Substantial research attention has been devoted to the pension accumulation process, whereby employees and those advising them work to accumulate funds for retirement. Until recently, less analysis has been devoted to the pension decumulation process -- the process by which retirees finance...

The recent regulatory changes, together with the increasing awareness of the variety of sources of uncertainty that affect the activities of insurance and pension funds, have generated increasing attention towards insurance risk management theory and practice. Against this background, this...