investment returns and risk, provide an attractive and effective alternative to traditional guaranteed life annuity products …. While longevity risk sharing in pooled annuities has received recent attention, incorporating investment risk beyond fixed …, while reducing pooled annuity income volatility and downside risk, as well as an investment strategy that reduces exposure …

insurance on risk-neutral pricing and shortfall risk. In general, these feedback mechanisms affect the contract's payoff and … hence directly influence pricing and risk measurement. To isolate the effect of such strategies on shortfall risk, we …

This paper discusses the allocation of aggregate longevity risk in the case of perfect insurance markets. We show that … the optimal allocation transfers some risk to the pensioners, even if pension providers have access to a perfect insurance … temporally risk averse. We illustrate it with risk-sensitive preferences …