The mortality rate dynamics between two related but different-sized populations are modeled consistently using a new stochastic mortality model that we call the gravity model. The larger spreads (or deviations) relative to the evolution of the former, but the spreads in the period and cohort...

Valuing financial investments can be understood neatly within a framework of mental time travel: an initial sum is mentally projected forward in time; and the projected value mentally discounted back to the present. If there are differences between the initial and present values, then this...

Many people find it difficult to start and maintain a retirement savings plan. We show how nudges can be used both to encourage people to save enough to provide an acceptable standard of living in retirement and to draw down their accumulated pension fund to maximize retirement spending, without...

We propose a general framework that can be used to analyse the mortality experience of a large portfolio of lives. The objective of the framework is to provide a firm evidence base to support the setting of future mortality assumptions for the portfolio as a whole or subgroup-by-subgroup. The...

The primary purpose of a pension scheme is to provide life-long retirement income security for however long the scheme member lives. This Report will examine retirement income in private-sector pension schemes, principally workplace schemes set up by employers for their employees. The...

This study examines pension buyout transactions and longevity risk securitization in a common framework, emphasizing the role played by asymmetries in capital requirements and mortality forecasting technology. The results are used to develop a coherent model of intermediation of longevity...

‘Brexit and the City' reviews both the principal issues affecting the City of London following the Referendum vote to leave the EU and the key proposals that have been made for the City's future relationship with the EU. The latter are examined in the light of the European Commission's...

So long as the UK government liberates itself from the protectionist mindset of the EU and reduces trade barriers after Brexit, and UK businesses respond positively to the challenge of increased international competition (through increased productivity), the prospects for UK trade and prosperity...

Target2 is the Eurozone's cross-border payment system and is mandatory for the settlement of euro transactions involving Eurozone central banks. It is being used to save the Eurozone from imploding. A key underlying problem is that the Eurozone does not satisfy the economic conditions for being...