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Act-fx : Version history - Actuarial Solutions Ltd
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Act-fx : Version history

Version 5.4

  • Support for the CMI Mortality Projections Model 2024 (CMI_2024) in all mortality, life financial and cash flow functions (available only to CMI subscribers).
  • For CMI_2024, the following values of the period smoothing parameter (‘S-kappa’) in the Additional CMI Model Projection Parameters are available: 7.0 (core value) and 7.5 (only for overlay projection half-life parameter value of 1.0).
  • For CMI_2024, the following overlay projection half-life parameter values are available: 0.50, 0.75, 1.00 (core), 1.25, 1.50, 1.75 and 2.00 in the Additional CMI Model Projection Parameters.
  • Values from Revaluation of Earnings Factors Order 2025 (SI 2025/255) added to Revaluation of Earnings Factors Orders table.
  • Values from Occupational Pensions (Revaluation) Order 2024 (SI 2024/1174) added to Revaluation Orders tables.
  • Earnings Cap and Earnings Limits for 2025/26 added to tables.
  • RPI and CPI tables updated to July 2025.

Version 5.3

  • Support for the CMI Mortality Projections Model 2023 (CMI_2023) in all mortality, life financial and cash flow functions (available only to CMI subscribers).
  • For CMI_2023, the following values of the period smoothing parameter (‘S-kappa’) in the Additional CMI Model Projection Parameters are available: 7.0 (core value) and 7.5.
  • For CMI_2023, combinations of the year weights 2020 to 2023 parameters are included in the Additional CMI Model Projection Parameters.
  • The ‘S4’ series mortality tables for self-administered pension schemes (SAPS) (available only to CMI subscribers).
  • Values from Revaluation of Earnings Factors Order 2024 (SI 2024/284) added to Revaluation of Earnings Factors Orders table.
  • Values from Occupational Pensions (Revaluation) Order 2023 (SI 2023/1265) added to Revaluation Orders tables.
  • Earnings Cap and Earnings Limits for 2024/25 added to tables.
  • RPI and CPI tables updated to March 2024.

Version 5.2.1

  • Fix release to version 5.2 for unrecognised mortality projection parameter under certain conditions.

Version 5.2

  • Support for the CMI Mortality Projections Model 2022 (CMI_2022) in all mortality, life financial and cash flow functions (available only to CMI subscribers).
  • A new function annSMPIv50  for the retirement annuity under TM1 version 5.0 for SMPI illustrations issued on or after 1 October 2023.
  • Update to functions PPFYieldDef and PPFYieldPay to provide for revised definitions for yields introduced by PPF Assumptions Guidance A11 for s179 valuations with effective dates on or after 1 May 2023.
  • Values from Revaluation of Earnings Factors Order 2023 (SI 2023/266) added to Revaluation of Earnings Factors Orders table.
  • Values from Occupational Pensions (Revaluation) Order 2022 (SI 2022/1229) added to Revaluation Orders tables.
  • Earnings Cap and Earnings Limits for 2023/24 added to tables.
  • RPI and CPI tables updated to May 2023.

Version 5.1

  • Support for 64-bit Excel and minor technical improvements.
    No changes to Act-fx functions.

Version 5.0

  • Support for the CMI Mortality Projections Model 2021 in all mortality, life financial and cash flow functions (available only to CMI subscribers). The following Year Weights for 2020 and 2021 extended parameters are included:0% (default), 10%, 20% and 25%.
  • For the CMI Mortality Projections Model 2021, the following values of the period smoothing parameter (‘S-kappa’) in the Additional CMI Model Projection Parameters are available: 7.0 (default), 7.25, 7.5.
  • Update to functions PPFYieldDef and PPFYieldPay to provide for revised definitions for yields introduced by PPF Assumptions Guidance A10 for s179 valuations with effective dates on or after 1 May 2021.
  • Values from Revaluation of Earnings Factors Order 2022 (SI 2022/216) added to Revaluation of Earnings Factors Orders table.
  • Values from Occupational Pensions (Revaluation) Order 2021 (SI 2021/1308) added to Revaluation Orders tables.
  • The fixed rate of GMP revaluation of 3.25% pa applicable to leavers on or after 6 April 2022 incorporated into functions.
  • Earnings Cap and Earnings Limits for 2022/23 added to tables.
  • RPI and CPI tables updated to March 2022.

