Pensions And Annuities
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Modelling Longevity Dynamics For Pensions And Annuity Business
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Author : Ermanno Pitacco
language : en
Publisher: OUP Oxford
Release Date : 2009-01-29
Modelling Longevity Dynamics For Pensions And Annuity Business written by Ermanno Pitacco and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-29 with Business & Economics categories.
Mortality improvements, uncertainty in future mortality trends and the relevant impact on life annuities and pension plans constitute important topics in the field of actuarial mathematics and life insurance techniques. In particular, actuarial calculations concerning pensions, life annuities and other living benefits (provided, for example, by long-term care insurance products and whole life sickness covers) are based on survival probabilities which necessarily extend over a long time horizon. In order to avoid underestimation of the related liabilities, the insurance company (or the pension plan) must adopt an appropriate forecast of future mortality. Great attention is currently being devoted to the management of life annuity portfolios, both from a theoretical and a practical point of view, because of the growing importance of annuity benefits paid by private pension schemes. In particular, the progressive shift from defined benefit to defined contribution pension schemes has increased the interest in life annuities with a guaranteed annual amount. This book provides a comprehensive and detailed description of methods for projecting mortality, and an extensive introduction to some important issues concerning longevity risk in the area of life annuities and pension benefits. It relies on research work carried out by the authors, as well as on a wide teaching experience and in CPD (Continuing Professional Development) initiatives. The following topics are dealt with: life annuities in the framework of post-retirement income strategies; the basic mortality model; recent mortality trends that have been experienced; general features of projection models; discussion of stochastic projection models, with numerical illustrations; measuring and managing longevity risk.
Report Of The Special Chamber Committee On Employees Retirement Annuities
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Author : Chamber of Commerce of the United States of America. Special Committee on Employees' Retirement Annuities
language : en
Publisher:
Release Date : 1932
Report Of The Special Chamber Committee On Employees Retirement Annuities written by Chamber of Commerce of the United States of America. Special Committee on Employees' Retirement Annuities and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1932 with Pensions categories.
The Calculus Of Retirement Income
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Author : Moshe A. Milevsky
language : en
Publisher: Cambridge University Press
Release Date : 2006-03-13
The Calculus Of Retirement Income written by Moshe A. Milevsky and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-03-13 with Business & Economics categories.
This 2006 book introduces and develops the basic actuarial models and underlying pricing of life-contingent pension annuities and life insurance from a unique financial perspective. The ideas and techniques are then applied to the real-world problem of generating sustainable retirement income towards the end of the human life-cycle. The role of lifetime income, longevity insurance, and systematic withdrawal plans are investigated in a parsimonious framework. The underlying technology and terminology of the book are based on continuous-time financial economics by merging analytic laws of mortality with the dynamics of equity markets and interest rates. Nonetheless, the book requires a minimal background in mathematics and emphasizes applications and examples more than proofs and theorems. It can serve as an ideal textbook for an applied course on wealth management and retirement planning in addition to being a reference for quantitatively-inclined financial planners.
Annuities And Other Retirement Products
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Author : Roberto Rezende Rocha
language : en
Publisher: World Bank Publications
Release Date : 2011
Annuities And Other Retirement Products written by Roberto Rezende Rocha and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
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.
Allocated Pensions And Annuities In A Nutshell
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Author : Barbara Smith
language : en
Publisher: John Wiley & Sons Australia
Release Date : 2001
Allocated Pensions And Annuities In A Nutshell written by Barbara Smith and has been published by John Wiley & Sons Australia this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Annuities categories.
Pension And Annuity Income
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Author : United States. Internal Revenue Service
language : en
Publisher:
Release Date : 1990
Pension And Annuity Income written by United States. Internal Revenue Service and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Annuities categories.
Pension Institutions And Annuities In Denmark
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Author : Carsten Andersen
language : en
Publisher: World Bank Publications
Release Date : 2007
Pension Institutions And Annuities In Denmark written by Carsten Andersen and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Asset Liability Matching categories.
