After declining worldwide since the late 1080s, defined benefits plans will not recover their previous dominance in Australia because they can only be offered by large and stable organisations. Since 1992, Australia has had compulsory superannuation that is mostly privately managed in addition,...

A new explanation for the well-known reluctance of retirees to buy life annuities is due to Milevsky and Young (2002, 2003). Specifically, the decision to buy longevity insurance is largely irreversible, so that the real option to delay annuitization generally has value. Milevsky and Young...