Annuity Markets

Author : Jeffrey R. Brown,Olivia S. Mitchell,James M. Poterba,Mark J. Warshawsky
Publisher : MIT Press
Page : 248 pages
File Size : 50,6 Mb
Release : 2001-11-09
Category : Business & Economics
ISBN : 0262261693

Get Book

The Role of Annuity Markets in Financing Retirement by Jeffrey R. Brown,Olivia S. Mitchell,James M. Poterba,Mark J. Warshawsky Pdf

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 : Edmund Cannon,Edmund Stuart Cannon,Ian Tonks
Publisher : Oxford University Press
Page : 316 pages
File Size : 53,7 Mb
Release : 2008
Category : Business & Economics
ISBN : 9780199216994

Get Book

Annuity Markets by Edmund Cannon,Edmund Stuart Cannon,Ian Tonks Pdf

The Pension Crisis concerns the changing demographic profile of the economy: an increasing number of elderly persons supported by fewer young people. Understanding and tackling this impending crisis is a key task for public policy. An annuity protects an individual from outliving their savings, and is central to pensions policy: this book explores the issues surrounding annuities.

Author : George A. (Sandy) Mackenzie
Publisher : Cambridge University Press
Page : 37 pages
File Size : 40,6 Mb
Release : 2006-07-24
Category : Business & Economics
ISBN : 9781139458085

Get Book

Annuity Markets and Pension Reform by George A. (Sandy) Mackenzie Pdf

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 : Estelle James,Dimitri Vittas
Publisher : World Bank Publications
Page : 42 pages
File Size : 48,5 Mb
Release : 2000
Category : Annuities
ISBN : 8210379456XXX

Get Book

Annuity Markets in Comparative Perspective by Estelle James,Dimitri Vittas Pdf

Preliminary result of a continuing research project that analyzes annuity markets in various countries. The projects focused on understanding whether annuity markets can be relied upon to provide reliable retirement income at reasonable prices.

Author : Jeffrey Robert Brown
Publisher : Mit Press
Page : 233 pages
File Size : 48,5 Mb
Release : 2001
Category : Business & Economics
ISBN : 0262025094

Get Book

The Role of Annuity Markets in Financing Retirement by Jeffrey Robert Brown Pdf

Annuity insurance products help protect retirees against outliving their incomes.

Author : Noriyuki Takayama
Publisher : OUP Oxford
Page : 252 pages
File Size : 52,8 Mb
Release : 2011-05-26
Category : Business & Economics
ISBN : 9780199594849

Get Book

Securing Lifelong Retirement Income by Noriyuki Takayama Pdf

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.

Author : Roberto Rezende Rocha,Craig Thorburn
Publisher : World Bank Publications
Page : 292 pages
File Size : 53,7 Mb
Release : 2007
Category : Business & Economics
ISBN : 9780821366677

Get Book

Developing Annuities Markets by Roberto Rezende Rocha,Craig Thorburn Pdf

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 : Eytan Sheshinski
Publisher : Princeton University Press
Page : 184 pages
File Size : 49,8 Mb
Release : 2021-05-11
Category : Business & Economics
ISBN : 9781400829422

Get Book

The Economic Theory of Annuities by Eytan Sheshinski Pdf

Annuities are financial products that guarantee the holder a fixed return so long as the holder remains alive, thereby providing insurance against lifetime uncertainty. The terms of these contracts depend on the information available to insurance firms. Unlike age and gender, information about individual survival probabilities cannot be readily ascertained. This asymmetric information causes market inefficiencies, such as adverse selection. Groundbreaking in its scope, The Economic Theory of Annuities offers readers a theoretical analysis of the functioning of private annuity markets. Starting with a general analysis of survival functions, stochastic dominance, and characterization of changes in longevity, Eytan Sheshinski derives the demand for annuities using a model of individuals who jointly choose their lifetime consumption and retirement age. The relation between life insurance and annuities that have a bequest option is examined and "annuity options" are proposed as a response to the lack of secondary markets. This book also investigates the macroeconomic policy implications of annuities and changes in longevity on aggregate savings. Sheshinski utilizes statistical population theory to shed light on the debate of whether the surge in savings and growth in Asia and other countries can be attributed to higher longevity of the population and whether this surge is durable. This book shows how understanding annuities becomes essential as governments that grapple with insolvency of public social security systems place greater emphasis on individual savings accounts.

