By Edmund Cannon, Ian Tonks
The Pension trouble issues the altering demographic profile of extra aged and less teenagers within the financial system. figuring out and tackling this coming near near situation is a key job for public coverage. An annuity protects anyone from outliving their discount rates, and is relevant to pensions coverage. This ebook examines the differing kinds of annuities to be had, how those annuities are priced, the background of annuities, how annuities markets functionality: how they paintings, and are they effective. It presents a global comparability of annuity markets, and examines fresh advancements in annuity markets.
Governments around the globe are moving their pension guidelines clear of pay-as-you-go platforms in the direction of person mark downs schemes. those mark downs must be switched over right into a pension at retirement, and annuity markets supply this functionality. This e-book is a complete examine of annuity markets. The booklet starts off via outlining the context of public coverage in the direction of pensions coverage. It then explains the differing kinds of annuities to be had, concentrating on the united states and united kingdom, and the way those annuities are priced, reading pricing and booking equipment from an actuarial standpoint and likewise describing mortality dimension. the following chapters describe the background of annuities, and the event of annuity markets in international locations except the united kingdom and US. The booklet then outlines the idea at the back of annuites, and explains how annuities insure shoppers opposed to durability hazards. 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 e-book concludes via discussing fresh advancements in annuity markets.
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Additional resources for Annuity Markets
Growth in UK annuity sales 1994–2006 The Pensions Commission (2005) also suggests that if the proposed national pension savings scheme successfully targets that group of the population that is currently not provided for, they estimate that in the steady state this will represent an annual demand for annuities of £13 billion by the year 2040 at current earnings levels. 6. 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.
The Bulk Annuities market or bulk buyout market is where an annuity provider acquires a package of individual pension liabilities. Typically, in the event of the sponsor of a deﬁned beneﬁt occupational scheme becoming insolvent, the pension liabilities of the scheme would be passed on to a life insurer, who would receive a single premium in exchange for inheriting the pension liabilities. This market in the UK has been dominated by two insurance companies: Legal & General and Prudential. 7 This increased transparency, and its effect on share prices, has caused some companies to question their role in providing occupational pensions, and has led to the closure of a number of deﬁned beneﬁt schemes, with their pension liabilities being sold to a bulk annuity provider.
7 shows the growth in UK annuities and income drawdown over the period 1994–2006. In the UK, there is both a compulsory (Compulsory Purchase Annuity, CPA) market and a voluntary (Purchased Life Annuity, PLA) market. The UK government requires that anyone who has saved in a tax-privileged private pension must annuitize 75 per cent of their pension wealth. 58 billion worth of annuity premiums. 4 million worth of sales, and the diagram shows that the PLA market has shrunk as the CPA market has grown, probably reﬂecting some substitution between compulsory and voluntary annuities.
Annuity Markets by Edmund Cannon, Ian Tonks