There is growing interest in the design of annuities that insure against idiosyncratic longevity risk while pooling and sharing systematic risk; for example Piggott, Valdez and Detzel (2005) or Donnelly, Guillen and Nielsen (2014). In this paper we generalize the natural retirement income...

As the heterogeneity in life expectancy by socioeconomic status increases, pension systemsbecome more regressive implying wealth transfers from short to long lived individuals. Variouspension reforms aim to reduce these inequalities that are caused by ex-ante differences in lifeexpectancy....

Several countries, including Australia, have a means-tested public age pension. Means testing the age pension can reduce the overall fiscal burden relative to a universal pension, but can also distort households’ incentives to work and save. Policymakers can influence the sizes of these...

Throughout Europe today, the problems of employment and the prospects of pronounced demographic ageing combine to raise a number of questions on the future of pensions and on the underlying principles of redistribution between generations. Everywhere a new debate has arisen on intergenerational...