Stevens, Ralph; De Waegenaere, Anja; Melenberg, Bertrand - In: Insurance: Mathematics and Economics 46 (2010) 1, pp. 222-234
We consider defined benefit pension plans that, at retirement age, allow the participant to choose between a single life annuity and a joint and survivor annuity. We compare two plans that differ in terms of how pension rights are accrued. In one plan, the participant accrues the right to...