By Edmund Cannon, Ian Tonks
The Pension drawback issues the altering demographic profile of extra aged and less adolescents within the financial system. figuring out and tackling this imminent trouble is a key job for public coverage. An annuity protects anyone from outliving their discount rates, and is important to pensions coverage. This ebook examines the different sorts of annuities on hand, how those annuities are priced, the heritage of annuities, how annuities markets functionality: how they paintings, and are they effective. It offers a world comparability of annuity markets, and examines contemporary advancements in annuity markets.
Governments world wide are moving their pension rules clear of pay-as-you-go platforms in the direction of person discount rates schemes. those discounts have to be switched over right into a pension at retirement, and annuity markets offer this functionality. This booklet is a entire learn of annuity markets. The publication starts off via outlining the context of public coverage in the direction of pensions coverage. It then explains the different sorts of annuities to be had, targeting the U.S. and united kingdom, and the way those annuities are priced, interpreting pricing and booking tools from an actuarial viewpoint and in addition describing mortality size. the subsequent chapters describe the background of annuities, and the event of annuity markets in nations except the united kingdom and US. The e-book then outlines the idea in the back of annuites, and explains how annuities insure shoppers opposed to durability dangers. the following bankruptcy describes how annuities markets functionality: how they paintings, and whether or not they are effective, top onto a dialogue of the annuity puzzle. The publication concludes via discussing contemporary advancements in annuity markets.
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Extra resources for Annuity Markets
Number of annuity quotes in Moneyfacts Although the number of annuity providers quoting annuity prices in the Moneyfacts database has fallen, insurance companies may still be willing to provide annuities if contacted directly by individuals or annuity brokers. We will discuss the number of providers in Chapter 9, but according to the FSA life insurance returns there are many more insurance companies selling compulsory annuities in 2005, than the number providing quotes in the Moneyfacts data-set.
All of this evidence suggests that the demand for annuities in the UK will continue to rise substantially in the coming years, and therefore examining the functioning of the annuities market is relevant and timely for public policy, though the Pensions Commission notes that any capacity problems in the annuities market could be eased by allowing a relaxation of income drawdown rules, or by facilitating later retirement. 2. Structure of the book Having set the scene for the increasing importance of annuities markets, we now proceed to describe the structure of this book.
In the UK, the Pensions Commission (2004, 2005, 2006), set up in December 2002 by the government, reported on the adequacy of private pension savings in the UK. The commission noted the trend for pensions in the UK to be provided through deﬁned contribution schemes, and observed that a consequence of this shift, away from unfunded pay-as-you-go and funded deﬁned beneﬁt schemes, is that there will be an increased demand for life annuities. The Pensions Commission (2006) proposed the introduction of a national pension savings scheme for the UK, and these recommendations are being implemented in the proposed ‘Personal Accounts’ outlined in Department of Work and Pensions (2006).