Variable annuities, as a class of retirement income products, allow equity market exposure for a policyholder's retirement fund with electable additional guarantees to limit the downside risk of the market. Management fees and guarantee insurance fees are charged respectively for the market...

The ageing of Australia's population and the maturing of the Australian Superannuation Guarantee Levy system means that there will be greater amounts of funds available to retirees to fund their retirement income needs. A guaranteed lifetime annuity is often cited as the ideal solution for the...

Shankar (2009) proposes a new investment strategy for retirees that bundles Treasury Inflation Protected Securities with a deferred annuity to guarantee real annual withdrawal rates of 5% or more with no risk of financial ruin. This strategy addresses three problems that retirees face: longevity...

Life annuities and pension products usually involve a number of ‘guarantees', such as, e.g., minimum accumulation rates, minimum annual payments and minimum total payout. Packaging different types of guarantees is the feature of the so-called Variable Annuities. Basically, these products are...

Pools of voluntary life annuities typically report lower mortality rates than the general population, as when the product is quoted at standard rates, it is attractive mainly for healthy people. In order to expand their portfolio, in recent years some insurers have started offering higher...

Although researchers have shown that purchasing longevity insurance at retirement guarantees pensioners of a high annual income for the rest of their lives, most retirees (who have a choice) choose to take the lump sum and self-manage the portfolio. This is a long-standing puzzle called the...

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...

We propose and estimate a model of demand and supply of annuities. To this end, we use rich data from Chile, where annuities are bought and sold in a private market via a two-stage process: first-price auctions followed by bargaining. We model firms with private information about costs and...

We propose and estimate a model of demand and supply of annuities. To this end, we use rich data from Chile, where annuities are bought and sold in a private market via a two-stage process: first-price auctions followed by bargaining. We model firms with private information about costs and...