Annuity Markets And Retirement Security PDF Download
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Author | : James M. Poterba |
Publisher | : |
Total Pages | : 0 |
Release | : 2010 |
Genre | : |
ISBN | : |
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This paper describes the role of adverse selection in annuity markets, and sketches some of the public policy implications of the existence of such selection effects. It shows that a substantial fraction of the difference between the expected value of the payouts on both voluntary and compulsory annuity products in the U.K., and the premium cost of those products, is attributable to adverse selection. This is simply the fact that the individuals who currently choose to purchase annuities are on average longer-lived than randomly-selected individuals in the U.K. population. Adverse selection is most pronounced in the voluntary annuity market, but there is also some evidence of selection in the compulsory market, where individuals can choose which type of annuity to purchase and how much of their defined contribution balance to annuitize. Requiring all persons to annuitize their retirement account balances at a specified age is one way to substantially reduce the degree of adverse selection in the annuity market. More generally, however, any policy that encourages a large fraction of the population to participate in the annuity market is likely to have a similar effect. Doyle, Mitchell, and Piggott (2001) compare the annuity markets in Australia and Singapore, and they find a greater degree of adverse selection in the former than the latter. They attribute this difference to the relatively generous government old-age safety net in Australia, which reduces the fraction of households that find it attractive to purchase private annuities.
Author | : Jeffrey R. Brown |
Publisher | : MIT Press |
Total Pages | : 248 |
Release | : 2001-11-09 |
Genre | : Business & Economics |
ISBN | : 9780262261692 |
Download The Role of Annuity Markets in Financing Retirement Book in PDF, ePub and Kindle
Annuity insurance products help protect retirees against outliving their incomes. Dramatic advances in life expectancy mean that today's retirees must plan on living into their eighties, their nineties, and even beyond. Longer life expectancies are the symbol of a prosperous society, but this progress also means that some retirees will need to plan conservatively and cut back substantially on their living standards or risk living so long that they exhaust their resources. This book examines the role that life annuities can play in helping people protect themselves against such outcomes. A life annuity is an insurance product that pays out a periodic amount for as long as the annuitant is alive, in exchange for a premium. The book begins with a history of life annuity markets during the twentieth century in the United States and elsewhere. It then explores recent trends in annuity pricing and money's worth, as well as the economic value generated for purchasers of these products. The book explains the potential importance of inflation-protected annuities and stock-market-linked variable annuities in providing more complete retirement security. The concluding chapters examine life annuities in various institutional settings and the tax treatment of annuity products.
Author | : George A. (Sandy) Mackenzie |
Publisher | : Cambridge University Press |
Total Pages | : 37 |
Release | : 2006-07-24 |
Genre | : Business & Economics |
ISBN | : 1139458086 |
Download Annuity Markets and Pension Reform Book in PDF, ePub and Kindle
This 2006 book treats two vital public policy issues: how should distributions from individual accounts be regulated, and how can the market for private annuities function better? It provides a comprehensive survey of the issues that arise when contributors to individual accounts become eligible for distributions. It also addresses the questions of whether annuitization or other restrictions on distributions should be mandatory, and if so, can the provision of annuities be privatized? Its analytical framework is applicable to a broad range of countries. Given the diminishing importance of public pensions around the world, the growing number of the elderly, and the increasing importance of defined contribution plans, the voluntary demand for private annuities is going to grow. It is vital that annuities be reasonably priced and that the annuity market be effectively regulated. The book investigates both issues, and proposes reforms to enhance the efficiency of the annuity market.
Author | : Jeffrey Robert Brown |
Publisher | : Mit Press |
Total Pages | : 233 |
Release | : 2001 |
Genre | : Business & Economics |
ISBN | : 9780262025096 |
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Annuity insurance products help protect retirees against outliving their incomes.
