurance factors.
  • Pensioner mortality tables now include both whole life Ax and 2Ax. Note in the orange edition only 2Ax was provided.
  • There are now 3 joint life annuity tables for the red edition: male/female, male/male, and female/female. In the orange edition there was just male/female.
  • The red edition pensioner mortality tables provide the same factors as the orange edition tables except that the curtate expectation of life is provided rather than the complete expectation of life.

International actuarial notation:

  • Commutation functions have been removed from section 5 Commutation Columns and section 6 Selection for the red edition tables as they are no longer used in IFoA exams.

Sickness table:

  • These tables have been removed for the red edition as they are no longer examinable.

Pension scheme table:

  • These tables have been removed for the red edition as they are no longer examinable.

Sample time series: 

  • These tables have been removed for the red edition.  

Statistical tables:

  • This section remains largely unchanged except for the removal of pseudorandom values from U(0,1) and N(0,1) which are no longer examinable.