New Pension Library Model
US Governmental Defined Benefit Pension Plans
Slope has published a standard library model for US Governmental Defined Benefit Pension Plans to illustrate an example of how such plans could be modeled in SLOPE. This library model includes the following functionality:
- Single year valuation and multi year projection of liabilities
- Customizable Funding Calculations
- Entry Age Level Accrual Methods
If you would like more information regarding SLOPE’s pension capabilities and how to set up a model, please contact the Slope team.
Updated Slope Life Library
IFRS 17
A new “Data Product” was created to enable the integration of the external data for aggregation to high levels and allocation to more granular levels of detail within SLOPE. You can find this Data Product in the list of liability products. Example use cases for this Data Product include uploading:
- Experience Data for Experience Adjustments
- Bottom up model point aggregation of actual premiums, claims, expenses
- IBNR
- Bottom up model point aggregation of IBNR
- Company Expense data
- Top down allocation of Company level expense data to cohorts using allocation formulas
Bermuda
Calculations for Bermuda reporting requirements have been merged into the standard Slope Life Library model. Library includes support for:
- Calculations under the Bermuda Solvency Capital Requirements (BSCR) framework, including the Scenarios-based Approach (SBA)
- Full asset-liability management across the Bermuda standard scenarios
New Run Controls
New Projection Output switches have been introduced to control turning on/off the calculation of each accounting basis. This enables users to have their models focus only on calculations that are relevant for them, which should speed up model run times by having irrelevant calculations disabled. These are configured in the projection settings by setting the data table within the Projection Output Set table structure equal to the desired bases for the run.
For example, if you wish to only run best estimate cashflows only, you would set the data table under Projection Output Set to point to “Default – Cash Flows Only”. See support article on Run Settings for more details
Data Mapping for Gender and Modal Frequency
Data mapping tables have been introduced to map from different data coding standards for both Gender and Modal Frequency (e.g. Premium Mode/Frequency) coming from policy admin systems to standard convention that is used in SLOPE. This enables users to accelerate model development by allowing them to not need to set up variable formulas within SLOPE or ETL scripts to process these data fields to be used in the SLOPE calculations. These mappings are automatically used in the SLOPE Life Library calculations and can be customized to suit each user’s unique needs. This is done in the projection settings by editing the data tables within the “Data Mapping – Gender” and “Data Mapping – Mode-Frequency” table structures.
Product Specific Updates and Fixes
- Whole Life product now includes Pre-1980 Reserve and Nonforfeiture methods for US reporting
- Individual Disability Income product updated to use calculated range arrays for claim calculations
- Fixed an issue related to the timing of reported investment income that occurred when buying an inforce bond on dates other than the coupon payment date
New Workbooks
Governmental Pensions
- Pension Trace Lives (Active, Retirees)
- Multiple Trace Lives Summary
- Pension Liabilities by Benefit Definition
- Pension Liability by Participant
Presents a single summary of liability for each valued participant by status
Note: New workbooks for Pensions can be found in the “Slope Pension & OPEB” workspace folder which can be accessed via the folder icon in the lower left corner of the Projection Modules in the Workbooks tab. If you would like access to the Pension workbooks for your workspace, please contact the Slope team.
Coming Soon
- Experience Study Module
- Additional IFRS 17 validation workbooks