Figure 5.
“Subjective” annuity rates are the actuarially fair rate implied by the subjective survival curve constructed from the individual's responses to the survival expectations questions. “Objective” annuity rates are the actuarially fair rate implied by the scaled ONS life table survival curve for the individual's sex, age, and year of birth.
Comparison of “Objective” and “Subjective” Based Annuity Rates

“Subjective” annuity rates are the actuarially fair rate implied by the subjective survival curve constructed from the individual's responses to the survival expectations questions. “Objective” annuity rates are the actuarially fair rate implied by the scaled ONS life table survival curve for the individual's sex, age, and year of birth.

Source: ELSA waves 3–7 and ONS 2014-based cohort life tables for England and Wales.

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