Guarantees are often seen as the key characteristics of pension saving products, but securing them can become costly and is of central relevance especially in the course of the current low interest rate environment. In this article, we deal with the question of how costly the typical types of...

Pooled annuity products, where the participants share systematic and idiosyncratic mortality risks as well as investment returns and risk, provide an attractive and effective alternative to traditional guaranteed life annuity products. While longevity risk sharing in pooled annuities has...

In the last decade, the financial situation of pension funds, in Tunisia, worsened because of demographic and economic factors. These changes will make the solidarity between generations more difficult and will prompt the government to institute some reforms regulating basic pension. This...

This paper describes how the Pension Protection Fund (PPF) in the U.K. quantifies and prices the risks it carries. It also discusses how the PPF interprets these outcomes in terms of a levy or premium to be charged to the pension plans that it protects. PPF has existed since 2005: it has...

Recently regulated Brazilian life and pension products offer a benefit structure composed of minimum guaranteed annual rate, inflation adjustment according to a price index and participation on an investment fund performance. We present a valuation model for these products. We establish a fair...