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Securing Lifelong Retirement Income
Global Annuity Markets and Policy
Edited by Olivia S. Mitchell, John Piggott, and Noriyuki Takayama
252 pages
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32 tables and 35 figures
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234x156mm
978-0-19-959484-9
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Hardback
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26 May 2011
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This item is printed to order. Items which are printed to order are normally despatched and charged within 5-10 days.
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- Cutting-edge new research on a topic of current relevance
- Chapters from leading experts in the field
- Arguments supported by empirical data from a range of international examples
Interest in longevity and longevity risk management is burgeoning, as government and regulatory agencies are increasingly conscious of the potential risks and benefits of longer lifespans. Commercial and industrial organizations, especially within the financial sector, are awakening to the opportunities presented by population aging, along with the new array of financial insurance instruments to manage longevity risk, which more sophisticated markets are making possible. This volume explores three main themes: the need for products to manage longevity risk; the structure and safety of financial products on the market that help manage
longevity risk; and the role of policy in stimulating and strengthening longevity insurance products.
This edited volume brings together leading international experts to evaluate the challenge posed by trends in longevity risk and draws out the implications and constraints of this new reality for insurance companies and annuity providers. It discusses both emerging economies (India, Chile) and many of the older nations (Sweden, Canada, the US, Australia, Japan, the UK and Switzerland). It aims to instigate new thinking among retirement planners, plan sponsors, academics, and industry leaders seeking to manage retirement payouts and longevity risk.Readership: Pension regulators and
policymakers; actuaries; academics and researchers; pension and benefits analysts, consultants, financial advisers, and plan sponsors; human resources / industrial relations specialists.
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Edited by Olivia S. Mitchell, Executive Director of the Pension Research Council, Wharton School, University of Pennsylvania, John Piggott, Professor of Economics, Australian School of Business, University of New South Wales, and Noriyuki Takayama, Professor, Institute of Economic Research, Hitotsubashi University, Tokyo Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor and the Chair of the Department of Insurance and Risk Management; Executive Director of the Pension Research Council; and Director of the Boettner Center on Pensions and Retirement Research at the Wharton School. Her areas of research and teaching are private and
public insurance, risk management, public finance and labor markets, and compensation and pensions, with a US and an international focus. She received the Ph.D. degrees in economics from the University of Wisconsin-Madison.
John Piggott is Professor of Economics in the Australian School of Business, University of New South Wales, where he also heads up the Australian Institute for Population Ageing Research. His research examines economic and financial aspects of population aging. He received the Ph.D. in Economics from the University of London.
Noriyuki Takayama is Professor at the Institute of Economic Research with the Hitotsubashi University in Tokyo. His research interests include intergenerational economic issues, public and private pensions, and household saving and wealth formation. He received the Ph.D. from the University of Tokyo. Contributors:
Mukul G. Asher, Professor of Public Policy, the Lee Kuan Yew School of Public Policy, the National University of Singapore
Hazel Bateman, Associate Professor of Economics and the Director of the Centre for Pensions and Superannuation, the University of New South Wales, Sydney, Australia
Monika Bütler, Professor of Economics and
Public Policy, St. Gallen University, Switzerland and Managing Director, the Swiss Institute for Empirical Economic Research SEW-HSG
Edmund Cannon, Professor of Economics, Finance, and Management. the University of Bristol
Barbara Kaschützke, Researcher, the Finance Department, the Goethe University Frankfurt, and Chair of Investment, Portfolio Management, and Pension Finance
Bo Larsson, Analyst, the Swedish Pensions Agency and Assistant Professor, Dalarna University College
Raimond Maurer, Endowed Chair of Investment, Portfolio Management, and Pension Finance, the Finance Department, the Goethe University of Frankfurt
Moshe A. Milevsky, Professor of Finance, the Schulich School of Business, York University, Toronto, and
Executive Director, The IFID Centre
Olivia S. Mitchell, Executive Director of the Pension Research Council, Wharton School, University of Pennsylvania
Edward Palmer, Professor of Social Insurance Economics, Uppsala University, Sweden, and Senior Advisor to the Swedish Social Insurance Agency
John Piggott, Professor of Economics in the Australian School of Business, University of New South Wales
Jose Ruiz, Professor of Finance, the University of Chile Business School
Junichi Sakamoto, Chief Adviser to the Pension Management Research Group of the Nomura Research Institute and Lecturer at the University of Tokyo, Nihon University, and Sophia University
Stefan Staubli, Research Associate, the Swiss Institute for Empirical
Economic Research, the University of St. Gallen
Noriyuki Takayama, Professor at the Institute of Economic Research, the Hitotsubashi University, Tokyo
Ian Tonks, Professor of Finance, the School of Management, the University of Bath
Deepa Vasudevan, Researcher
Anthony Webb, Associate Director of Research, the Center for Retirement Research, Boston College
Ling-wu Shao, doctoral student in Finance, the Schulich School of Business, York University
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"This book is essential reading for policy-makers trying to obtain an international context into which they can place their own retirement income market, and for academics who are looking for an introduction to retirement-income markets and the prominent researchers in this field." - David McCarthy, Journal of Pension Economics and Finance
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1: Olivia S. Mitchell and John Piggott: Turning Wealth into Lifetime Income: The Challenge Ahead
Annuity Markets Around the World
2: Edward Palmer and Bo Larsson: The Swedish Annuity Market: Where It Is and Where It's Headed
3: Mukul G. Asher and Deepa Vasudevan: Market Structure and Challenges for Annuities in India
4: Moshe A. Milevsky and Ling-wu Shao: Annuities and Their Derivatives: The Recent Canadian Experience
5: Anthony Webb: The United States Longevity Insurance Market
6: Hazel Bateman and John Piggott: Too Much Risk to Insure? The Australian (non-)Market for Annuities
7: Jose Ruiz and Olivia S. Mitchell: Pension Payouts in Chile: Past, Present, and Future Prospects
8: Barbara Kaschützke and Raimond Maurer: The Private Life Annuity Market in Germany: Products and Money's Worth Ratios
9: Junichi Sakamoto: Annuity Markets in Japan
10: Edmund Cannon and Ian Tonks: Compulsory and Voluntary Annuity Markets in the United Kingdom
11: Monika Bütler and Stefan Staubli: Payouts in Switzerland: Explaining Developments in Annuitization
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The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Occasionally, due to the nature of some contractual restrictions, we are unable to ship a specific product to a particular territory. Jacket images are provisional and liable to change before publication.
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