This page summarises the changes between the 鈥榦range鈥� edition and the 鈥榬ed鈥� edition.
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.
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
Mathematical Methods: no amendments
Statistical Distribution:
- Section 2.3 - Recursive Formulae for integer value distributions have been removed.
- Relationships between statistical distributions diagram has been removed.
Statistical Methods: no amendments
Compound Interest: no amendments
Survival Models:
- Section 5.3 from the 鈥極range鈥� edition - the Balducci assumption has been removed.
- Section 5.6 from the 鈥極range edition - Multiple Decrement Tables has been removed.
Annuities and Assurances:
- Section 6.1 鈥� approximations for non-annual annuities: Commutation functions, Dx, in the formula for a life annuity with a maximum term have been replaced with the underlying life table functions.
Stochastic Processes: no amendments
Time Series: no amendments
Economic Models: no amendments
Financial Derivatives: Section 10.4 - Addition of the Greeks definitions
Tables amendments
Compound Interest Tables: no amendments
Population Mortality Tables:
- Population Mortality Tables updated to ELT17 tables.
- The new 鈥楻ed鈥� edition tables provide the same factors that were provided in the previous 鈥極range鈥� Tables.
Assured Mortality Tables:
A number of amendments have been made to the Assured Mortality Tables in the new 鈥楻ed鈥� edition including:
- Assured Mortality Tables have been updated to CMI tables TMNL16 and TFNL16 for males and females respectively. Previously there was just one table (AM92, for males) used for the 鈥極range鈥� edition.
- Tables and factors reflect a 5-year select period. The select period was 2-years in the previous 鈥極range鈥� edition.
- Force of mortality, 碌x, has not been included in the assured lives tables. Previously force of mortality was included in the 鈥極range鈥� edition.
- The expectation of life, ex, in the 鈥楻ed鈥� tables is the curtate expectation of life, compared to the complete expectation in the 鈥極range鈥� tables.
- The same single life annuity and assurance factors are included that were provided in the previous 鈥極range鈥� edition.
- Commutation factors that were in the previous 鈥極range鈥� edition have been removed.
Pensioner Mortality Tables:
A number of amendments have been made to the Pensioner Mortality Tables in the new 鈥楻ed鈥� edition including:
- Pensioner Mortality Tables have been updated to CMI tables PMA16 and PFA16. Previously PMA92 and PFA92 were used for the 鈥極range鈥� edition.
- The mortality rates for Pensioner Mortality tables have not been projected for the new 鈥楻ed鈥� edition tables. Note in the 鈥極range鈥� edition tables "base" rates were projected to 2020 using a straightforward formula, and these projected rates were used to derive the tables and annuity/assurance factors.
- Force of mortality, 碌x, has not been included in the pensioner tables. Previously force of mortality was included in the 鈥極range鈥� edition.
- The expectation of life, ex, in the 鈥楻ed鈥� tables is the curtate expectation of life, compared to the complete expectation in the 鈥極range鈥� tables.
- There are now three joint life annuity tables for the new 鈥楻ed鈥� edition: male/female male/male and female/female. In the 鈥極range鈥� edition included one joint life table for male/female.
International Actuarial Notation:
- Section 5 from the 鈥極range鈥� edition: Commutation functions has been removed
- Section 6 from the 鈥極range鈥� edition, now Section 5 in the 鈥楻ed鈥� edition: the references to commutation functions Nx and Dx have been removed.
Sickness Tables:
- These tables have been removed for the new 鈥楻ed鈥� edition tables as they are no longer examinable.
Pension Scheme Tables:
- These tables have been removed for the new 鈥楻ed鈥� edition tables as they are no longer examinable.
Sample Time Series:
- These tables have been removed for the new 鈥楻ed鈥� edition tables.
Statistical Tables:
- This section remains largely unchanged except for the removal of Pseudorandom values from U(0,1) and N(0,1) which were previously in the 鈥極range鈥� tables.