Version 4.3

  • Support for the CMI Mortality Projections Model 2020 in all mortality and life financial functions (available only to CMI subscribers).
  • Values from Revaluation of Earnings Factors Order 2021 (SI 2021/267) added to Revaluation of Earnings Factors Orders table.
  • Earnings Cap and Earnings Limits for 2021/22 added to tables.
  • RPI and CPI tables updated to February 2021.

Version 4.2

  • New table data file for yield curves.
  • New function to return the yield for a specified yield curve and duration.
  • New functions giving cash flows and discounted cash flows for annuity and endowment functions.
  • New standard mortality tables for pension annuities in payment: ’16’ Series. (CMI subscribers only).
  • Alternative reversionary annuity function with parameters for mode and frequency of payment.
  • Values from Revaluation Order 2020 (SI 2020/1332) added to Revaluation Orders tables.
  • RPI and CPI tables updated to December 2020.

Version 4.1.1

A minor fix release to correct the Help file to include the formulae graphics which had been omitted from Version 4.1.

Version 4.1

  • Support for the CMI Mortality Projections Model 2019 (extended parameters) in all mortality and life financial functions (available only to CMI subscribers).
  • PPF Valuation s179 Assumptions Guidance A9 added to yield functions PPFYieldDef and PPFYieldPay.
  • Values from Revaluation of Earnings Factors Order 2020 (SI 2020/193) added to Revaluation of Earnings Factors Orders table.
  • Values from Revaluation Order 2019 (SI 2019/1433) added to Revaluation Orders tables.
  • RPI and CPI tables updated to March 2020.
  • Earnings Cap and Earnings Limits for 2020/21 added to tables.

Version 4.0

The two ‘extended’ parameters of the 2018 CMI Mortality Projections Model can now be specified in the mortality basis for all mortality and life-financial functions (available to CMI subscribers only).

These parameters are:
(1) initial addition to mortality improvements (‘A-parameter’) and
(2) the period smoothing extended parameter (‘S-kappa’).

The parameters are also available when specifying the 2016 and 2017 CMI Mortality Projections Models.

Version 3.13

  • Support for the CMI Mortality Projections Model 2018 (core parameters) in all mortality and life financial functions (available only to CMI subscribers).
  • Values from Revaluation of Earnings Factors Order 2019 (SI 2019/376) added to Revaluation of Earnings Factors Orders table.
  • RPI and CPI tables updated to January 2019.
  • Earnings Cap and Earnings Limits tables updated for 2019/20.

Version 3.12

  • The CMI SAPS ‘S3’ tables available in all mortality and life financial functions (available only to CMI subscribers).
  • Values from Revaluation Order 2018 (SI 2018/1218) added to Revaluation Orders tables.
  • RPI and CPI tables updated to October 2018.
  • Revaluation Orders tables extended by the addition of 12 columns to provide for values up to NPA in year 2030.
  • Revaluation of Earnings Factors Orders table extended by the addition of 12 columns to provide for values up to termination in year 2030/31.
  • Frequently Asked Questions added to Help file.

Version 3.11

  • Support for the CMI Mortality Projections Model 2017 (core parameters) in all mortality and life financial functions (available only to CMI subscribers).
  • Fixed GMP revaluation rate of 3.5% pa for those for leaving pensionable service after 5 April 2017 added to GMPFixedRevalnRate.
  • Values from Revaluation of Earnings Factors Order 2018 (SI 2018/281) added to Revaluation of Earnings Factors Orders table.
  • Values from Revaluation Order 2017 (SI 2017/1104) added to Revaluation Orders table.
  • RPI and CPI tables updated to January 2018.
  • Earnings Cap and Earnings Limits for 2018/19 added to tables.
  • Additional yields input for the Gilt Yields table:
    – fixed interest over 15 years yield
    – user-defined yield (eg a corporate bond yield).

Version 3.10

  • Support for the CMI Mortality Projections Model 2016 (core parameters) in all mortality and life financial functions (available only to CMI subscribers).

