these developments, policyholders desire pensions tailored to their individual needs. This paper proposes a new type of … risk-sharing functions of pensions, PPRs allow risk management and (dis)saving to be customized to the specific features of … heterogeneous individuals. Moreover, unlike variable annuities, PPRs allow investment risks to be combined with longevity insurance …

the area of private pensions. These responses are examined in the light of international guidelines, best practices and … recommendations to improve the design of private pensions.<P>Pensions privées et réponses politiques à la crise financière et … superviseurs et les responsables politiques dans le domaine des pensions privées. Ces réponses sont examinées à la lumière des …

annuities. The paper addresses questions concerning the type of retirement payout options for accumulated assets in DC plans a … country should allow, which entities should provide annuities, and the type of annuity products that could be allowed. The … main recommendation is for policy makers to consider mandating deferred life annuities that start paying at very old ages …

This paper reviews the impact of ageing on private pensions, in particular on the payout phase, assesses the part that … annuities can play in financing retirement, and examines the role of financial markets in facilitating the allocation on assets … the paper.<P>Le vieillissement de la population et la phase de versement des pensions, rentes viagères et marchés …

’ retirement incomes and government budgets. The key finding is that public pensions, old-age safety net benefits and the tax … poor. Analysis of net pensions shows how taxes can also act to offset the effect of investment risk on living standards in …-contribution plan. Higher returns mean more tax revenues. This effect is particularly large where the tax burden on pensions in payment …

Adverse selection is often blamed for the malfunctioning of the annuities market. We simulate the impact of adverse … of substitutes for annuities such as a bequest motive or a social security system intensifies the adverse selection but …

for annuities. (Copyright: Elsevier) …