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Description of annuity markets

Edmund Cannon and Ian Tonks

in Annuity Markets

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199216994
eISBN:
9780191711978
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199216994.003.0002
Subject:
Business and Management, Pensions and Pension Management

This chapter outlines the different types of annuity product that are available: guaranteed, joint-life, escalating, inflation-protected, impaired-life, variable, and investment-linked. It provides ... More


Annuity Markets

Edmund Cannon and Ian Tonks

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199216994
eISBN:
9780191711978
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199216994.001.0001
Subject:
Business and Management, Pensions and Pension Management

Governments around the world are responding to the rising ratio of elderly-to-young persons (‘The Pensions Crisis’) by shifting their pension policies away from pay-as-you-go systems towards ... More


How Are They Different? The Defined Benefit and Defined Contribution Formats Contrasted As A Matter of Plan Design

Edward A. Zelinsky

in The Origins of the Ownership Society: How the Defined Contribution Paradigm Changed America

Published in print:
2008
Published Online:
January 2009
ISBN:
9780195339352
eISBN:
9780199855407
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195339352.003.0001
Subject:
Law, Employment Law

Traditional defined benefit pensions have four major characteristics as a matter of plan design. First, they provide income on a deferred basis at retirement and not before then. Second, they provide ... More


Retirement Distributions and the Bequest Motive

G. Victor Hallman

in Recalibrating Retirement Spending and Saving

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199549108
eISBN:
9780191720734
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199549108.003.0006
Subject:
Business and Management, Pensions and Pension Management

Managing retirement payouts generally revolves primarily around securing adequate retirement income and assuring the continuity of such income for as long as the retirees live. Many commentators have ... More


Annuity markets around the world

Edmund Cannon and Ian Tonks

in Annuity Markets

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199216994
eISBN:
9780191711978
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199216994.003.0005
Subject:
Business and Management, Pensions and Pension Management

This chapter examines the structure and prevalence of annuity markets in a number of selected countries around the world: Australia, Chile, Germany, Italy, Singapore, Sweden, Switzerland, and USA. It ... More


The Impact of Health Status and Out‐of‐Pocket Medical Expenditures on Annuity Valuation

Cassio M. Turra and Olivia S. Mitchell

in Recalibrating Retirement Spending and Saving

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199549108
eISBN:
9780191720734
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199549108.003.0010
Subject:
Business and Management, Pensions and Pension Management

This chapter describes how differences in health status at retirement can influence the decision to purchase a life annuity. It extends previous research on annuitization decisions by incorporating ... More


Annuity Valuation, Long‐Term Care, and Bequest Motives

John Ameriks, Andrew Caplin, Steven Laufer, and Stijn Van Nieuwerburgh

in Recalibrating Retirement Spending and Saving

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199549108
eISBN:
9780191720734
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199549108.003.0011
Subject:
Business and Management, Pensions and Pension Management

Financial security in retirement has traditionally meant having a steady flow of annuity income as long as one lives — a definition enshrined in the Social Security system. Earlier research has ... More


Asset Allocation within Variable Annuities: The Impact of Guarantees

Moshe A. Milevsky and Vladyslav Kyrychenko

in Recalibrating Retirement Spending and Saving

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199549108
eISBN:
9780191720734
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199549108.003.0012
Subject:
Business and Management, Pensions and Pension Management

The latest generation of variable annuity contracts contains equity options plus longevity insurance, sometimes thought to be attractive to purchasers willing to take on financial risk. This chapter ... More


Tax Issues and Life Care Annuities

David Brazell, Jason Brown, and Mark Warshawsky

in Recalibrating Retirement Spending and Saving

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199549108
eISBN:
9780191720734
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199549108.003.0013
Subject:
Business and Management, Pensions and Pension Management

A life care annuity combines an immediate life annuity with long-term care insurance. This chapter reviews empirical evidence supporting the claim that the marketing of a life care annuity will ... More


Reorienting Retirement Risk Management

Robert L. Clark and Olivia S. Mitchell (eds)

Published in print:
2010
Published Online:
September 2010
ISBN:
9780199592609
eISBN:
9780191594618
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199592609.001.0001
Subject:
Business and Management, Pensions and Pension Management

Retirement risk management must be dramatically overhauled if workers and retirees are to better prepare themselves to meet future retirement challenges. Recent economic events including the global ... More


The Evolution of Retirement Risk Management

Robert L. Clark and Olivia S. Mitchell

in Reorienting Retirement Risk Management

Published in print:
2010
Published Online:
September 2010
ISBN:
9780199592609
eISBN:
9780191594618
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199592609.003.0001
Subject:
Business and Management, Pensions and Pension Management