Version 3.9

  • Values from Revaluation of Earnings Factors Order 2016 (SI 2016/205) added to Revaluation of Earnings Factors Orders table.
  • Values from Revaluation of Earnings Factors Order 2017 (SI 2017/287) added to Revaluation of Earnings Factors Orders table.
  • Update to functions PPFYieldDef and PPFYieldPay to provide for revised definitions for yields introduced by PPF Assumptions Guidance A8 for s179 valuations with effective dates on or after 1 December 2016.
  • Update to function annSMPI to provide for basis changes to the annuity in payment as provided for under TM1 Version 4.2. These comprise the updating of the base mortality tables from PCMA00 / PCFA00 to PMA08 / PFA08 and the CMI model to be used to be that dated two years, instead of one year, before the year of the 6 April on or before the illustration effective date.
  • Gilt yields for 15 February 2017 added to Gilt Yields table for annSMPI function effective dates on or after 6 April 2017. Sample yields for 30 December 2016 also added.
  • The Gilt Yields table (aslGiltYields.txt) expanded by two columns to accommodate index-
    linked 5 to 15 year yields for 0% and 5% inflation.
  • RPI and CPI tables updated to February 2017.
  • Earnings Cap and Earnings Limits for 2017/18 added to tables.

Version 3.8

  • Values from Revaluation of Earnings Factors Order 2016 (SI 2016/205) added to Revaluation of Earnings Factors Orders table.
  • Earnings Cap and Earnings Limits for 2016-17 added to tables.
  • RPI and CPI tables updated to July 2016 (Note: the CPI table has been re-based from January 2016 as published by ONS).

Version 3.7

  • Addition of English Life Tables No.17 based on ONS data for the years 2010 to 2012.
  • Gilt yields for 15 February 2016 added to Gilt Yields table for annSMPI function effective dates on or after 6 April 2016.

Version 3.6

  • Support for the CMI Mortality Projections Model 2015 (core parameters) in all mortality and life financial functions (available only to CMI subscribers).
  • Addition of ‘Series 08’ mortality tables (available only to CMI subscribers).
  • Values from Revaluation Order 2015 (SI 2015/1916) added to Revaluation Orders table.
  • RPI and CPI tables updated to November 2015.

Version 3.5.1:

  • Modifications to improve the stability of the Excel add-in load process.
  • No changes to functionality.

Version 3.5 :

  • Support for the CMI Mortality Projections Model 2014 (core parameters) in all mortality and life financial functions (only available to CMI subscribers).
  • Additional alternative format for specifying CMI mortality projection models: “CMI_20XX”.
  • Values from Revaluation Order 2014 (SI 2014/3078) added to Revaluation Orders table.
  • Values from Revaluation of Earnings Factors Order 2015 (SI 2015/187) added to Revaluation of Earnings Factors Orders table.
  • Earnings Cap (notional) for 2015-16 added to tables.
  • RPI and CPI tables updated to February 2015.

Version 3.4 :

  • The CMI SAPS ‘S2’ tables available in all mortality and life financial functions (available only to CMI subscribers).
  • New functions for contingent joint life temporary assurances payable on first death Ax1yt and IAx1yt.
  • Update to functions PPFYieldDef and PPFYieldPay to provide for revised definitions for yields introduced by PPF Assumptions Guidance A7 for s179 valuations with effective dates on or after 1 May 2014.
  • Update to function annSMPI to provide for nil and fixed rate increases to the annuity in payment as provided for under TM1 Version 4.0.
  • Update to function StatePensionDate to implement changes introduced by the Pensions Acts 2011 and 2014.
  • Values from Revaluation of Earnings Factors Order 2014 (SI 2014/6367) added to Revaluation of Earnings Factors Orders table.
  • RPI and CPI tables updated to June 2014.

