By Edmund Cannon, Ian Tonks
The Pension difficulty issues the altering demographic profile of extra aged and less teens within the economic climate. realizing and tackling this drawing close hindrance is a key activity for public coverage. An annuity protects a person from outliving their discount rates, and is primary to pensions coverage. This publication examines the different sorts of annuities to be had, how those annuities are priced, the background of annuities, how annuities markets functionality: how they paintings, and are they effective. It offers a global comparability of annuity markets, and examines contemporary advancements in annuity markets.
Governments all over the world are moving their pension rules clear of pay-as-you-go platforms in the direction of person rate reductions schemes. those mark downs must be switched over right into a pension at retirement, and annuity markets supply this functionality. This ebook is a entire learn of annuity markets. The booklet begins by means of outlining the context of public coverage in the direction of pensions coverage. It then explains the different sorts of annuities on hand, concentrating on the USA and united kingdom, and the way those annuities are priced, interpreting pricing and booking equipment from an actuarial point of view and in addition describing mortality dimension. the subsequent chapters describe the historical past of annuities, and the event of annuity markets in nations except the united kingdom and US. The booklet then outlines the idea in the back of annuites, and explains how annuities insure shoppers opposed to durability dangers. the following bankruptcy describes how annuities markets functionality: how they paintings, and whether or not they are effective, top onto a dialogue of the annuity puzzle. The publication concludes by means of discussing contemporary advancements in annuity markets.
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4. Time proﬁle of old-age dependency ratios Source: United Nations Population Division: World Population Prospects: the 2006 Revision. 5. Life expectancy at birth in England and Wales 1953–2003 Source: Human Mortality Database. University of California, Berkeley (USA), and Max Planck Institute for Demographic Research (Germany). de. uncertainty of long-term forecasts produced by the US Congressional Budget Ofﬁce. 6. The uncertainty associated with these projections represented by the shaded area around the expected outlays widens through time, and means that the projections could lie anywhere between 4 per cent and 9 per cent of GDP.
Continued ) Provider Available to Monthly income—Level Male—65 years, single, no guarantees, smoker Just Retirement Ltd Smokers only 663 Reliance Mutual Smokers only 745 Tomorrow Smokers only 712 Monthly income—3% Monthly income—RPI 507 581 549 449 n/a 467 Note: All examples are quotes at 15 December 2007 for a premium of £100,000. uk/tables. a 65-year-old man buying an annuity from AXA, we can contrast the monthly payments that he would receive of £557 for an annuity without a guarantee and £555 for an annuity with a ﬁve-year guarantee period.
2001) document the movement in annuity prices in the USA. Cannon and Tonks (2004a) construct a consistent time series on UK annuity prices from 1957 to 2002 for the voluntary annuity market. Although the compulsory-purchase annuity market is both much larger and more interesting for government policy, it did not come to maturity until considerably later than 1957, and such a long run of data does not exist for the compulsory-purchase market. Finkelstein and Poterba (2002) compare the two markets in the year 2000.