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Developing an Annuity Market in Europe - Elsa Fornero

Developing an Annuity Market in Europe

By: Elsa Fornero (Editor), Elisa Luciano (Editor)

Hardcover ISBN: 9781843764762
Number Of Pages: 304

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On the premise that pension provision in Europe will dramatically change over the next few decades, this book concentrates on the funded component of pension wealth, and specifically on annuities - financial products that, on the basis of acturial equivalence, allow the conversion of wealth into a lifelong stream of income. Developing an Annuity Market in Europe provides an analysis of how longevity and return risks are dealt with, besides considering key features from both household and insurance company perspectives. It takes account of the fact that annuity markets are expected to attract much interest in future years given the prospective cuts in public pension expenditure. In order to fill the gap between shrinking pensions and desired retirement consumption, the authors argue, annuities must be well regulated and supplied with financially attractive products. These conditions hardly exist today: thin markets and scant interest prevail, information is incomplete and imperfect, products show significant disparities. The contributors to this book explore the causes of present malfunctioning and examine the changes that may give annuities a new and vital function, which, along with greater competition and greater regulation may significantly alter the present scene of pension finance.

List of figuresp. vi
List of tablesp. x
Contributorsp. xii
Acknowledgmentsp. xiv
Introductionp. 1
Annuities for an ageing worldp. 13
Issues in the regulation of annuities marketsp. 49
Annuity risk: volatility and inflation exposure in payments from immediate life annuitiesp. 93
Pension annuitization and Social Security claimingp. 112
Longevity risk in living benefitsp. 132
Guaranteed annuity conversion options and their valuationp. 168
The behavior of UK annuity prices from 1972 to 2002p. 200
Private annuities and public pensions in Germanyp. 221
Mandated annuities in Switzerlandp. 237
The market for annuities in Italy: reality or chimera?p. 262
Indexp. 291
Table of Contents provided by Rittenhouse. All Rights Reserved.

ISBN: 9781843764762
ISBN-10: 1843764768
Audience: General
Format: Hardcover
Language: English
Number Of Pages: 304
Publisher: Edward Elgar Publishing Ltd
Country of Publication: GB
Dimensions (cm): 23.5 x 15.88  x 1.91
Weight (kg): 0.64

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