Most defined contribution pension plans pay benefits as lump sums, yet the US Treasury has recently encouraged firms to protect retirees from outliving their assets by converting a portion of their plan balances into longevity income annuities (LIA). These are deferred annuities which initiate...

We explore the workings of the German private annuity market to evaluate whether annuities are delivering an adequate value for money by measuring their money's worth. We examine key features of the German private annuity market and give a comprehensive description of the main product groups,...