utility due to the longevity of other groups participating in the same pension scheme. Linking retirement age to average life … expectancy magnifies the negative effect on the lifetime utility of those who suffer low longevity. Furthermore, when the income … of those with greater longevity increases, those with shorter life expectancy become even worse off. Conversely, when the …

pension policy response to continuous longevity improvements. The question addressed here is: to what extent is simply … Bayesian Model Ensemble of heterogeneous stochastic mortality models comprised of parametric models, principal component …

legal retirement age is increasing in longevity and (iii) decreasing in the public pension replacement rate. We then test …