Longevity insurance benefits are deferred annuities that start payment at an advanced age at which a substantial proportion of the birth cohort has died. In high-income countries, that would mean that these annuities would start for people in their early 80s, but when social security programs...

Retirement systems across the world are undergoing major reforms to adapt to continuously changing economic and demographic factors. Among these major changes are the so-called notional defined contribution pension schemes (NDCs), first developed about 20 years ago in countries such as Italy,...

In pay-as-you go pension systems, automatic balancing mechanisms (ABMs) are designed to face adverse demographic and economic changes. In this respect, ABMs can be defined as a set of pre-determined measures established by law to be applied immediately as required according to an indicator that...