Author | : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises |
Publisher | : |
Total Pages | : 140 |
Release | : 2003 |
Genre | : Business & Economics |
ISBN | : |
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Author | : Edmund Stuart Cannon |
Publisher | : Oxford University Press, USA |
Total Pages | : 316 |
Release | : 2008 |
Genre | : Business & Economics |
ISBN | : 0199216991 |
Download Annuity Markets Book in PDF, ePub and Kindle
The Pension Crisis concerns the changing demographic profile of the economy: an increasing number of elderly persons supported by fewer young people. Governments around the world are responding to this impending crisis by shifting their pension policies away from pay-as-you-go systems towards individual savings schemes. These savings need to be converted into a pension at retirement, and annuities provide this function. This book is a comprehensive study of annuity markets. The book starts by outlining the context of public policy towards pensions, and explains the different types of annuities available, focusing on the UK which has the largest annuity market in the world. It examines how annuities are priced, and describes the techniques of mortality measurement. As a background, it provides a history of annuities, and the experience of annuity markets in a number of other countries. The book outlines the economic theory behind annuities, and explains how annuities insure consumers against longevity risks. It goes on to describes how annuities markets function: how they work, and whether they are efficient, leading onto a discussion of the annuity puzzle. The book concludes by discussing the regulatory framework, assets available to back annuity liabilities, and recent developments in annuity markets.
Author | : MissAllison Schrager |
Publisher | : INTERNATIONAL MONETARY FUND |
Total Pages | : 20 |
Release | : 2004-12-01 |
Genre | : Business & Economics |
ISBN | : 9781451875539 |
Download Can the Private Annuity Market Provide Secure Retirement Income? Book in PDF, ePub and Kindle
Annuity premiums are often assumed to be constant, although they can be expected to vary with the yield curve. Variations in premiums will become an important public policy issue as defined-contribution (DC) pension plans play an increasingly prominent role in providing retirement income. As DC plan holders retire, many will annuitize at least a part of their account balances. In the absence of current data on annuity prices, the paper relies on U.S. Treasury interest rate data to simulate the impact of interest rate variation on annuity premiums. For a spectrum of feasible interest rates, the variation in retirement income is not negligible.
Author | : George A. (Sandy) Mackenzie |
Publisher | : |
Total Pages | : 20 |
Release | : 2006 |
Genre | : |
ISBN | : |
Download Can the Private Annuity Market Provide Secure Retirement Income? Book in PDF, ePub and Kindle
Annuity premiums are often assumed to be constant, although they can be expected to vary with the yield curve. Variations in premiums will become an important public policy issue as defined-contribution (DC) pension plans play an increasingly prominent role in providing retirement income. As DC plan holders retire, many will annuitize at least a part of their account balances. In the absence of current data on annuity prices, the paper relies on U.S. Treasury interest rate data to simulate the impact of interest rate variation on annuity premiums. For a spectrum of feasible interest rates, the variation in retirement income is not negligible.
Author | : Roberto Rezende Rocha |
Publisher | : World Bank Publications |
Total Pages | : 292 |
Release | : 2007 |
Genre | : Business & Economics |
ISBN | : 082136667X |
Download Developing Annuities Markets Book in PDF, ePub and Kindle
Developing Annuities Markets: The Experience of Chile is part of a multicountry World Bank project analyzing the market for retirement products. Among countries that have reformed their pension systems since the early 1990s, the Chilean case has emerged as the most relevant for drawing policy lessons on the role of the private sector in the provision of retirement income for two reasons: the depth, sophistication, and efficiency of the country's retirement products market, and the fact that this market was successfully developed from scratch by a middle-income country. The book examines in det.
Author | : Noriyuki Takayama |
Publisher | : OUP Oxford |
Total Pages | : 252 |
Release | : 2011-05-26 |
Genre | : Business & Economics |
ISBN | : 0199594848 |
Download Securing Lifelong Retirement Income Book in PDF, ePub and Kindle
As it becomes increasingly important to evaluate the risks and opportunities presented by an aging population, this book discusses products that manage longevity risk, the structure and safety of these products, and how policy can stimulate and strengthen them, within both emerging and older economies.