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By John Adams and Chris Curry
The Department for Work and Pensions (DWP) has a model called Ipen that produces state and private pension outcomes for hypothetical individuals or couples.
The DWP commissioned the Pensions Policy Institute (PPI) to validate Ipen against the PPI’s Individual Model (IM). The PPI’s IM is a model developed by the PPI to project incomes in retirement for hypothetical individuals and couples.
The validation process involves comparing the results of the two models under a number of different scenarios and checking whether the results are similar. While no feasible set of scenarios can be exhaustive, a validation process of this type can help to provide confidence in the model’s methodology.