The growing importance of defined contribution pension arrangements has drawn increased attention to the means by which retired people draw down their assets. Current UK law requires annuitisation of at least a fraction of defined contribution plan accumulations. Annuity markets have recently...

This paper investigates the association between population age structure, particularly the share of the population in the "prime saving years" (40 to 64), and the returns on stocks and bonds. The paper is motivated by recent claims that the aging of the "baby boom" cohort is a key factor in...

We explore four issues concerning annuitization options that retirees might use in the decumulation phase of an "individual accounts" retirement saving system. First, we investigate the operation of both real and nominal annuity individual annuity markets in the United Kingdom. The widespread...