effects. In addition to a voluntary annuity market, the U.K. also has a compulsory annuity market in which individuals in some … higher for a typical 65-year-old male voluntary annuitant than for a typical 65-year-old male in the U.K. population. This is … random sample from the U.K. population. In the compulsory annuity market, the cost of adverse selection is between one third …