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Journal articles on the topic 'Annuitisation'

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Author: Grafiati

Published: 4 June 2021

Last updated: 6 February 2022

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1

HORNEFF, VANYA, BARBARA KASCHÜTZKE, RAIMOND MAURER, and RALPH ROGALLA. "Welfare implications of product choice regulation during the payout phase of funded pensions." Journal of Pension Economics and Finance 13, no. 3 (December 13, 2013): 272–96. http://dx.doi.org/10.1017/s1474747213000346.

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AbstractIn many countries, governmental support for funded old-age programmes comes at the cost of at least partial mandatory annuitisation of accumulated assets in retirement. We survey regulatory frameworks for the payout phase of funded pension systems in seven European countries and the US and study the influence of mandatory annuitisation on the welfare of both rational and behaviourally influenced individuals using a dynamic life-cycle model. We show that mandatory immediate full annuitisation of retirement assets will reduce rational individuals’ certainty equivalent pension wealth by up to 54%. Softening the strict immediate annuitisation requirements along the line of regulatory realities in some of the surveyed countries reduces utility losses considerably. Behaviourally restricted individuals can benefit from full annuitisation at retirement, but generally they will also prefer more flexible regulation.

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2

Ono, Tetsuo, and Yasuo Maeda. "Sustainable development in an aging economy." Environment and Development Economics 7, no. 1 (January 30, 2002): 9–22. http://dx.doi.org/10.1017/s1355770x02000025.

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In this paper, we analyze the effects of population aging on economic growth and the environment in a two-period overlapping generations model of growth, aging, and the environment. We show that aging may be beneficial to economic growth and the environment under perfect annuitisation, while possibly harmful under imperfect annuitisation. We also discuss the implications of our results for environmental policy in an aging economy.

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3

O'Meara, Taleitha, and Aaron Bruhn. "Compulsory Annuitisation: A Policy Option for Australia?" Australasian Accounting, Business and Finance Journal 7, no. 3 (2013): 5–30. http://dx.doi.org/10.14453/aabfj.v7i3.2.

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4

Deelstra, Griselda, Pierre Devolder, and Roberta Melis. "Optimal annuitisation in a deterministic financial environment." Decisions in Economics and Finance 44, no. 1 (February 25, 2021): 161–75. http://dx.doi.org/10.1007/s10203-020-00316-5.

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5

BROWN, JEFFREY, STEVEN HABERMAN, MOSHE MILEVSKY, and MIKE ORSZAG. "Overview of the Issue." Journal of Pension Economics and Finance 4, no. 3 (October 6, 2005): 1–2. http://dx.doi.org/10.1017/s1474747205002167.

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This issue features two original research articles, three issues & policy articles and a book review section. The lead article is by Geoffrey Kingston and Susan Thorp (University of New South Wales, Australia) and addresses the issue of Annuitization and asset allocation with HARA utility. One of the puzzles in retirement economics is why individuals do not choose to purchase annuities and Kingston and Thorp explore in detail a real options model in which individual preferences obey the broad class of hyperbolic absolute risk aversion utility. The theory of Real Options argues that people might want to delay annuitisation at relatively younger ages because the price of life annuities might improve and annuitisation is irreversible. However, Kingston and Thorp show that the implications of a Real Options approach varies across individuals considerably. For example, when individuals have a desired consumption floor as opposed to CRRA preferences, they are more likely to want to purchase annuities earlier than later. It would be interesting to see empirical tests done in this area to test the relatively new Real Options theory as it applies to irreversible personal financial decisions, such as annuitization.

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6

Cannon, Edmund, Ian Tonks, and Rob Yuille. "The effect of the reforms to compulsion on annuity demand." National Institute Economic Review 237 (August 2016): R47—R54. http://dx.doi.org/10.1177/002795011623700116.

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This paper investigates the effect of recent regulatory changes to the compulsory annuitisation of tax-privileged pension savings, on the demand for annuities and other retirement products. We find that the demand for annuities has fallen by almost 75 per cent from its peak in 2012, and the demand for income drawdown products has increased. There is some evidence that people at younger ages and with smaller pension pots are choosing not to annuitise, and hence the average size of an annuity purchase has increased.

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7

Chen, Anran, Steven Haberman, and Stephen Thomas. "The implication of the hyperbolic discount model for the annuitisation decisions." Journal of Pension Economics and Finance 19, no. 3 (February 7, 2019): 372–91. http://dx.doi.org/10.1017/s1474747218000343.

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AbstractThe low demand for immediate annuities at retirement has been a long-standing puzzle. We show that a hyperbolic discount model can explain this behaviour and results in the attractiveness of long-term deferred annuities. With a set of benchmark assumptions, we find that retirees would be willing to pay a much higher price than the actuarial fair price for annuities with longer deferred periods. Moreover, if governments were to introduce a pre-commitment device which requires pensioners to make annuitisation decisions around 10 years before retirement, the take up rate of annuities could become higher.