Subject: This paper considers the overall structure of the Danish pension system, reviews the relative role of different types of pension institutions, and discusses their asset allocation strategies and investment performance. The paper also examines the regulation and supervision of providers of pension services, the growing reliance on risk-based supervision, and the application of the so-called contribution principle. The Danish pension system includes a modest universal social pension with a supplement for low-income pensioners and near universal participation in occupational and personal pensions that are primarily based on defined contribution plans. The annuity market is well developed: 50 percent of annual contributions are allocated to the purchase of deferred annuities, while immediate annuities are also purchased at or even after retirement. However, detailed comprehensive data on the rate of annuitization are lacking. Distinct features of the Danish pension system include the widespread use of profit participating contracts with minimum guaranteed benefits and regular provision of bonuses, covering both the accumulation and payout phases, and extensive use of group deferred annuity contracts. A new traffic light system with periodic stress testing has resulted in greater emphasis on asset liability matching and hedging strategies by pension institutions and a shift in investment policies in favor of foreign bonds and long-term swap contracts
Securing Lifelong Retirement Income
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Author : Noriyuki Takayama
language : en
Publisher: OUP Oxford
Release Date : 2011-05-26
Securing Lifelong Retirement Income written by Noriyuki Takayama and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-05-26 with Business & Economics categories.
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.
Retirement Income
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Author : Mark Warshawsky
language : en
Publisher: MIT Press
Release Date : 2012
Retirement Income written by Mark Warshawsky and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
Strategies, products, and public policies that will help a new generation of retirees maximize income and minimize risk. As members of the baby boom generation head into retirement, they face an economic environment that has changed noticeably since their parents retired. Most of these new retirees will not be equipped, as many in the earlier generation were, with private pension plans, early retirement options, and fully paid retiree health benefits in addition to Social Security and Medicare. Today it is increasingly left to retirees themselves to plan how to maximize retirement income and minimize risk. In Retirement Income, Mark Warshawsky and his colleagues describe strategies, products, and public policies that will help a new generation achieve financial security and income growth in retirement. Warshawsky, a noted expert in the field who has worked in both government and private industry, analyzes two insurance vehicles, life annuities and long-term care insurance, and their capacity to protect against the extra costs arising from longevity and disability. He proposes two innovations. The first is a strategy that includes a set percentage withdrawal from a balanced portfolio, which is gradually used to purchase a ladder of life annuities. The second proposal, which includes a description of the potential choices in product design and available tax characteristics, is a product that integrates the immediate life annuity and long-term care insurance. With Retirement Income, Warshawsky offers practical ideas based on the results of empirical investigations and analyses, which can be applied to household decision making by retirees and their financial planners and to the design of insurance products and public policy.
Annuity Markets
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Author : Edmund Stuart Cannon
language : en
Publisher: Oxford University Press, USA
Release Date : 2008
Annuity Markets written by Edmund Stuart Cannon and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
The Pension Crisis concerns the changing demographic profile of the economy: an increasing number of elderly persons supported by fewer young people. Governments around the world are responding to this impending crisis by shifting their pension policies away from pay-as-you-go systems towards individual savings schemes. These savings need to be converted into a pension at retirement, and annuities provide this function. This book is a comprehensive study of annuity markets. The book starts by outlining the context of public policy towards pensions, and explains the different types of annuities available, focusing on the UK which has the largest annuity market in the world. It examines how annuities are priced, and describes the techniques of mortality measurement. As a background, it provides a history of annuities, and the experience of annuity markets in a number of other countries. The book outlines the economic theory behind annuities, and explains how annuities insure consumers against longevity risks. It goes on to describes how annuities markets function: how they work, and whether they are efficient, leading onto a discussion of the annuity puzzle. The book concludes by discussing the regulatory framework, assets available to back annuity liabilities, and recent developments in annuity markets.