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Outsourcing Pension Longevity Protection

Igor Balevich

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/9780199592609.003.0010
Subject:
Business and Management, Pensions and Pension Management

Steadily improving mortality rates are boosting pension liabilities, and plan managers are starting to evaluate ways to handle this exposure. The authors explore the impact of increasing longevity on ... More


Why Does It Matter? Allocating Risk and Reward Between Employer and Employee

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/9780195339352.003.0002
Subject:
Law, Employment Law

It is useful to divide retirement-related risks into three broad categories: investment risk, funding risk, and longevity risk. Investment risk is the risk that retirement resources will earn an ... 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 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


Longevity Risk Management, Corporate Finance, and Sustainable Pensions

Guy Coughlan

in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk

Published in print:
2014
Published Online:
December 2014
ISBN:
9780198719243
eISBN:
9780191788505
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198719243.003.0006
Subject:
Business and Management, Pensions and Pension Management

Unexpected improvements in mortality rates have led to large unanticipated increases in life expectancy, with accompanying increases in the value of defined benefit pension liabilities. As a result, ... More


The Securitization of Longevity Risk and Its Implications for Retirement Security

Richard MacMinn, Patrick Brockett, Jennifer Wang, Yijia Lin, and Ruilin Tian

in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk

Published in print:
2014
Published Online:
December 2014
ISBN:
9780198719243
eISBN:
9780191788505
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198719243.003.0008
Subject:
Business and Management, Pensions and Pension Management

The economic significance of longevity risk for governments, corporations, and individuals has begun to be recognized and quantified. Traditional insurance for managing this risk has serious ... More


Securing Lifelong Retirement Income: Global Annuity Markets and Policy

Noriyuki Takayama

Olivia S. Mitchell and John Piggott (eds)

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199594849
eISBN:
9780191729119
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199594849.001.0001
Subject:
Business and Management, Pensions and Pension Management

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 life spans. ... More


Risk Budgeting and Longevity Insurance:: Strategies for Sustainable Defined Benefit Pension Funds

Amy Kessler

in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk

Published in print:
2014
Published Online:
December 2014
ISBN:
9780198719243
eISBN:
9780191788505
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198719243.003.0012
Subject:
Business and Management, Pensions and Pension Management

The extreme losses incurred in defined benefit pension plans during the financial crisis have called into question the conventional approach to managing pension risk. Defined benefit pension plans ... 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


Market Structure and Challenges for Annuities in India

Mukul G. Asher and Deepa Vasudevan

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/9780199594849.003.0003
Subject:
Business and Management, Pensions and Pension Management

India will need to develop a robust annuity market if it is to enable its rapidly aging population to address longevity risk. As the fraction of the aged triples by 2050, driving a huge potential ... More


Collective Pensions and the Global Financial Crisis: The Case of the Netherlands

Lans Bovenberg and Theo Nijman

in Reshaping Retirement Security: Lessons from the Global Financial Crisis

Published in print:
2012
Published Online:
January 2013
ISBN:
9780199660698
eISBN:
9780191745058
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199660698.003.0012
Subject:
Business and Management, Pensions and Pension Management

The global financial crisis triggered a major redesign of the collective pension system in the Netherlands. The current Dutch system can be characterized as a defined benefit system with nominal ... More


Modeling and Management of Longevity Risk

Andrew Cairns

in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk

Published in print:
2014
Published Online:
December 2014
ISBN:
9780198719243
eISBN:
9780191788505
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198719243.003.0005
Subject:
Business and Management, Pensions and Pension Management

This chapter considers recent developments in the modeling and management of longevity risk: the risk that, in aggregate, people live longer than anticipated. This chapter reviews the use of ... More


What Is the Future of the Defined Contribution Paradigm?

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/9780195339352.003.0006
Subject:
Law, Employment Law

In the private sector, the expansion of the individual account paradigm will continue in the years ahead without significant controversy or impediment. In contrast, there will be increasing ... More


Retirement Shares Plan: A New Model for Risk Sharing

Donald E. Fuerst

in Reimagining Pensions: The Next 40 Years

Published in print:
2016
Published Online:
March 2016
ISBN:
9780198755449
eISBN:
9780191816673
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198755449.003.0009
Subject:
Business and Management, Pensions and Pension Management

Investment risk and longevity risk are borne by the plan sponsor in a defined benefit plan or by the plan participant in a defined contribution plan. By contrast, a proposed new Retirement Shares ... More


Recreating Retirement Sustainability

Olivia S. Mitchell and Raimond Maurer

in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk

Published in print:
2014
Published Online:
December 2014
ISBN:
9780198719243
eISBN:
9780191788505
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198719243.003.0001
Subject:
Business and Management, Pensions and Pension Management

This volume provides in-depth analysis of the many unknowns that are threatening pension plans around the world. Many see the lengthening human life span as a welcome development; nevertheless, ... More


Longevity-Insured Retirement Distributions: Basic Theories and Institutions

Jeffrey R. Brown

in Retirement Income: Risks and Strategies

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262016933
eISBN:
9780262301596
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016933.003.0003
Subject:
Economics and Finance, Public and Welfare

This chapter examines the extent to which individuals can and do insure themselves against longevity risk in defined contribution plans, and why this is an issue of policy concern, focusing on three ... More


Lifetime Uncertainty

Tullio Jappelli and Luigi Pistaferri

in The Economics of Consumption: Theory and Evidence

Published in print:
2017
Published Online:
October 2017
ISBN:
9780199383146
eISBN:
9780199383160
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199383146.003.0011
Subject:
Economics and Finance, Macro- and Monetary Economics

Lifetime uncertainty represents an additional risk that affects intertemporal choice, because consumers may live longer than expected and run the risk of exhausting the resources accumulated for ... More


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