Leading academics, public pension sponsors, and their advisors offer new research on ways to reformulate and restructure retirement risk management. This chapter summarizes the research findings ... More


The Effect of Uncertain Labor Income and Social Security on Life‐Cycle Portfolios

Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

in Reorienting Retirement Risk Management

Published in print:
2010
Published Online:
September 2010
ISBN:
9780199592609
eISBN:
9780191594618
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199592609.003.0006
Subject:
Business and Management, Pensions and Pension Management

This paper examines how labor income volatility and social security benefits influence life‐cycle household portfolios. Specifically, it examines the quantity and location of household saving, taking ... More


The Declining Role of Private Defined Benefit Pension Plans: Who Is Affected, and How

Craig Copeland and Jack VanDerhei

in Reorienting Retirement Risk Management

Published in print:
2010
Published Online:
September 2010
ISBN:
9780199592609
eISBN:
9780191594618
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199592609.003.0007
Subject:
Business and Management, Pensions and Pension Management

This chapter analyzes the impact of future freezes among corporate defined benefit (DB) pension plans. The authors simulate the impact on expected future pension wealth by assuming all existing ... More


Longevity Risk and Annuities in Singapore

Joelle H. Y. Fong, Olivia S. Mitchell, and Benedict S. K. Koh

in Reorienting Retirement Risk Management

Published in print:
2010
Published Online:
September 2010
ISBN:
9780199592609
eISBN:
9780191594618
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199592609.003.0009
Subject:
Business and Management, Pensions and Pension Management

This chapter explores the current annuity market in Singapore in view of the plan to mandate annuitization under the Singaporean Central Provident Fund (CPF). The authors evaluate the pricing of ... More


Comparing Spending Approaches in Retirement

John Ameriks, Michael Hess, and Liqian Ren

in Reorienting Retirement Risk Management

Published in print:
2010
Published Online:
September 2010
ISBN:
9780199592609
eISBN:
9780191594618
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199592609.003.0011
Subject:
Business and Management, Pensions and Pension Management

This chapter describes and evaluates alternative approaches to spending in retirement, including income annuities, common rules of thumb for spending used by financial planners and advisors, and the ... More


Pension Reform: A Short Guide

Nicholas Barr and Peter Diamond

Published in print:
2009
Published Online:
September 2010
ISBN:
9780195387728
eISBN:
9780199870905
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195387728.001.0001
Subject:
Economics and Finance, Economic Systems

Mandatory pension systems are a worldwide phenomenon. Many need reform. This book, a summary of a longer book, sets out an extensive but nontechnical explanation of the economics of pension design. ... More


Compulsory and Voluntary Annuity Markets in the United Kingdom

Edmund Cannon and Ian Tonks

in Securing Lifelong Retirement Income: Global Annuity Markets and Policy

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199594849
eISBN:
9780191729119
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199594849.003.0010
Subject:
Business and Management, Pensions and Pension Management

This chapter describes the operation of both the compulsory pension annuity and voluntary annuity markets in the United Kingdom, and evaluates prices using a money's worth approach. This chapter ... More


Pension Plan Distributions: The Importance of Financial Literacy

Robert L. Clark, Melinda S. Morrill, and Steven G. Allen

in Financial Literacy: Implications for Retirement Security and the Financial Marketplace

Published in print:
2011
Published Online:
January 2012
ISBN:
9780199696819
eISBN:
9780191732089
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199696819.003.0003
Subject:
Business and Management, Pensions and Pension Management, Finance, Accounting, and Banking

This chapter examines workers' plans to take lump sum distributions versus life annuities from employer retirement plans. The analysis is based on before and after surveys of retirement eligible ... More


Turning Wealth into Lifetime Income: The Challenge Ahead

Olivia S. Mitchell and John Piggott

in Securing Lifelong Retirement Income: Global Annuity Markets and Policy

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199594849
eISBN:
9780191729119
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199594849.003.0001
Subject:
Business and Management, Pensions and Pension Management

Longevity risk management was a family obligation in the old days; in the twentieth century, as development, migration, and the scattering of families became more common, government and employers ... More


The Swedish Annuity Market: Where it is and Where it's Headed

Edward Palmer and Bo Larsson

in Securing Lifelong Retirement Income: Global Annuity Markets and Policy

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199594849
eISBN:
9780191729119
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199594849.003.0002
Subject:
Business and Management, Pensions and Pension Management

This chapter analyzes the structure of demand for retirement products in Sweden using both aggregate and individual data. We show that all occupational groups except white-collar workers are more ... More


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