Download Annuity Markets by Edmund Cannon, Ian Tonks PDF

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By Edmund Cannon, Ian Tonks

The Pension drawback issues the altering demographic profile of extra aged and less teens within the economic climate. realizing and tackling this coming near near hindrance is a key job for public coverage. An annuity protects someone from outliving their rate reductions, and is vital to pensions coverage. This e-book examines the differing kinds of annuities to be had, how those annuities are priced, the historical past of annuities, how annuities markets functionality: how they paintings, and are they effective. It presents a world comparability of annuity markets, and examines contemporary advancements in annuity markets.

Governments all over the world are moving their pension rules clear of pay-as-you-go platforms in the direction of person reductions schemes. those mark downs must be switched over right into a pension at retirement, and annuity markets offer this functionality. This publication is a accomplished examine of annuity markets. The booklet begins via outlining the context of public coverage in the direction of pensions coverage. It then explains the different sorts of annuities to be had, concentrating on the USA and united kingdom, and the way those annuities are priced, reading pricing and booking tools from an actuarial standpoint and likewise describing mortality size. the subsequent chapters describe the historical past of annuities, and the adventure of annuity markets in nations except the united kingdom and US. The ebook then outlines the idea at 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 by way of discussing contemporary advancements in annuity markets.

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3. 28 Source: Data in the first two columns is from Cannon and Tonks (2004b) taken respectively from The Policy and Pensions World (supplemented by Money Management). Data in the third column is collected by the authors from Moneyfacts. 4. Time series properties on voluntary annuity and consol rates 1957–2002 Panel A: 1957–73 Mean St. Dev. Correlation Panel B: 1972–2002 Mean St. Dev. Correlation Panel C: 1957–2002 (spliced data) Mean St. Dev. 96 Note: This table presents descriptive statistics on the time series of average annuity rates and consol rates over the period 1957–2002 and for the two sub-periods.

3. Investment management is also referred to as fund management, asset management, portfolio management, and money management (Tonks 2006). 4. Source: Calculations from FSA Insurance Returns, form 47 from Synthesis Database. 18 2 Description of annuity markets In this chapter we outline the different types of annuity product that are available, and provide illustrative examples of annuity prices quoted by annuity providers, and the movement in annuity prices over time. 1. Types of annuities The original meaning of ‘annuity’ was an asset that paid an annual income and there was no necessary connection to payments being tied to an individual or group of individuals being alive.

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). This new pension scheme is based around individual defined contribution schemes, and these will also need to be annuitized at retirement. Anticipating the increased demand for annuities in respect of its proposals, the Pensions Commission (2005) examined whether there is sufficient capacity in the annuity market to provide for the projected demand.

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