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8

Avanzi, Benjamin, and Sachi Purcal. "Annuitisation and cross-subsidies in a two-tiered retirement saving system." Annals of Actuarial Science 8, no. 2 (August 26, 2014): 234–52. http://dx.doi.org/10.1017/s1748499514000086.

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AbstractWe develop a generalisation of the World Bank (1994) model of forced saving for retirement. This broader model consists of two tiers of second pillar savings – mandated and non-mandated (voluntary). Furthermore, the government can set two types of guarantees on the first (mandated) tier – investment returns and annuity prices – leading to possible cross-subsidisation between the tiers. This has the potential to induce social redistribution, foster a liquid private market for life annuities, and obviate some of the investment risk and annuity price risk that retirees face.We formulate a quantitative model of financial flows within such a system, which explains the mechanism by which cross-subsidisation occurs. Based on this analysis, a taxonomy of two-tiered retirement systems is presented, that is based on the choices that the government makes.

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9

Parker, Simon C., and Fazley K. Siddiq. "Seeking a comprehensive measure of economic well-being: Annuitisation versus capitalisation." Economics Letters 54, no. 3 (July 1997): 241–44. http://dx.doi.org/10.1016/s0165-1765(97)00005-0.

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10

Wiafe, Osei K., Anup K. Basu, and En Te Chen. "Portfolio choice after retirement: Should self-annuitisation strategies hold more equities?" Economic Analysis and Policy 65 (March 2020): 241–55. http://dx.doi.org/10.1016/j.eap.2020.02.012.

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11

O'Brien, C. D. "Guaranteed Annuity Options: Five Issues for Resolution." British Actuarial Journal 8, no. 3 (August 1, 2002): 593–629. http://dx.doi.org/10.1017/s1357321700003834.

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ABSTRACTThis paper considers five issues arising from guaranteed annuity options in pension policies issued by United Kingdom life assurance companies. These are the investment strategies for such options, the implications for bonuses on with-profits policies, the measurement of the solvency position and preparation of accounts of the companies concerned, and the policy debate on compulsory annuitisation. In particular, the paper highlights the impact of improving mortality on the value of options, comments on the House of Lords judgment in the Equitable Life case, and suggests additional disclosures in the accounts of life assurance companies.

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12

Tan, Boon Seng. "Mandatory annuitisation, wealth transfer and utility enhancing policy: Singapore's CPF Life scheme." International Journal of Public Policy 11, no. 4/5/6 (2015): 143. http://dx.doi.org/10.1504/ijpp.2015.070561.

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13

Lee, Kyonghee, and Jooho Sung. "A New Korean Defined Contribution Plan Framework to Enhance Retirement Income Security: Combining Lifecycle Funds with Compulsory Annuitisation." Geneva Papers on Risk and Insurance - Issues and Practice 35, S1 (December 2010): S50—S67. http://dx.doi.org/10.1057/gpp.2010.33.

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14

Xu, Mengyi, Michael Sherris, and Adam Wenqiang Shao. "Portfolio Insurance Strategies for Target Annuitisation Funds." SSRN Electronic Journal, 2015. http://dx.doi.org/10.2139/ssrn.2698728.

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15

Chen, Wen, Aaron Minney, Peter Toscas, Bonsoo Koo, Zili Zhu, and Athanasios A. Pantelous. "Personalised drawdown strategies and partial annuitisation to mitigate longevity risk." Finance Research Letters, June 2020, 101644. http://dx.doi.org/10.1016/j.frl.2020.101644.

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16

Sherris, Michael, and Chao Qiao. "Managing Systematic Mortality Risk with Group Self Pooling and Annuitisation Schemes." SSRN Electronic Journal, 2011. http://dx.doi.org/10.2139/ssrn.1791162.

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17

Andreasson, Johan G., and Pavel V. Shevchenko. "Optimal Annuitisation, Housing Decisions and Means-Tested Public Pension in Retirement." SSRN Electronic Journal, 2017. http://dx.doi.org/10.2139/ssrn.2985830.

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18

Shelley, Andrew. "The Derivation of 'Annuitisation Factors' to Convert Capital Costs to Tilted Annuities." SSRN Electronic Journal, 2012. http://dx.doi.org/10.2139/ssrn.3184195.

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19

Andreasson, Johan, and Pavel V. Shevchenko. "Optimal Annuitisation, Housing Decisions and Means-Tested Public Pension in Retirement Under Expected Utility Stochastic Control Framework." SSRN Electronic Journal, 2018. http://dx.doi.org/10.2139/ssrn.3174459.

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