This paper considers variable annuity contracts embedded with guaranteed minimum accumulation benefit (GMAB) riders when policyholder's proceeds are taxed. These contracts promise the return of the premium paid by the policyholder, or a higher stepped up value, at the end of the investment...

Australia and the Netherlands both combine an unfunded non-contributory flat rate pension with prefunded earnings related retirement schemes. Notwithstanding this similarity of structure, however, the two systems are very different. The Netherlands mandates annuitized drawdown structures. In...

We study the impact of housing wealth and individual preferences on demand for annuities and long-term care insurance (LTCI). We build a multi-state lifecycle model that includes longevity risk and health shocks. The preference is represented by a recursive utility function that separates risk...