traditional considerations of age and sex by using modified mortality tables. However, they are not available in many countries …. In regions where life annuities are priced solely via standard mortality tables, retirees with below-average life … basis of their actual mortality probabilities, thereby mitigating actuarial inequities. Additionally, the paper examines how …

within annuity books. In particular, the joint impact of mortality risks and investment risks as well as their respective … annuity data from the United Kingdom, the risk premium charged for aggregate mortality risk seems to be very large relative to …

may either choose to receive annuity payouts, calculated based on a mortality table agreed to at contract inception, or … receive the accumulated capital as a lump sum. Considering stochastic mortality improvements, such an option could be of … substantial value. Whenever mortality improves less than originally expected, the policyholder will choose the lump sum and buy an …

the capital accumulated. Considering stochastic mortality improvements, the lump-sum option could be of potential value … for the policyholder. Whenever mortality improves less than expected at contract inception, the policyholder will choose … stochastic mortality. Our results are relevant for individual retirement planning, pension system design, and insurance pricing …

assumptions (constant or according to Lee-Carter mortality improvements) to calculate the maximum mortality decrease a scheme can …