Although annuities provide longevity insurance that should be attractive to households
facing an uncertain lifespan, rates of voluntary annuitization remain extremely low. We …

The question how individuals should (optimally) annuitize their wealth remains of high
relevance in light of longevity risk and volatile capital markets. In this article, we first present …

Pensions and population aging intersect in two ways. First, demographic change threatens
the sustainability of traditional pay-as-you-go social security pensions, leaving workplace …

While retirement income products have become more important in Australia in recent years,
the growth in these has been predominantly in phased withdrawal products which offer no …

Life annuities constitute a large category of insurance and pension products, ranging from
conventional annuities (immediate or deferred) to longevity-linked life annuities, sharing the …

Interest in longevity and longevity risk management is burgeoning, as government and
regulatory agencies are increasingly conscious of the potential risks and benefits of longer …

I propose to replace the automatic adjustment system of pension benefits, embedded in the
2004 reform of the Japanese public pension scheme, with one providing for specific …

We address life annuities and pensions, looking in particular at transfers/sharing of biometric
risks, ie risks related to the annuitant's lifetime and health status, involved by the policy …

We analyze an insurance instrument called a ruin‐contingent life annuity (RCLA), which is a
stand‐alone version of the option embedded inside a variable annuity (VA) but without the …

Due to the increasing interest in several markets in life annuity products with a guaranteed
periodic benefit, the back-side effects of some features that may prove to be critical either for …