In the aftermath of the financial crisis of 2008, there is increased concern about the potentially catastrophic pension default risk, which results in significant decreases in pension benefits. In order to address the challenge of annuity income uncertainty, I propose a dynamic annuitization...

The "money's worth" measure has been used to assess whether annuities are fairly valued and also as evidence for adverse selection in the annuity market. However, a regulated life assurer with concerns about predicting long-run mortality may price annuities to reduce these risks which will...

We consider annuity designs in which the benefit amount is allowed to fluctuate (up or down), based on a given mortality/longevity experience. This way, guarantees are relaxed in respect of traditional annuity arrangements. On the other hand, while the annuitant is exposed to the risk of a...