Annuities are a vital aspect of a growing number of reformed pension systems around the world, and will be of increasing relevance in Europe as reform of generous social security schemes gathers pace. This paper addresses the regulation of annuities, essential to ensure integrity of the system,...

This paper investigates the diversification demand of an agent, who is faced with the alternative to swap aggregate labour-income risk for equity-exposure, through her individual account in a mandatory-pension scheme. The framework for the analysis is a life-cycle model of a...

This paper investigates some welfare effects of forced saving through a mandatory pension scheme. The framework for the analysis is a life-cycle model of a borrowing constrained individual´s consumption and portfolio choice in the presence of uncertain labour income and realistically calibrated...