Version 3.3 :

  • Support for the CMI Mortality Projections Model 2013 (core parameters) in all mortality and life financial functions (available only to CMI subscribers).
  • New function ‘RevalnRPIFactor’ to provide non-GMP revaluation similarly to ‘RevalnOrdFactor’ for statutory Revaluation Orders except that RPI increases are assumed to apply throughout.
  • Values from Revaluation Order 2013 (SI 2013/2913) added to Revaluation Orders table.
  • RPI and CPI table values updated to November 2013.
  • Earnings Cap and Earnings Limits for 2014-15 added to tables.
  • Gilt yields for 14 February 2014 added to Gilt Yields table for annSMPI function effective dates on or after 6 April 2014.
  • Change to installation script to resolve problem with some installations where Excel add-in was not being installed to correct Windows folder.

Version 3.2 :

  • Support for the CMI Mortality Projections Model 2012 (core parameters) in all mortality and life financial functions.
  • Function ‘annSMPI’ for Statutory Money Purchase annuities recognises specification of TM1 version 3.0. However, the annuity calculation is unchanged from TM1 version 2.0.
  • Values from Revaluation Order 2012 (SI 2012/2952) added to Revaluation Orders table.
  • Values from Revaluation of Earnings Factors Order 2013 (SI 2013/527) added to Revaluation of Earnings Orders table.
  • RPI and CPI table values updated to January 2013.
  • Earnings Cap and Earnings Limits for 2013 added to tables.
  • Gilt yields for 15 February 2013 added to Gilt Yields table for annSMPI function calls with effective date of illustration on or after 6 April 2013.
  • GMP fixed rate revaluation at 4.75% pa for leavers on or after 6th April 2012 incorporated into functions GMPFixedRevalnRate and GMPFixedRevalnFactor.

Version 3.1 :

  • Mortality table optionally specified as a blend of two standard tables in mortality and life financial functions.  Can be used to produce mortality and life financial functions on a unisex basis by specifying a combination of male and female tables.
  • The function ‘annSMPI’ for Statutory Money Purchase annuities extended to provide for the calculation basis under TM1 version 2.0.
  • Values from Revaluation of Earnings Factors Order 2012 (SI 2012/187) added to Revaluation of Earnings Orders table.
  • RPI and CPI table values updated to June 2012.
  • Earnings Cap and Earnings Limits for 2012 added to tables.

Version 3.0 :

  • Support for the CMI Mortality Projections Model 2011 (core parameters) in all mortality and life financial functions.
  • RPI and CPI table values updated to November 2011.
  • Values from Revaluation Order (SI 2011/2867) added to Revaluation Orders table.
  • Correction to use of alternative values for projection method to specify CMI projection model 2009 and 2010 introduced in version 2.1.

Version 2.1 :

  • Change to function PPFYieldPay to cater for new PPF Assumptions Guidance A6.
  • Addition of the population mortality tables for England and Wales ELT16 (males and females).
  • Addition of mortality tables AMN00 and AFN00.
  • New functions MinTableAge and MaxTableAge to return the minimum and maximum ages of the specified standard table.
  • Mortality function q returns 1.0 instead of #VALUE if the age is greater than the maximum (terminal) age for the table.
  • New alternative values for the Projection Method parameter of “CMI2009” and “CMI2010” equivalent to the existing values of “Core2009” and “Core2010” respectively.
  • Change in Act-fx start-up messages display to prevent the message box being obscured by the start-up pane of Excel 2010.

Version 2.0 :

  • Support for the CMI Mortality Projections Model (core parameter versions 2009 and 2010) in all mortality and life financial functions.
  • New function: mortality rate reduction factor for cohort projections and core CMI Projections Model.
  • Constant addition to mortality rate as optional parameter in all mortality and life financial functions.
  • Factor to be applied to annual improvement rate as optional parameter for cohort projections in all mortality and life financial functions.
  • Optional parameters now indicated in the Excel Paste/Insert Function dialogue (function wizard) by inclusion of the parameter name in square brackets.
  • New table and support functions for UK Consumer Price Index (CPI).
  • Formula for Revaluation Orders factor function updated for CPI measure of inflation.
  • Values from Revaluation Order (SI 2010/2861) added to table.
  • Values from Revaluation of Earnings Factors Order 2011 (SI 2011/475) added to Revaluation of Earnings Orders table.
  •  RPI table updated.
  •  TAS M compliance statement included.

Version 1.0 : Initial release