Creating a Secondary Annuity Market
Author | : Great Britain. HM Treasury |
Publisher | : |
Total Pages | : 29 |
Release | : 2015 |
Genre | : |
ISBN | : 9781474116701 |
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Author | : Great Britain. HM Treasury |
Publisher | : |
Total Pages | : 29 |
Release | : 2015 |
Genre | : |
ISBN | : 9781474116701 |
Author | : Great Britain: H.M. Treasury |
Publisher | : |
Total Pages | : 28 |
Release | : 2015-03-19 |
Genre | : |
ISBN | : 9780101886567 |
Author | : Great Britain: H.M. Treasury |
Publisher | : |
Total Pages | : 28 |
Release | : 2015-03-18 |
Genre | : |
ISBN | : 9781474116695 |
Author | : |
Publisher | : |
Total Pages | : |
Release | : 2016 |
Genre | : |
ISBN | : |
Author | : Elsa Fornero |
Publisher | : |
Total Pages | : 0 |
Release | : 2004 |
Genre | : Annuities |
ISBN | : 9781035305049 |
Author | : Thorsten Moenig |
Publisher | : |
Total Pages | : 0 |
Release | : 2021 |
Genre | : |
ISBN | : |
This article demonstrates that a secondary market for U.S. variable annuity policies may be immediately welfare-enhancing to all parties involved: the insurer, the original policyholder, and a third-party investor. Our model reflects relevant market frictions--here, the product's tax benefits--that produce differing valuation perspectives for the three parties. This allows for policy transfers that benefit all parties simultaneously, including the insurance company, irrespective of the level of control that it exerts over this secondary market. We illustrate our insights first with a theoretical two-period model, followed by an empirically motivated numerical analysis. Our numerical results suggest a best-estimate total welfare gain of 2.6 % of the initial investment amount under the optimal secondary-market structure.
Author | : Roberto Rezende Rocha |
Publisher | : World Bank Publications |
Total Pages | : 292 |
Release | : 2007 |
Genre | : Business & Economics |
ISBN | : 082136667X |
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 | : Collectif |
Publisher | : OECD |
Total Pages | : 108 |
Release | : 2016-12-05 |
Genre | : Business & Economics |
ISBN | : 9264267794 |
This publication helps policy makers to better understand annuity products and the guarantees they provide in order to optimise the role that these products can play in financing retirement. Product design is a crucial factor in the potential role of annuity products within the pension system, along with the cost and demand for these products, and the resulting risks that are borne by the annuity providers. Increasingly complex products, however, pose additional challenges concerning consumer protection. Consumers need to be aware of their options and have access to unbiased and comprehensible advice and information about these products.
Author | : Jeffrey K. Dellinger |
Publisher | : John Wiley & Sons |
Total Pages | : 802 |
Release | : 2006-08-28 |
Genre | : Business & Economics |
ISBN | : 047177376X |
In-depth coverage of variable income annuities With trillions of dollars in retirement savings assets, the tens of millions of Americans on the precipice of retirement need to convert these savings into retirement income. The fact that variable income annuities (VIAs) generate maximum lifetime income with zero probability of outliving it has spurred the need for more information about VIAs. The Handbook of Variable Income Annuities is by far the most comprehensive source of information on this topic. This book thoroughly describes the most important principles of optimal asset liquidation and demystifies VIA mechanics, so readers can gain a high comfort level with this important financial instrument. Interestingly and clearly, The Handbook of Variable Income Annuities explains the mathematical pricing of variable income annuities, expected rates of return, taxation, product distribution, legal aspects, and much more. Jeffrey K. Dellinger (Fort Wayne, IN), a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries, has over 25 years experience in the financial services sector. He advises institutions on retirement income optimization, products, and markets.
Author | : Gregorio Impavido |
Publisher | : World Bank Publications |
Total Pages | : 47 |
Release | : 2007 |
Genre | : Annuities |
ISBN | : |
This paper analyzes the performance and development of the Mexican pension annuity market established as a consequence of the 1997 pension reform. The Mexican experience displays interesting characteristics providing lessons for other countries that still need to design the decumulation phase of their newly established second pillars. At the same, time it raises some technical and policy concerns that need addressing as they could hamper, in the future, the healthy development of the market. The paper concludes that: 1) general life insurance companies may better hedge longevity risk than specialized annuity companies; 2) competition should be based on prices rather than additional products; 3) better disclosure of options under the 1973 and 1997 social security laws should be given to disability and life annuitants; and 4) various measures should be taken to improve asset liability management including allowing companies to trade over the counter derivatives and substituting over time the regulatory asset liability management framework with an economic asset liability management framework.