There has been a significant increase in the life expectancies of the Taiwanese population after the end of Second World War. Like in many developed countries, due to the prolonging life expectancy and lower fertility rates, the aging population has now become a major policy concern in Taiwan....

As the population ages and the deterioration of pension funds continue, hedging longevity risk is becoming increasingly important in Taiwan. This article analyzes the potential market for issuing longevity bonds to hedge against the longevity risk in Taiwan. Many recent studies have suggested...

In this research, we derive the valuation formulae for a defined contribution pension plan associated with the minimum rate of return guarantees. Different from the previous studies, we work on the rate of return guarantee which is linked to the [delta]-year spot rate. The payoffs of interest...

This research proposes a mortality model with an age shift to project future mortality using principal component analysis (PCA). Comparisons of the proposed PCA model with the well-known models--the Lee-Carter model, the age-period-cohort model (Renshaw and Haberman, 2006), and the Cairns,...