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Funded and unfunded pension schemes : risk, return and welfare
Miles, David - 2000
pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between … state the importance of PAYG pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate …
Persistent link: https://www.econbiz.de/10009781509
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The Challenge of Public Pension Reform in Advanced and Emerging Economies
Clements, Benedict J.; Coady, David; Eich, Frank; … - International Monetary Fund (IMF) - 2013
Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where...
Persistent link: https://www.econbiz.de/10010790493
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The design of pension pay out options when the health status during retirement is uncertain
Kifmann, Mathias - 2008
This paper examines the optimal design of pension plans when the health status during retirement is uncertain. Assuming that the health status affects both life expectancy and the marginal utility of consumption, choice between a lump-sum payment and an annuity can be welfare-enhancing if the...
Persistent link: https://www.econbiz.de/10010264299
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Annuity choices and income drawdown : evidence from the decumulation phase of defined contribution pensions in England
Banks, James; Crawford, Rowena; Tetlow, Gemma - In: Journal of pension economics and finance 14 (2015) 4, pp. 412-438
Persistent link: https://www.econbiz.de/10011419693
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Portfolio choice and longevity risk in the late seventeenth century : a re-examination of the first English tontine
Milevsky, Moshe Arye - In: Financial history review 21 (2014) 3, pp. 225-258
Persistent link: https://www.econbiz.de/10011376448
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Annuity choices in Chile : a dynamic approach
Ruiz, José Luis - In: Emerging markets finance & trade : a journal of the … 50 (2014), pp. 6-21
Persistent link: https://www.econbiz.de/10010485826
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The Design of Pension Pay Out Options when the Health Status during Retirement is Uncertain
Kifmann, Mathias - CESifo - 2008
This paper examines the optimal design of pension plans when the health status during retirement is uncertain. Assuming that the health status affects both life expectancy and the marginal utility of consumption, choice between a lump-sum payment and an annuity can be welfare-enhancing if the...
Persistent link: https://www.econbiz.de/10005765832
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Valuing Medieval Annuities: Were Corrodies Underpriced?
Bell, Adrian; Sutcliffe, Charles - Henley Business School, University of Reading - 2007
Medieval bishops condemned and restricted the sale of corrodies (a type of annuity), partly on the grounds of their perceived unprofitability. The available data on the profitability of corrodies is limited and little analysed, and the episcopal condemnation of corrodies has been adopted by...
Persistent link: https://www.econbiz.de/10008542359
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Issues in the Regulation of Annuities Markets
Davis, E. Philip - Centre for Research on Pensions and Welfare Policies … - 2002
Annuities are a vital aspect of a growing number of reformed pension systems around the world, and will be of … annuities, essential to ensure integrity of the system, from three sides; prudential regulation of insurance companies, conduct … of business regulation of insurance companies and the regulation of annuities within the overall pension system. We also …
Persistent link: https://www.econbiz.de/10005012809
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Optimal Portfolio Allocation for Corporate Pension Funds
McCarthy, David; Miles, David K - C.E.P.R. Discussion Papers - 2007
We model the asset allocation decision of a defined benefit pension fund using a stochastic dynamic programming approach. Our model recognizes the fact that asset allocation decisions are made by trustees who are mandated to act in the best interests of beneficiaries - not by sponsoring...
Persistent link: https://www.econbiz.de/10005123770