annuity data from the United Kingdom, the risk premium charged for aggregate mortality risk seems to be very large relative to … within annuity books. In particular, the joint impact of mortality risks and investment risks as well as their respective … annuities from the provider's perspective. In particular, to date there are no surveys of the general risks within annuity books …

This paper proposes an innovative retirement product with a focus on longevity risk sharing, a contract we refer to as … tail index-linked annuity (TILA). Specifically, the proposed TILA pays out variable annual payments, which will be equal to … of longevity risk), and a reduced, index-dependent payment when the threshold is passed (i.e., highly unfavorable …