Author : George A. Mackenzie
Publisher : Unknown
Page : 248 pages
File Size : 40,6 Mb
Release : 2006
Category : Electronic books
ISBN : 0511317964

Get Book

Annuity Markets and Pension Reform by George A. Mackenzie Pdf

This book treats two vital but neglected 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.

Author : Eduardo Walker
Publisher : World Bank Publications
Page : 32 pages
File Size : 53,7 Mb
Release : 2006
Category : Annuities
ISBN : 8210379456XXX

Get Book

Annuity Markets in Chile by Eduardo Walker Pdf

Abstract: "The author studies annuity rates in Chile and relates them with industry competition. He finds (1) that annuity insurance companies paying higher broker commissions paid lower annuity rates; and (2) a structural break of the long-run elasticity of annuity rates to the risk-free rate in 2001. Moreover, this structural break coincided with the submission of a new draft pension law proposing greater transparency in annuity markets and a generalized drop in broker commissions. The high commissions charged in the 1990s were partly returned to annuitants as informal (and illegal) cash rebates. Myopic pensioners preferred cash rebates over present values. Thus, the legal threat caused the drop in broker commissions, reduced the illegal practice of cash rebates, increased competition by way of annuity rates, and raised the long-run elasticity to one."--World Bank web site.

Author : Great Britain: H.M. Treasury
Publisher : Unknown
Page : 28 pages
File Size : 52,6 Mb
Release : 2015-03-18
Category : Electronic
ISBN : 1474116698

Get Book

Creating a Secondary Annuity Market by Great Britain: H.M. Treasury Pdf

Author : Elsa Fornero,Elisa Luciano
Publisher : Edward Elgar Publishing
Page : 0 pages
File Size : 40,7 Mb
Release : 2004
Category : Annuities
ISBN : 1843764768

Get Book

Developing an Annuity Market in Europe by Elsa Fornero,Elisa Luciano Pdf

Fornero and Luciano, professors of economics and mathematical finance, respectively, at the University of Turin, present papers from a June 2002 conference, surveying recent research on the role of annuities in helping households to finance retirement and decumulate wealth. European and American con

Author : Roberto Rezende Rocha,Dimitri Vittas,Heinz P. Rudolph
Publisher : World Bank Publications
Page : 376 pages
File Size : 44,7 Mb
Release : 2011
Category : Business & Economics
ISBN : 9780821385746

Get Book

Annuities and Other Retirement Products by Roberto Rezende Rocha,Dimitri Vittas,Heinz P. Rudolph Pdf

In the 1990s many emerging economies in Central Europe and Latin America initiated their pension reforms. While most analysis to date has focused on the accumulation phase, there are a number of lessons to be shared as countries start to prepare the retirement options for their contributors, with this book addressing these issues from a public policy perspective.

Author : MissAllison Schrager,Mr.George A. Mackenzie
Publisher : INTERNATIONAL MONETARY FUND
Page : 20 pages
File Size : 52,7 Mb
Release : 2004-12-01
Category : Business & Economics
ISBN : 1451875533

Get Book

Can the Private Annuity Market Provide Secure Retirement Income? by MissAllison Schrager,Mr.George A. Mackenzie Pdf

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 : Great Britain. HM Treasury
Publisher : Unknown
Page : 29 pages
File Size : 43,6 Mb
Release : 2015
Category : Electronic
ISBN : 1474116701

Get Book

Creating a Secondary Annuity Market by Great Britain. HM Treasury Pdf